Selling house and I have questions about price. (rentals, condos)

[HarryWho?]

Sometimes, it's just the house. Impulse plays a big factor in many peoples decisions. I have experience on both sides of the phenomenon both as a buyer and seller. We're not all the sensible, logical people we think we are....

[pslhomie]

Well send one my way LOL

[LingLing]

Originally Posted by HarryWho?

Sometimes, it's just the house. Impulse plays a big factor in many peoples decisions. I have experience on both sides of the phenomenon both as a buyer and seller. We're not all the sensible, logical people we think we are....

With the low inventory, the impluse buyer will play a major role to bump up the price. In my neighborhood, the 3 bedroom /3 bath was sold from$150k to $250k. Very unpredictable. I know two identical houses next to each other, one sold for 180k. The other for 240k. So who knows..

Two year ago, I was looking at a condo at Belmont. Everything was sold around $50000 at that time. I decide to buy one for my brother. There was one listed at $60,000. I made full price cash offer. It ended with 14 offers and the $95000 offer was taken, over 150% of asking price. Apparently, the buyer has lost bids several times and decided that he has to win this time. At the same time, my $90000 cash offer for a nice 3 bedroom/2 bath SFH on a big lake in a gated community was accepted. It was a short sale but only took two months to close. I am still amazed that i got that deal. Who knows....

[FlaLadyB]

IF you have a mortgage -- no house is going to sell more than what the comparable houses sold for in the neighborhood since the banks/lenders do an appraisal. Actually BOTH sides do an appraisal to come up with a sales price.

Cash deals can be anything you are willing to pay

yes, there will be the exception, but not normally.

I always wondered what happens when the person who overpaid for a house for cash starts talking to his neighbors and what they paid.

[JimT7406]

The BigW gave it to you straight why $299k was recorded. Sells at $130k flipped at @299k shortly after, a high interest rate and a private mtg. You want to base the value of your home on that? If you want to be an impulse buyer great, but have lots of cash as no bank is lending you money because you have to have THAT house at any price. As a buyer you need to deal in facts and leave emotion out of it. The sales in the Belmont for 2011 were from $45 and $75k? Since 1/1/2011 I could not find any closed MLS sale over $91k? If there was a bidding war it surely would have been listed on MLS. As to identical properties sitting side by side with a 60k difference you can pass the info on and I am sure you will get the explanation. Going solo in buying is okay if you know all the facts of where the market is.

[FlaLadyB]

Per MLS -closed sales at the Belmont since Jan 1, 2013 (one closed on 12/31)
$35,000 1/1
$40,000 1/1
$58,000 2/2
$60,100 2/2
$63,000 2/2
$64,000 2/2 w/one car garage
$68,000 2/2
$83,000 3/2 w/two car garage
$89,500 3/2 w/two car garage
$91,000 3/2 w/two car garage

All were cash sales

[HarryWho?]

I believe cash sales were what I was referring to being as it's rather obvious that a mortgage, especially now, would limit the price. But, that being said, there are a number of sales in Florida that are cash deals from those that are getting double the price of a Florida home from their more costly northern homes. Someone who is retired, has a 500k poke, and finds their idea of a nice home for 250k is usually not overly hesitant. They may be the exception rather than the rule, but exceptions happen.

[HarryWho?]

Originally Posted by FlaLadyB

IF you have a mortgage -- no house is going to sell more than what the comparable houses sold for in the neighborhood since the banks/lenders do an appraisal. Actually BOTH sides do an appraisal to come up with a sales price.

Cash deals can be anything you are willing to pay

yes, there will be the exception, but not normally.

I always wondered what happens when the person who overpaid for a house for cash starts talking to his neighbors and what they paid.

I'd say sometimes the same thing that happened to me at my last house. The neighbors said I was crazy to pay that much. I said it was a good house, had a lot of potential. 10 years later I sold it for twice what I paid for it, moved to Florida, and paid more than I should have for the exact house I wanted. If I was doing it from an investment perspective or as a cash flow, I would have different priorities.

[HarryWho?]

Originally Posted by FlaLadyB

Per MLS -closed sales at the Belmont since Jan 1, 2013 (one closed on 12/31)
$35,000 1/1
$40,000 1/1
$58,000 2/2
$60,100 2/2
$63,000 2/2
$64,000 2/2 w/one car garage
$68,000 2/2
$83,000 3/2 w/two car garage
$89,500 3/2 w/two car garage
$91,000 3/2 w/two car garage

All were cash sales

You' re referencing condos that you yourself questioned why anyone would want to live there because they're all rentals?

[LingLing]

Originally Posted by JimT7406

The BigW gave it to you straight why $299k was recorded. Sells at $130k flipped at @299k shortly after, a high interest rate and a private mtg. You want to base the value of your home on that? If you want to be an impulse buyer great, but have lots of cash as no bank is lending you money because you have to have THAT house at any price. As a buyer you need to deal in facts and leave emotion out of it. The sales in the Belmont for 2011 were from $45 and $75k? Since 1/1/2011 I could not find any closed MLS sale over $91k? If there was a bidding war it surely would have been listed on MLS. As to identical properties sitting side by side with a 60k difference you can pass the info on and I am sure you will get the explanation. Going solo in buying is okay if you know all the facts of where the market is.

As usual, I didn't follow up with that condo after I lost bid. I asked my realtor how many offers and which one was accepted. He told me it was 14 offers and 95k was chosen one. I asked him where the crazy one from, he told me from someone who had lost bids before and he was out of state and didn't even see the condo. I told him to forget about it since I would never pay above 95k for that condo. And I should say it may be more than 2 years ago. I am trying to remember it was before or after I bought that SFH. But time escaped me. If you are really interested in, I will try to find out the address since I still remember where it is located. Ok, when I have time, I will make my realtor neighbor to drive me through Belmont to locate it.lol.