Deciding on a selling price - Real Estate Professionals - Page 2 - City-Data Forum

House Lady · 02-22-2008, 03:43 PM

and every area is different, but I (and many other realtors) will do a market analysis at no charge and no obligation. It keeps me in practice and lets me see in detail a house that may be on the market. If you have decided to sell and these folks do not work out, then it would be a house that might interest one of my buyers. Also, occasionally the person does end up listing with me or giving me a referral later. At the very least I have made a friend and gotten to see a cool house!

Clay Lady · 02-22-2008, 06:26 PM

"If someone just approached you off the street asking if you would sell, I'd question the neighbors to see if they had the same happen to them. Perhapse there is some development plan going on that your unaware of. (happens often)."

pghquest, this is not the case. The man explained that he thought it was a beautiful place and wondered if it was an old home place that was a second home that we used on weekends and might want to sell. I travel a fair amount, have another home, and had thought I would like to sell this one instead of renting it out. I have another piece of property I rent out. In the 12 years I have owned this place, there has been five other people that have just stop to admire and let me know they would like to buy. I can't have a gathering here without someone mentioning their desire to buy. That is why I can't see selling at the same price a place without all the bells and whistles sells for.

House Lady, I am in Arkansas and will take your advice to call a few realtors for a market analysis.

Silverfall · 02-23-2008, 12:26 PM

Did you talk price when they were asking about buying. I see this with some historic homes that are here. They are stunning and people say they want to buy them, up until the point that the seller states the price.

I do agree that Historic homes are difficult to price. Someone who wants a Victorian is going to pay a certain price as there aren't a lot of them here in Salem.

Out here, if you list in the MLS at a certain price and if a buyer agent brings a buyer who then offers that price, and you choose not to sell, you may have an issue with the buyer agent suing for compensation. Every MLS is different, but you are agreeing to sell the home at the price and terms stated on the MLS.

Don't hire rookie agents to help you price this house. Make sure you are getting experienced agents, who have a lot of experience in rural/and or historic homes.

The shop you are talking about would add a lot of value here in Oregon, and would be a huge selling feature.

Clay Lady · 02-23-2008, 07:12 PM

I felt the shop/studio was so undervalued it hurt. I built the shop to handle anything I might want to create. Have I mentioned the 13 ' ceilings? I built a seven foot tall sculpture of the goddess Artimes for a Marti Gras float - no problem with the height. With the moveable tables the middle of the shop floor can be freed to lay out large tile pieces. My husband has worked on trucks and tractors on one end while I created on the other end. It's a dream space to work in year round. We had a big gathering here where two campers were plugged into the studio running their AC's and a band had all the power they needed to entertain. With all the electric lines on this place buried the guys/kids can fly kites and airplanes. City and well water. Central heat and back up propane heaters. There is a direct wire to breaker box so the generator can just be plugged in if we lose electricity.

I really appreciate hearing from everyone. This place has not been listed nor advertised. A man pulled into my driveway and ask about buying. I really need to simplify my life and had been thinking I needed to sell one of the three houses we own. Since my husband doesn't want to live here I thought I would sell this one. The appraiser gave an appraisal that was a joke at best. I told the man there was no way I would sell for that price. So I have the question of what price to say since it is only fair to stay with an advertised price - legally or not. You can go down but you can't go up holds for anything you sell!

DanielChang · 02-24-2008, 12:30 AM

Clay Lady, it sounds like you have a lot of sentimental attachment to the improvements you've made to this property. Unfortunately, most buyers may not appreciate those same features to the same extent you do. Ultimately, real property is seen as a commodity and is only worth what someone is willing to pay for it, not what you have put into it. I hope you find the right buyer. Good luck to you.

House Lady · 02-24-2008, 08:44 AM

without any problem if there is a good reason for it. Appropriate price is important. An example might be that an improvement is made to the hosue during the listing period or that the market heats up, as it usually does, on the cusp of spring. The price can then be raised. As long as the house is not actually under contract, price adjustments can be made either way. If you do really want to sell, you need to be very realistic. You mention building a float. If you are in New Orleans it is a whole different ball game. Values have been skewed by circumstances. You will have to take that into account no matter how wonderful a house is. A couple of years ago I sold a beautifully restored 4000 square foot 1790 plantation on 50 acres. It would have sold for well over a million in most places, but it was smack dab in the middle of a very low income county. It sold for $600,000. The sellers were sad after 24 years of restoring it, but they knew that was a good price given the location.
The same thing is true for the affect of many other factors. For example, people value homes less if they are adjacent to power lines. In the end, the market value of anything is what someone is willing to pay for it.