Monday, June 26, 2017

Real Estate Pricing In 90807

Well, we just had a meeting with our second realtor today.

He's advising we price this place at $550,000, or even $575,000!

I'm stunned.

He told us houses in our immediate area are selling within two weeks, sometimes less. The typical contract with a realtor is for 30 days, and he told us they haven't had a single contract expire this year without selling the house.

I think you'd have to be straight-jacket loonie-bin crazy to pay over half a million freaking dollars for this house, but both he, and the nice young lady we talked to this morning, told us the same thing.

The market in this area is "on fire", and they've seen houses with a certain appeal go into bidding wars, and sell for $25,000 more than the listing price.

This is absolutely nuts........

12 comments:

  1. Maybe you will bail out of Cali with a silver parachute!

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  2. We owe $220k on the place. If it sells for $550k, we'll get $517k of that after all costs are paid. That would leave us with $297k "walking away money".

    The houses we're looking at in Fort Collins are in the $380k range, which means we'll have a mortgage of $100k.

    The payment would be approx $500 a month, plus taxes and any other "fees". We're going to buy in a NO HOA area. Utilities, food, and other expenses are lower in Colorado than here in Kommiefornia. We'll be getting about $3500 a month from SS, and my wife will get a $3500/month pension.

    We should be OK.....

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  3. It sounds like things are coming together!

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    1. Got some quotes on moving and storage. The moving company will charge us $6k to pack, move, AND STORE our stuff for us until we find a house to buy. At that point they'll bring the stuff from storage to our new house, unload it all, and reassemble/set things up.

      Reliable Carriers (the best in the business) quoted me $1354 to transport the Supra, door-to-door in an air-conditioned transporter (hey...they move Ferraris and stuff!), from Long Beach to Fort Collins.

      I really want to drive it, though!

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  4. Come to the midwest! With that type of money from a home sale you could buy a mansion and then some!

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    1. I grew up in the Midwest, in Northern Illinois. For $300k we could get a big house on some land in Illinois, but Illinois is getting as bad as Kommiefornia, thanks to Chicago.

      Or should I say "Chiraq"?

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  5. Jim, that's a fantastic development - I rejoice with you!

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    1. Thank you my friend. We hav another realtor bring some paperwork, comps, and other things Tuesday afternoon. She's the one who was here this morning.

      And we have at least one more to "interview" before we decide on who to go with.

      She also told us $550k wasn't out of line this morning. There's a place around the corner with 3br 2ba on a larger lot that's listed at $675k.

      To borrow a line from "The Bridge on the River Kwai"......madness!

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  6. Take the money and RUN...

    Worth noting that if it sells super fast the price was probably a bit low. The realtor's incentives are quick sale, and the marginal money to them for a slightly higher sale isn't worth the additional time and effort of multiple showings over a longer period.

    Someone did a study and realtor's houses were ALL on the market longer than average, which suggests that when it's their own money and house, they hold out longer for more.

    That said, only you can judge the value of a quick sale vs a couple thousand more bucks, and it sounds like you'll make out ok at the recommended price.

    Do what feels right in your heart and you won't have regrets, no matter what.

    And congrats on being able to move in the direction you want!

    n

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  7. We'll see what the other realtor says this afternoon. When she did her quick stop yesterday, she said $550k wouldn't be out of line.

    The "median value" in this zip code is now at $626k, but this zip code includes some very high-end areas, which is why my wife bought here in the first place. The young lady is coming back this afternoon with some comps for the immediate area and some other info.

    We might very well start at $575k and see what happens in a week or two. The listings I've been looking at, and the signs that go up and come down in our little corner of 90807 seem to agree with what we've been told so far. Houses sell here in one or two weeks, and generally get the asking price.

    It's just NUTZ!

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  8. Sounds to me like you have been blessed the same way as us when getting out of K'stan. Glad to see things moving along.

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    1. She paid $230k for the house when she bought it. I still can't believe they're suggesting we list it at such a high (to me) price.

      BUT....I once bought a Davco DR-30 receiver at my radio club's white elephant sale for $15. I sold it on eBay three years later for $1600, so I guess I get "lucky" once in a while....

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Keep it civil, please....