What price to ask for fast sale?

[alaskainvestor]

Hi everyone,

I just put a house under contract in Garden Grove, California, and am wondering what to price to list it for, for max. profit, yet a fast sale??  The house is in excellent shape, built in 1992, 4 bedroom, 2 bath, 2car garage, nice neighborhood, on .25 acres.  Tax assessed value is $280,000.  Please let me know asap...Thanks a lot!!

-Ryan

[ARamirez]

alaska,

Best bet would be to ask a realtor to pull comps/CMA on your house address. This info will show you the addresses, prices (listed and sold) and days on market (DOM). This should give you an idea of what other similar houses have sold for in the last 6 mos.

[alaskainvestor]

I forgot to mention that I searched the MLS last night, and comps in Garden Grove come in between $500k-$565k.  How much below comps should I ask for fastest sale?  Thanks,

Ryan

[ARamirez]

alaska,

Just so you know looking at what others are selling houses for is not considered 'comps' and is not nearly as informational.

Just pick up a phone and call ANY of the realtors of the houses you saw fro sale on the internet and tell them you would like to see 'comps' or a CMA around that area for the address you give them. They will do it for FREE and email or fax them to you.

In otherwords just cuz other people are LISTING at way high prices of 500k doesn't mean they are SELLING for 500k. Right? and even if they are how long does it take to finally sell? The comps from the realtor will tell you.

[reime]

Calling a realtor for comps is the best bet. However, since we don't know what you paid for it or how much equity is in the home... this would be my suggestion for a quick sale:

Reduce your profit a tad, give some equity to the buyer. Point it out as a selling tool.
Good Luck  :D

reime

[alaskainvestor]

Well, it looks as though I will be calling a realtor!!  Anyway, I put it under contract for $207,000 as he was desperate to sell.  The tax assessed value is $280,000...I am not sure about Orange County, but up here in Alaska, tax assessed value is ALWAYS below market value, sometimes as much as 50%....Example: my dad has his surveying office in a home just inside the city limits of a small town (one of the only towns around) and the tax value is $211,000...He has had repeated offers for closer to $500,000...He continues to hold out for two reasons...a)he needs his office and b)the area local to us is expected to boom and be the size of anchorage in the next 10-15 years, as there is no building room left in anchorage.  Anyways, just blabbing......

Thanks,



Ryan

[reime]

ryan,

Dan Auito is an investor is Alaska but has property in the states. You might want to pop over and have a chat with him as well.
http://www.magicbullets.com/forum/index.php?

[alaskainvestor]

Hey Thanks!!  I have been looking to network with more investors up here.  I can't seem to find more than the land developers and the "no-doers/wanna-bes".  Thanks again,

Ryan