Hi everybody, just a quick update.
Summary:
house bought in 2003 for 950000 in best area in town.
400000 (not 500000) spent in upgrades, improvements, 200 sq/feet addition.
600000 conventional loan.
combined income about 300000/year. My income should go up, my husband`s most likely would go down because of the depression.
Have an OPTION for 350000$ HELOC no questions asked at 7.5 percent in case of emergency
House too big and very expensive to mantain.
Thinking about downsizing.
I was finally able to meet with a realtor today.
She is the top agent for high end listing in the area.
She came in expecting a 60`s ranch and was very impressed by the improvements and expecially the views.
She told us that since we are not forced to sell we are crazy to consider selling in this market.
As everybody knows there are a lot of low ballers out there and she first said she though we would get offers in the low 1 million.
Part of the problem is that most people won`t even come to see the house thinking is a 60s house and apparently on the mls the 200 sqfeet addition is not disclosed
Then things started to get complicated.
Apparently there are 3 preforeclosures in the area (high end) and one auction property that she said she has a buyer for. She thinks it would go for about 1.5 millions.
At that point she asked us if we would be happy selling for 1,6 and 1,7. She just sold this week a listing in the area, smaller than ours for 1699 (full price). She thought the house was the ugliest (very contemporary) and would never sell but there was a buyer out there just waiting for a contemporary house who paid full price no questions asked.
At that point I got very confused.
First she says we would get very low offers (1,2 range), that she tries to see how we react to a 1,6-1,7 offer (after she mentioned she has a buyer in the price – range), than she tells me she just listed a house much worse than ours for a relatively high price which sold in a week at full price.
One thing was clear: she was really trying to discourage us to sell (was she just testing our commitment or was she sincere?)
she raccomended that we call all the realtors in the area and make our house a pocket listing (not on mls but available at fixed price, showed on discretion of the real estate agents that came to see the house if they think they have possible buyers).
Then before she left she said she would feel comfortable listing the house for 1450000.
????
She was really nice but my husband and I are really confused.
I think part of the problem is that my husband kept saying that we are not forced to sell and we would not sell unless it is worth it, which is true.
The problem is that I can see the realtor being very discouraged upfront and not willing to put any money and effort into trying to marketing our property expecially when there are so many listings out there popping up every day which are relatively easy sell because there is not much negociation since the seller has to sell no matter what the price is.
Please help me out here.
Cash out (breaking even at least I hope) or enjoy this very expensive (but so far in our means) house.
I am just really scared when I read about how tough times are going to be.
My husband works on commissions so I am very nervous about what it is going to come.
