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September 25, 2007 at 1:55 PM in reply to: Carmel Valley – long time flipper house finally sold? #85862
SD Realtor
ParticipantActually when I refer to comps I look at several things. To me comps is inclusive of an entire analysis of the market to help you price the home. The factors to analyze include
-recent solds
-current pendings
-current active listings for sale
-recent cancelled, expireds, withdrawns
-going over and looking at the current active listings you are competing against
-your own motivation level to sellAnalysis of all of this data is important. I don’t like to say list at x% above or below comps because it really depends on the situation. If there is a 10:1 active to pending ratio then you may need to go well below the current comps of recent pendings to get activity. In markets like this it is really tough. Also many people really lean towards lets price it at this price now and we will lower it later. That strategy to me is pretty much a sure fire way to end up chasing the market down.
Unfortunately there are agents out there who will still encourage pricing that fits in with the sellers opinions or thoughts rather then what the data and market conditions dictate. That is sad but they end up getting the listings and then price adjusting later.
SD Realtor
September 25, 2007 at 11:33 AM in reply to: What does it take to sell a place in this market? #85834ParticipantFSD thanks for clarification on the taxes. I thought it was implied in my post but good job explaining it… Also to add, you always must take the depreciation expense. Even if you do not, the IRS will recapture it regardless of whether you did or not.
ar
SD Realtor
September 25, 2007 at 11:11 AM in reply to: What does it take to sell a place in this market? #85832ParticipantLookoutbelow.
Yes comps are what you have to look at to establish a starting point. Then if you are motivated to sell your home you price below them. How far below is the only question. Also determining how nice your competition is, is another important factor.
I don’t think Settle Relo or anyone else knows what you earn so how would they price a home at 2.5-3.5x what you earn.
SD Realtor
September 25, 2007 at 11:09 AM in reply to: What does it take to sell a place in this market? #85831ParticipantSeattle Relo –
Another thing you may want to consider is getting a CNA to visit here. A typical CNA is about 22-25 an hour from a certified agency. There is usually a 4 hour minimum and a CNA can prepare meals, light housekeeping, run errands, etc. They cannot administer medicine (say insulin for instance) nor can they populate a pillbox perhaps. They can remind your mom to take here medication.
Anyways you can also go to craigslist and advertise for a caregiver/companion. You will get a better price but they will not be a certified.
So perhaps you can have the CNA visit her a little bit each week. Or look into a companion.
SD Realtor
ParticipantYou have a good grip on DS PW… Agreed bigtime about Casero.
SD Realtor
ParticipantSeattle Relo there are some good ideas posted here. My mother in law lives with us but she is in good shape and takes care of the kids. She drives my wife alot crazier then myself.
Anyways you should try to investigate as many of the options as possible, attempt to come up with the different cash flow scenarios, and then see what fits you best.
Option 1 – Senior living. There are several senior living homes in San Diego, including RB and Escondido I believe that are both independent and assisted living. The difference has to do with the shape your mom is in. Both of these types generally have meal plans as well. Again, you need to dig around to find out more about them, but you need to do this legwork to make sure you have made a sound decision.
Option 2 – Rent out your home while you all move into a bigger home to rent. This may not be bad as well. Go to Craigslist and see what homes rent for that are comparable to yours in RB. Actually the rental market is doing okay right now. This will help your taxes somewhat because your rental property allows deductions that you cannot have when it is your primary. You also have depreciation expense. This is the good. The bad is that when you do sell the home, if you have not lived in it 2 of the past 5 years you cannot claim it as your primary residence to get the tax exclusion that is attained when you sell a primary residence. Now this exercise shall include pricing out what your home would rent for AND the new home you will rent. Then see where you come out cash flow wise. Unfortunately I am a renter and I own rental properties and when it all comes down to it, that pure loss of being able to write off the primary mortgage interest HURTS. Yes when you own a rental you get to depreciate the property and you get to expense HOA, Insurance, and basically EVERY expense to maintain the property. However it all gets offset by the rental income so just prepare for that.
Option 3 – Selling the house, or both the homes… Well all I can say is yes it is a brutal market out there. My advice is that if you do sell price that sucker to the bone and pretty it up nice. Run the numbers on the sale. Your net will be the sales price – commissions (to both listing agent and buyers agent) – “normal” sellers side closing costs (estimate 1% for a worst case here… usually they are a tad less) – any prepayment penalties – any credits or repairs that the buyer may ask for (sounds like the home is in good condition but beware as most buyers are now asking for a little moola for their own closing costs) – normal prorated mortgage interest and property taxes – your balance.
Another thing here… What were your long term intentions with the home? Were you guys intending to hold it a long time? Enough to ride out the storm? I recalled when you first posted we had a long debate on whether it would be better for you to just suck it up and sell now or sit tight and I forgot what the conclusion was.
In terms of the price drops I would not think of it in those terms. Just make sure that whoever you talk to does a very sound comp analysis. Look at where the numbers lie and see if it will work for you financially given all the nicks and cuts that come from the sales price.
SD Realtor
ParticipantThanks for the responses. I also have nothing but the greatest respect for all of our men and women in the armed forces. There really is no way to convey how thankful I am for them. Especially the kids out there right now…
Artifact I believe the last part you are referring to was the portion about the two mexican american soldiers. The documentary was actually completed but there was a big hullabaloo from mexican civil rights groups claiming that the portrayal was incorrect due to the exclusion of soldiers with that heritage. Thus I think he put that in after the completion.
I am not really sure what his intention of the documentary was. If I recall Burns is not like an ultra conservative guy.
ParticipantWowsers no responses. I guess Family Guy was more entertaining, (don’t get me wrong, as I do like Family Guy).
Personally I never knew just how touch and go things really were in WWII. Also it disturbs me to see some of the parallels. Allowing someone who says the Holocaust never happened and who wants to have Isreal wiped off the face of the planet speak at Columbia and the UN SD Realtor just does not sit well with me at all.
ParticipantDon’t worry JWM… In April of 2009 you will be paying higher, (possibly much higher) taxes then you are paying now.
SD Realtor
September 23, 2007 at 3:39 PM in reply to: Off topic – The Chargers are NOT who we thought they were #85632ParticipantI really don’t even want to add critique because there is so much wrong it is quite disturbing. I don’t buy the talent line anymore…. In the NFL everyone has talent and the difference lies in the coaching, the gameplan and the execution. We are seriously lacking in all 3 of those categories. As horrid as we played we still had the ball twice in q4 with a 21 17 lead and Norv decided to run a few times into the line, leave rivers with a 3rd and 10 each time and predictably we didn’t convert either time. So yes we sucked today, our d was pathetic, and as bad as it was the coach or offensive coordinator or whoever the hell called the game in q4 sucked even more. Even NAR couldn’t put perfume on this pig.
SD Realtor
ParticipantOCR yep I have seen it… I have no idea wtf the developers are going to do…
SD Realtor
ParticipantStonebridge falls into the category of higher probability of higher foreclosures. Scripps is one of several communities that has mixed components. IMO Stonebridge has the highest probability of failure in Scripps because it is the newest and most overpriced in 2004-2006. Similarly the properties that sit on top of 15 are about 4-6 years older.. The next step down are the homes west of Stonebridge but north of Spring Canyon… What is in common here? A newer home which translates to a lower equity stake. To me this sort of housing demographic is what will be the primary component of foreclosure in the more desireable areas. Whether it is Scripps, Sabre Springs,`Carmel Valley, 4S…
SD Realtor
ParticipantNo doubt hawk! Also I have been saying for months that Stonebridge was having lots of foreclosures. Of course 25% is nothing compared to IE. For those who don’t know Stonebridge is the development on the far east end of Scripps that has been selling for the past 2 years now.
SD Realtor
Participantasragov… still not there yet. It doesn’t matter to me who sustains the bulk of the losses. Nor does it matter to me about the incompetence of all levels of government. A house is a house is a house…. of course. It is an asset. If it had wheels it would be a motorhome. If it had wheels but you couldn’t sleep in it then it would be a car. Less money then Iraq at the federal level, and local incompetence at the city council level has no bearing on the topic at hand.
We can handwave it all we want but when all these programs are aggregated together, and believe me brother just as there is a tidal wave of foreclosures coming, there WILL be more programs… if people like Hillary’s health care program they will throw a freeking ticker tape parade when she comes up with a cure for housing. Watching Bush backtrack on his stance is more of the same. What about pushing FHA insurance up on jumbo loans in the future? That has nothing to do with a bailout but don’t you think that would help tilt the scales on someome who is on the fence?
Again, it is not the point of whether alone or even together these programs will make a difference. The FHA currently has 700 BILLION of insured loans. My friend that 700 billion is insured by YOU and by ME. That will go up and under current legislation it will include higher limits. Guess who will oversee that, who will regulate that? Yes those same idiots that you refer to above. It doesn’t matter if 1 person is bailed out or if 100000 is bailed out… it is not just the bail out, it is also future policy.
To not recognize how ultimately bad this is and will get is well… kind of unfortunate…
SD Realtor
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