Real Estate Gurus, I need your help. I'm selling

[Bertuzzied]

I'm kinda confused about how much i should sell it for. I DON'T want to ask a realtor because they'll just hassle me to death. Is there an online site which tells you how much to list it for?

Brentwood is pretty hot right now, I'm guessing since i only see 2 listings on the MLS and they are going for $327k and $417k!! I live right next to the 7-11 so i'm sure it's not even close to $300k. Thanx.

[ricosuave]

what is your assessed value?

[Mike Oxlong]

Yeah I would check you assesment value at the City of Calgary website. Generally these are lower than the market value though. However it gives you an indication of the value of your house compared to others around you.

I would look through MLS, WElist, comfree etc... to try and find houses that are similar to yours.

To be honest I would call a realtor and just say you are considering selling and you want to get a market value assesment. Most of them will do it for free and then you can try selling it yourself on WELIST.COM.

[CrzyCanuck]

Seriously, those reale estate agents come for free, I'd get them to give you an estimate.

Next time they call you, tell them you changed your mind. Very simple way of getting rid of them. They will bring a package off all the sales in your area for the last year if you asked them.

Don't short your sale.

[Ace]

also, don't think your house would be lower than those, it's just a crazy market right now, and people are willing to pay that just to be closer to d.t. regardless of where your house is...

[Bertuzzied]

Hey thanx for the info guys! I will for sure be listing it on welist. I guess i'll contact a realtor and think what i should sell it for and list it for $10k more. Thinking back i got a steal of a deal on this house back in 2000

[troutman]

I'm a real estate lawyer that works near Brentwood. Send me a private message if you'd like some free info.

[Tron_fdc]

Originally posted by fotze+Sep 9 2005, 11:27 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (fotze @ Sep 9 2005, 11:27 AM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-troutman@Sep 9 2005, 11:23 AM
I'm a real estate lawyer that works near Brentwood. Send me a private message if you'd like some free info.

There was a thread a couple days ago looking for a real estate lawyer.

You should advertise in the power ring section.

I would gladly go to a CP member for something like that. [/b][/quote]
No freakin doubt. I want to sell my house as well, but I don't want to use a realtor. I have no idea where to start.....

[Red]

Originally posted by Bertuzzied@Sep 9 2005, 10:21 AM
Hey thanx for the info guys! I will for sure be listing it on welist. I guess i'll contact a realtor and think what i should sell it for and list it for $10k more. Thinking back i got a steal of a deal on this house back in 2000

When you list on welist.com you will have plenty of realtors calling you for a free consultation.

Don't make a mistake of overpricing your house. Some realtor will want to list it for 20, 30K more than it is realistically worth just to get your business. If you add your 10K you may be 40K overpriced and when the house doesn't sell in a few weeks potential buyers look at those with suspicions etc. That's when you start dropping your prices just to catch up, but lost the privilege of being a new listing.

I'd get a realtor to print off all houses sold in last 6 months in your area and go from there.
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[Tron_fdc]

I had a RBC appraiser come to my house and he set the value at $260k. I heard these are usually low (the appraisal was for loan purposes) so what would a realistic value be? 280? 300?

[Red]

Originally posted by Tron_fdc@Sep 9 2005, 01:17 PM
I had a RBC appraiser come to my house and he set the value at $260k. I heard these are usually low (the appraisal was for loan purposes) so what would a realistic value be? 280? 300?

You can never go by that though. House apprisals are only market relative to a certain degree. Your best market assesment is comparison to your neighbourhood recent sales.

An example, one of my family members built a 2800sq-ft house in Bridgeland about 15 years ago or so and then tried to sell it for what other houses that size went for. The apprisal was high because everything was new and that was the true replacement value in case of fire etc. Problem was that at the time houses in that price range (around 200-250K, I know sounds like a steal now) were purchased by higher end income earners who prefered to go to "fancier" neighbourhoods in the SW and NW. His house was overpriced for the area and didn't sell for good value.

Sort of like building a 350K house in Dover. You would never be able to sell it for that money, people would just go to better districts.
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[Tron_fdc]

Originally posted by fotze@Sep 9 2005, 02:26 PM
Is it possible to take some of the equity out of your house and use it as a down payment for a new one?

I want to possibly move to a bigger house but would like to keep the original and rent it out. I have probably $130,000 in equity in my house and it would help alot to be able to use it for the new one.

I tried to do that with a HELOC. You can turn your existing mortgage into a line of credit, and use up to 90% of the value of your home for whatever.

eg:

My house is worth 300k
My mortgage is currently at 190k
I can get a Line of Credit for up to 270k (90% of 300)
which means I have 80k (270-190) to use for whatever (down payment on another home, etc).

I might do that and buy a cabin somewhere.

[Red]

Originally posted by fotze@Sep 9 2005, 01:26 PM
Is it possible to take some of the equity out of your house and use it as a down payment for a new one?

I want to possibly move to a bigger house but would like to keep the original and rent it out. I have probably $130,000 in equity in my house and it would help alot to be able to use it for the new one.

It is possible. Banks usually want you to have 25% down on the second house, but that as everything else is open to negotiations. You may need to provide a rent/lease agreement before the bank gives you the money.

Plus, to renegotiate you may have to pay some penalties, depending when your term is due.
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[Red]

Originally posted by Tron_fdc+Sep 9 2005, 01:36 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Tron_fdc @ Sep 9 2005, 01:36 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-fotze@Sep 9 2005, 02:26 PM
Is it possible to take some of the equity out of your house and use it as a down payment for a new one?

I want to possibly move to a bigger house but would like to keep the original and rent it out. I have probably $130,000 in equity in my house and it would help alot to be able to use it for the new one.

I tried to do that with a HELOC. You can turn your existing mortgage into a line of credit, and use up to 90% of the value of your home for whatever.

eg:

My house is worth 300k
My mortgage is currently at 190k
I can get a Line of Credit for up to 270k (90% of 300)
which means I have 80k (270-190) to use for whatever (down payment on another home, etc).

I might do that and buy a cabin somewhere. [/b][/quote]
Turn the cabin in to a church so you can pray for the mortgage rates to stay this low. It wasn't long ago when 10% was a good rate. That's double what you pay today.

Not trying to instill fear or anything, but that's a HUGE loan to pay off.
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[Tron_fdc]

I hear what you're saying Red. I was kicking around the idea of either keeping my current house and buying a vacation property, or selling my current house and buying some pimp house around town. I don't see mortgage rates doubling within the next 3-5 years, and housing prices in Calgary are not going down anytime soon, so I figured it would be a safe investment.

But, as I usually do, I'll most likely procrastinate and do nothing.

[photon]

Good comment about interest rates though..

It'd be nice to have some cash on hand when rates do go up to 8-10% again.

Imagine how many properties there will be on the market for insanely low prices with people just trying to get out from the payments!

There will be deals to be had then!!

[Bertuzzied]

Originally posted by fotze@Sep 9 2005, 09:18 PM
Hasn't hong kong had interest rates near zero for 15 years. So isn't it possible to have these low rates for a long time? I have no epertise so I realize my argument could possibly be complete crap.

Not sure about before but their mortgage rates are higher than ours right now.

I used to work in the Canmore info centre back in 1996 and i told my parents to buy 2 houses back then and turn them into bed and breakfasts. you could have gotten something really nice for about $160k. haha now. you can't even buy a trailer home for that much

[Clarkey]

Originally posted by Bertuzzied+Sep 9 2005, 11:44 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Bertuzzied @ Sep 9 2005, 11:44 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-fotze@Sep 9 2005, 09:18 PM
Hasn't hong kong had interest rates near zero for 15 years. So isn't it possible to have these low rates for a long time? I have no epertise so I realize my argument could possibly be complete crap.

Not sure about before but their mortgage rates are higher than ours right now.

I used to work in the Canmore info centre back in 1996 and i told my parents to buy 2 houses back then and turn them into bed and breakfasts. you could have gotten something really nice for about $160k. haha now. you can't even buy a trailer home for that much [/b][/quote]
Really, 1996 isn't that long ago. I wonder why it has got so insanely pricey in the last 5 or 10 years?

I would still like to live there at some point but I need to find a way to make a living in that town that would allow me to live in something other than a double wide. Those pictures Neeper took reinforce why Canmore is so attractive to me, I would love to be able to wake up, walk out my front door and go for a run up a mountain trail.