Selling my Home: Trying to price it sell fast

Selling my Home: Trying to price it sell fast

Memphis , TN · Member since 2016 · 9 posts · 5 votes

Due to being unemployed for almost a year, I am looking to sell my home fast. The home in located in Memphis, TN in a stable neighborhood. I project the rents for this home could range in the neighborhood of $750 to $850. I have been working on the home; with the Lord's help and have painted both the outside and the inside. I am almost finished with the inside as new carpet needs to be installed. 

The home sold for $64,500 in 2000. However, the current Z-estimate is 56,009 with a range between $53,000 and $59,000. The home is 3 bedrooms and 1 and a half baths with about 1090 square feet of livable space. It also has a garage. 

I spoke with a real estate agent with a lot of high dollars listings but they refused to list it and referred me to someone else. I would rather sell it without a real estate agent but I have not listed on the MLS.

Here is a picture of the home:

I will have pictures of the inside shortly after I get the carpet installed. Anyone have any suggestions on price. God bless you!

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Investor · Lafayette/Baton Rouge, LA · Member since 2013 · 1k+ posts · 915 votes
9y

Are there any other houses for sale in your neighborhood?  What are the prices?  Call one of those agents who has listings in your neighborhood or nearby.  If you don't want to deal with a REALTOR, I don't know why you would want to deal with a wholesaler?

You haven't mentioned if there's a mortgage involved or if you are facing foreclosure?  Why do you need to sell fast?  I think you need the help of a real estate professional.  If you don't know your market well enough to know your property value, you are at a terrible disadvantage - IMO.

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  • Rental Property Investor · York, PA · Member since 2017 · 377 posts · 315 votes
    9y

    @Account Closed - what are the comparable sales in your area? What are other houses of this size selling for?

    Z-estimate is tough to use when pricing a house.

    As an investment, I would price it at roughly $50,000.00 (without doing a walk through, this is by no means a great estimate). 

    As a single family home, you might have luck selling it through a wholesaler - a local one would have a better idea of what average sales are in your area.

  • Memphis , TN · Member since 2016 · 9 posts · 5 votes
    9y

    Thanks @Ben Wilkins ,

    I asked the real estate agent for comparables, she said that she would send them by email but I have yet to receive them. $50,000 is not so bad but for a house that will be rent-ready; meaning that you will be able to find a tenant and make money I believe that it may have a little more upside. 

  • Rental Property Investor · York, PA · Member since 2017 · 377 posts · 315 votes
    9y

    @Account Closed - go on Trulia.com and search in your neighborhood. There should be a "recent sales" section, which will give you comps without having to wait on the agent.

    Without knowing your area, I couldn't help you nail down a price for selling it as an investment. $50k was for 8% cap, which may or may not be good for your specific location. The thing to remember is that it'll most likely sell based on comps rather than cap

  • Investor · Lafayette/Baton Rouge, LA · Member since 2013 · 1k+ posts · 915 votes
    9y

    Are there any other houses for sale in your neighborhood?  What are the prices?  Call one of those agents who has listings in your neighborhood or nearby.  If you don't want to deal with a REALTOR, I don't know why you would want to deal with a wholesaler?

    You haven't mentioned if there's a mortgage involved or if you are facing foreclosure?  Why do you need to sell fast?  I think you need the help of a real estate professional.  If you don't know your market well enough to know your property value, you are at a terrible disadvantage - IMO.

  • Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    9y

    aren't truila and zillow the same and didn't one buy the other

  • Memphis , TN · Member since 2016 · 9 posts · 5 votes
    9y

    Shows $79,900

    My house is paid off... Glory be to God! Just need the money

    .

  • Rental Property Investor · York, PA · Member since 2017 · 377 posts · 315 votes
    9y

    @Account Closed - not sure what your comment is in reference to, so I'll guess that it is because I referenced Trulia. What I don't trust is the "estimated price" listed on Zillow and Trulia. What I do trust is the recent sales of houses that are the same size and in the same neighborhood. You can get these comps off of either website, but I just remember where Trulia's recent sales are listed. If you were commenting for a different reason that I missed, I apologize.

  • Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
    9y
    Those automated valuation models are ballpark at best...I would think they would work well on a newer house in a large masterplanned community but not much else. They need a foot-soldier to tweak them block by block. What you need are recent solds data. Redfin allows members (free) to search that data. Realtor.com has a recent sold search but it doesn't work in closed record states. If you are in a hurry (under duress) you really might be better off with a realtor. Interview a couple and don't blindly go with the one who absolutely loves your house and promises a high sales price. Imo.
  • Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    9y

    I was just curious why someone would use one vs the other when they are basically the same thing even down to the point of sharing ads/leads. I also know from the buying side they can have old homes that are listed for sale but have been sold months ago as a tactic to use you as a lead to a realtor.

    I've found that redfin (if available) is pretty handy, more accurate listings, has for sale/sold homes near whatever address you're looking at, and make it pretty easy to get a realtor. I've never used them to sale, I just browse the for sale and then use zillow for the est rents...

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