I’m offered my let residence subsequent year as well as am perplexing to work out what the sale cost should be. What commission distinction should I design to have from my strange investment (say %100,000)? Inflation seems to have been about 2.9% over the 10 years of ownership. Because of the area it is in it will be easy to sell. I know a little people will say, “get all we can out of it” though my subject still remains: What is reasonable?
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{ 4 comments… read them below or add one }
If your agent has experience, let them make the call, they are the experts. If their only interest is the commission, then you make the call. I made big bucks letting the agent make the call.
You need to look at other investment properties near you that have sold to see what they sell for. it is largely a multiple of the income stream.
If your rents have increased about 2.9% a year then you may be onto something. If your rents have not kept pace with inflation then property will not have increased as much either.
Consider raising rents before selling. an increase in rental income will increase value of property.
Inflation and time have almost no bearing on real estate prices, so put that calculation out of your mind completely.
The only thing that has bearing on real estate prices is supply and demand, coupled with condition and location.
Without knowing where you are, etc., any advice from Yahoo! answers will be completely worthless. There will be areas in the country that your $100,000 house of 10 years ago will be worth $300,000 or more. There will also be areas where you will be extremely lucky to get $100,000 for it.
Part of the process of picking a realtor is to listen to how they valued your property and what they will do to sell it. Get at least 3 opinions before pricing it.
If you want some indication today (for planning purposes), contact a realtor and tell them you are considering selling in about a year and would like to get an idea of listing price today. That way they know they are spending a few hours of time for a potential future sale and there will be no miscommunications.
good luck!
I agree with Rush. It is going to be hard to tell because Real Estate is all local. There are however several good calculators online that you can type in some info and get a pretty good idea.
I know that for me, it is not about the monthly money coming in. As long as the rent covers the mortgage (and some maintenance) then that’s fine. Where you are going to make your money is down the road when the house has appreciated and you have paid off a lot of that mortgage.
Check out my site at:
http://sites.google.com/site/superrealestateinvesting/