People/realtor coming to ask home owners in my neighborhood if we want to sell house

[win-star]

Hi

lately real estate agents and/or people approached houses in my neighborhoods [10 houses] [we live at a dead-end] if we were willing to sell our house.

A couple of us are thinking [including us] of downgrading our house. It's a 2,800 - 3,000 sq/ft home [of the 10 houses] the value of our home is roughly 700,000 - $800,000.

The realtor agents told us our area [near dixie mall] is "hot right now"

So my parents told one agent $50k over what our house goes for. One agent came over the other day while my parents were out and I told him if we were to sell ... I quoted $100k over the house [I don't want to move out - so I made extra high] and told the agent to come back later that night if his client agrees ... he did come back and my parents got mad because I was "ripping off" other people.

I think not because we weren't thinking of moving but if they insist of buying, we have to name our price ... I told my parent's ... that extra fund is our "moving fees" LOL

The couple is still presisting on buying our house lol ... we were thinking of moving so ... parents is taking advantage of selling it for a reasonable price LOL

[MortgageQueen]

It's not 100% unusual for people to pay more than a house is worth. What you need to confirm is that they have the means to pay for it. . . or. . .is the realtor just trying to lure you into signing a contract. Be careful.

[BC Gal]

A houses' worth is whatever someone will pay. Prices can vary a lot even depending on where your house is located on the block. I agree with MortgageQueen, be careful that the agent isn't just saying a higher sell price just to get you to sign a contract with them. It is worth doing some research on the agents in your area before signing with anyone. All agents will discuss selling price with you but it is ultimately up to you what price you want to list it for no matter who you go with.

[xlxo]

Sounds like a bargain compared to Vancouver...
http://bc.ctvnews.ca/for-sale-25m-bo...uver-1.1916823

You mentioned you are near a mall.... Some developers may be attempting to convince you & neighbors sell to...

• assemble land to commercial purposes?
• build condo's/apartments?
• grow-ops if it's an older community

Start by looking at your assessed price. Then find out how much of a premium they are willing to pay. If you are near retirement and looking at downsizing... it may be to your advantage. Otherwise seriously consider if you want to keep a larger home to raise a family, a yard, and vehicle parking.

[Natalka]

This happened to us in the last house we lived in - was a very hot neighbourhood, and the housing market was in a boom. It was very common for houses to go for way more than the asking price. However, things have evened out.

Best thing before your parents move ahead at all is to have an appraisal done - and not do anything in a hurry.

[TooCouponCrazy]

Take your time, do your research and you will make the right decision for you. Good luck.

[lorijane]

Assess your home's correct value. This effectively renders you "out of market" and results in selling unnecessarily cheaply.

[MortgageQueen]

People often misjudge their own house value. I'm just doing some financing for a lady in London, ON and she thought her house was worth $105 to $110k. I knew there was no way it was worth just that. Had it appraised and it came in at $135k

NOW. . . please everyone understand, there is a difference between an "appraised" value and what a home will actually sell for. Appraisals almost always come in low, because they are based on a 12 month value and being pretty much assured the property would sell within 3 month period.(at any time of the year) It does not take into consideration "high" periods when homes may sell for more in a hot market. Therefore, you have to take all factors into consideration when coming up with a price.

[Lynn49]

People often misjudge their own house value. I'm just doing some financing for a lady in London, ON and she thought her house was worth $105 to $110k. I knew there was no way it was worth just that. Had it appraised and it came in at $135k

NOW. . . please everyone understand, there is a difference between an "appraised" value and what a home will actually sell for. Appraisals almost always come in low, because they are based on a 12 month value and being pretty much assured the property would sell within 3 month period.(at any time of the year) It does not take into consideration "high" periods when homes may sell for more in a hot market. Therefore, you have to take all factors into consideration when coming up with a price.

Wise advice from someone "in the business".
Like others have suggested, DO NOT sign a contract with an agent just because he or she promises you a "deal"! There are times when agents do go around neighbourhoods and "fish" for clients....if you're thinking of selling, find your own reputable agent and get a real estimate of the value of the home.
Just FYI.....

[spidey46x2]

My parents had the same thing happen for years. They have a huge lot just off a main street and we knew the people were developers. They actually said they would bulldoze the custom pool and tennis courts - and of course the house too (4000sq ft) We are almost certain that they would not get a permit from the town for apartments/condos, but they could probably fit 6-8 townhomes in the same spot.
I think the agents "fish" in areas where there is high demand and low inventory. My husband and I used to be house-flippers (before kids) and this seemed quite normal for agents to do.
I live in York Region btw

[Andit]

Be very careful & as others have suggested, don't sign anything until you have all the information.

I'm in a hip neighbourhood, not a week goes by that I'm not approached by someone wanting to buy/rent my condo when I'm out with the critters. I also get phone calls and letters from realtors - one even sent me a Xmas card.

I'll never forget the realtor who called me and asked whether I was interested in selling. I said I'm not. She said, "Well, if you were, when do you think it would be?"
"I plan on staying here until I die."
"When do you think that will be?"

I didn't know whether to hang up or laugh - clearly she was not paying attention and just following a script.

[Natalka]

^ Oy, Andi, that's crazy!

Funny, just got a call yesterday from a realtor asking if we have considered selling, that he has people looking in our area. He was very persistent, as well.

[toban]

I would be careful too. I'm not experienced in the area of real estate but do you know for sure these people were reputable? What happens if they are scammers? I would be leery of someone approaching my residence and asking whether I want to sell. Sometimes I receive flyers in the mail mentioning we have buyers who are interested in your neighbourhood, with the sales agents name and number. If you are interested in selling I would approach a reputable real estate agent and proceed.

[Shwa Girl]

Win-star, we get calls over the phone like your parents.
Let's say our house is worth $100 (made up to prove a point).
We say to the real estate caller, can you get $1000 for our house?
They always say, we don't know your house so we would have to evaluate it.
We always say, shouldn't you have been more prepare before you made the call? And hang up.

[Shwa Girl]

I'll never forget the realtor who called me and asked whether I was interested in selling. I said I'm not. She said, "Well, if you were, when do you think it would be?"
"I plan on staying here until I die."
"When do you think that will be?"

I didn't know whether to hang up or laugh - clearly she was not paying attention and just following a script.