Trying to pick a sales price when there are few to none comparable sales is a little bit tricky in our Sacramento real estate market, but this is when an experienced real estate agent can be very helpful. Sometimes it comes down to relying on gut instinct, mixed with a bit of pixie dust sprinkled on top of those dusty old comparable sales, to come up with an accurate and reasonable number.
Further, I might do goofy things that are right on target such as grab a random sales price from 2005, divide it in half, multiple that result by 50%, and then slap another 25% on top to arrive at an estimate of value, which is often much closer than Zillow’s screwy Zestimate and computed about in the same fashion. But that’s just to double-check the ballpark. It’s not to pick a sales price.
Can you make $100,000 profit on a Sacramento home you bought last summer and flip it? To clarify the answer further, let’s say the home was purchased at market value, the price at which most homes in Sacramento sell. Forget about the fact that the home abuts a gated community, and it’s not actually located in the gated community but instead is situated on a busy street with traffic. The caller wanted to know if she could make $100,000 profit, darn it, she wants to flip. Flipping the home is her goal because she and her husband no longer want to own this house.
On our way home from the Tower Theatre in Land Park yesterday, my husband and I stopped at the Target store on Broadway. I didn’t want to go in, but he made me. I don’t enjoy the Target shopping experience like he does and, besides, they moved everything around since I was last there back in the Stone Ages. We walked by the Mother’s Day card aisle. This was the middle of afternoon on Mother’s Day. It was crowded with people looking at Mother’s Day cards. I wanted to stop, thrust my hands to my hips and yell in a very loud voice: REALLY? You can’t get it together before Mother’s Day? You wait for the last possible moment?