NEED ADVICE FROM EXPERIENCED INVESTORS - Posted by BRIAN

Posted by John on April 03, 2006 at 22:44:00:

First, don’t shout(all caps) it is rude and hard to read.
How experienced is your agent? Appraisers figure price by using comps. If your house is larger than any others in the area you could break it down to $$/sq ft and arrive at a value. Did you get a couple different agents to do a market analys prior to listing the property? Were the all in the same price range? Did the agent inflate the price to get the listing? Don’t overprice the property for the neighborhood

NEED ADVICE FROM EXPERIENCED INVESTORS - Posted by BRIAN

Posted by BRIAN on April 03, 2006 at 17:05:23:

I HAVE A HOME I PURCHACED FOR 170,000 FOR. THE HOUSES IN MY AREA IN MARYLAND ARE SELLING FOR 300,000 TO 500,000+. I HAVE MY HOUSE ON THE MARKET (SINGLE FAMILY COLONIAL) FOR 499,999. A HOUSE SOLD AROUND THE CORNER FOR 401,000 (SPLIT FOYER, AND WAY SMALLER THAN MINE). THE AGENT I HAVE KEEPS TELLING ME NOT TO GET AN APPRASIAL DONE BUT KEEPS GOING OF THE COMPS FROM HOUSES SOLD AROUND MY AREA. I KNOW THIS IS NORMAL PRACTICE BUT NONE OF THESE HOUSES ARE REALY COMPAIRABLE TO MY HOUSE. I THINK FOR THE SHAPE MY HOUSE IS IN NOW, IT’S NOT GOING TO GO FOR 499,000. BUT I DO BELIEVE WITH CERTAIN IMPROVEMENTS IT COULD SELL FOR MORE. WHAT I NEED TO KNOW IS AM I CORRECT IN WANTING A DETAILED APPRASAL TO KNOW WHERE I AM AND WHAT I SHOULD DO? HONESTLY, IF AN APPRASIAL COMES BACK ANYTHING OVER 450,000 AS IS, I WILL LET IT BE AND SELL. ANYTHING UNDER, I WANT TO TRY TO IMPROVE SOME THINGS, IF THE PROFIT MARGIN IS WORTH IT, AND GET THE PRICE I’M ASKING. I ALSO NEED TO KNOW HOW TO GET MONEY WITHOUT REFINANCING AND PAYING ALL THAT MONEY TO GET THE WORK DONE TO MAJOR THINGS SUCH AS ROOFS, WINDOWS AND DECKS.

Re: NEED ADVICE FROM EXPERIENCED INVESTORS - Posted by steve

Posted by steve on April 06, 2006 at 20:11:20:

If yours is the most expensive house in the neighborhood it might make it harder to sell. No need for an appraisal… that is what your agent SHOULD be able to do and that is how they SHOULD have priced the property (minus some % for the correction in market conditions). Dont forget, the market isnt the same as it was last year. I am in your area and notice that most sellers dont want to acknowledge this. Also, houses that are fixed up and dont need work tend to sell faster than those that need work.