Posted by Finley on May 24, 2000 at 09:48:37:
>Do you mean the 1996 subject neighborhood sales are around $52,000?
Yes, quite a few homes in that neighborhood sold between 1994 and 1996.
I was concerned when I noticed that homes were not selling in that area. My research at the real estate office indicated that 15 of the homes in the area were occupied by the original owners(quite a few elderly).
The seller indicated that she is moving out of state and does not want the hassle of managing the house. She indicated that it had been rented, but it now vacant.
Question About Comps - Posted by Finley
Posted by Finley on May 24, 2000 at 09:07:35:
I have located a motivated seller who wants to sell her with owner financing.
When checking out the comps I ran into this problem: not single comparable house has been sold in the neigborhood since 1996.
Based on most recent sales, the house is worth $52,000. Owner is asking $34,950. My concern is that this $52,000 comp may be inaccurate given the old sales figures.
Does any have any suggetions, outside of ordering an appriasal?
Re: Question About Comps - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on May 24, 2000 at 09:31:37:
Do you mean the 1996 subject neighborhood sales are around $52,000?
If there are any neighborhoods of similar homes in the same school district, that would be the next place to look for recent comparable sales. Look for homes of similar age, size, bedroom count, type of construction, architectural style, etc.
If you find such sales, then you need to ask yourself why there aren’t any sales in the subject neighborhood. Does there appear to be any possible reason for the neighborhood to be declining in desirability, or is there just a personal reason the seller may be selling low? Have there been listings that have expired because nobody wanted to move into that neighborhood? Ask a local Realtor for input.