Posted by Bill K. - FL on February 07, 2000 at 07:42:06:
Lets have a reality check here. First of all RE valuation is an art not a science. The thing that determines what a property is ultimately worth is what a willing and able buyer will pay for a proerty in an arms length transaction period. So any estimate of property value is just that an estimate. The longer a property stays on the market for sale the better idea one can have about its value. Since this house has been on the market for a while at two different prices and didn’t sell at those prices it is a safe assumption that the value of this property is below 158K. Do you think that a coat of paint will increase the value of this property significantly? I am assuming from your comments the property is in decent shape,and is on the MLS, therefore everyone in the country knows about it. Since no one bit at those prices I doubt just by painting the inside you can sell for 160K. Now it is listed for 148K. If it is a decent house in decent condition in a decent location most likely an owner-occ. will buy and pay retail. If your area is appreciating that quickly it means there is strong demand for properties which translates to a lot of competition. If you buy for 130K even assuming they accept that, where is the profit?