U.S. CitiesCity-Data Forum Index
Happy Halloween!
Go Back   City-Data Forum > U.S. Forums > Wisconsin > Madison
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 11-04-2009, 06:03 PM
 
1 posts, read 1,547 times
Reputation: 10
Default Appraising a House with a nice backyard- Help

I am from the east coast but moving to Madison, WI soon for a new job and looking to buy a house for the first time! We had taken a short trip to Madison few days ago to meet with our realtors and look at about 10-20 prospective houses. Of which we liked one, it has a good floor plan, good neighborhood and good sun light (on the downside it does need a lot of updating- it has old appliances and bad bathrooms) but one of the biggest asset of the house is the backyard, it’s very private and large with a small stream flowing through it.

Now after doing some marketing analysis we realized that the houses in the same neighborhood have been selling at an average of about 118-130 per sq/ft. This house however is priced at 150 per sq/ft and we thought its really over priced but our realtor has been telling us that the yard can easily add almost $100,000 to the value of the house. Is this true? I did look through several websites and did some research but I couldn’t validate this information, just wondering any one here with good real estate knowledge who could guide us with this. I will be happy to provide more details.
Help is appreciated
Reply With Quote Quick reply to this message

 
Old 11-04-2009, 09:03 PM
 
3,321 posts, read 2,849,305 times
Reputation: 11125
Quote:
Originally Posted by skd8 View Post
I am from the east coast but moving to Madison, WI soon for a new job and looking to buy a house for the first time! We had taken a short trip to Madison few days ago to meet with our realtors and look at about 10-20 prospective houses. Of which we liked one, it has a good floor plan, good neighborhood and good sun light (on the downside it does need a lot of updating- it has old appliances and bad bathrooms) but one of the biggest asset of the house is the backyard, itís very private and large with a small stream flowing through it.

Now after doing some marketing analysis we realized that the houses in the same neighborhood have been selling at an average of about 118-130 per sq/ft. This house however is priced at 150 per sq/ft and we thought its really over priced but our realtor has been telling us that the yard can easily add almost $100,000 to the value of the house. Is this true? I did look through several websites and did some research but I couldnít validate this information, just wondering any one here with good real estate knowledge who could guide us with this. I will be happy to provide more details.
Help is appreciated
Any offer you make should be based on recent sold comps. Don't offer more than you feel comfortable with. You can trust some realtors as far as you can throw them.
Reply With Quote Quick reply to this message
 
Old 11-05-2009, 11:38 AM
Status: "being able to babysit the grandson now... priceless ;)" (set 13 days ago)
 
Location: Defo....
3,134 posts, read 3,946,305 times
Reputation: 1512
that sort of difference could possibly be between a lake front lot and one across the street. Or one right on the golf course, or one down the street. But as you didn't mention those sorts of variables, and knowing the home will need work; seems overpriced ( just based on that info ). There are plenty of homes for sale in every neighborhood/region so one should be able to find the right spot.
If I may suggest, since this is a new relocate for you: when we recently moved to SC from WI and it was a new area for us, we rented for this first year. This allowed us plenty of time to not only find the right community/suburb to want to live in long term, but the right neighborhood as well. The first few months we spent a lot of time driving around looking at homes/areas ( that also helped us learn the roads and cities, plus see some nice sights as well ); now we are in the process of getting into a new home as our current lease expires. Is it a bit of a pain to move twice in a year? maybe. But knowing we are more comfortable with our choice of home ownership is well worth it. Plus knowing the market is still soft and wil take some time to jump back up, we didn't want to buy right away and then possibly "be stuck" as we could not sell and get out.
Anyhow, just a thought.
good luck
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Wisconsin > Madison

All times are GMT -6.

© 2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top