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Right, I see your point about making the house your home, but we just did that in Mass. We put on an Addition in 04-05 and We now have a gormmet kitchen. We took our old kitchen and made it into a front to back living room. We added a two car garage and new driveway. Replaced the roof to match the addition and resided the house with Vinyl. It seems like we have been in contruction mode for two years now! Plus we just got finished painting our upstairs rooms. I just want to move into a house that already done with paint we like and NO flowery wall paper we have to rip off. I wouldn't mind putting in a in-ground pool though...
Prices have risen quite quickly in the last year around North Raleigh and Cary. New always outsells older, except inside the beltline (which is almost a world of itself).
I'll give you an example...I sold a home in Cary...Park at West Lake...a year ago. Sold for $299,000. Same home down the street is being built for $365,000.
Another example...I sold a townhouse yesterday. Base price was $140,000. I asked sales associate to show me what their prices were when they started neighborhood...about 3 months ago. Base price was $118,000. My guy still bought his townhouse because there are more being built. They are just going to go up in price.
I still say, if you find a new neighborhood and get in at Phase 1...it works. What you must understand is that you will have a difficult time if you try to sell before the neighborhood is completed. You don't wnat NEW homes as your competition.
I've lived here for over 25 years and have never seen houses go down in price. However, in the last year or so, we have seen highter appreciation than usual.
Oh...and one more thing...yhea,right...ONE more thing!
I always look up to see what a seller paid for his home. But...I always tell my buyer...it doesn't matter WHAT he paid...he is going to sell at MARKET VALUE.
I like to have ALL my figures but I rarely run across a seller that is in the dark or is so desperate to sell that he is going to discount his home back to what he paid for it.
By the way...those of you that like KB Homes...they are having a "SALE" on Saturday. There are 8 townhouses in the Martha Stewart neighbordhood called Twin Lakes that are going to be discounted. Prices right now are around $200,000.
And...in Stone Creek...couple of the townhouses are reduced $35,000 because they want to close out that phase. Prices are current around $350,000.
Just thought you'd like to know that we do get some "deals" every now and again!!!
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Originally Posted by VickiR
Oh...and one more thing...yhea,right...ONE more thing!
I always look up to see what a seller paid for his home. But...I always tell my buyer...it doesn't matter WHAT he paid...he is going to sell at MARKET VALUE.
I like to have ALL my figures but I rarely run across a seller that is in the dark or is so desperate to sell that he is going to discount his home back to what he paid for it.
By the way...those of you that like KB Homes...they are having a "SALE" on Saturday. There are 8 townhouses in the Martha Stewart neighbordhood called Twin Lakes that are going to be discounted. Prices right now are around $200,000.
And...in Stone Creek...couple of the townhouses are reduced $35,000 because they want to close out that phase. Prices are current around $350,000.
Just thought you'd like to know that we do get some "deals" every now and again!!!
Gotta love a SALE!
Vicki
Great insight (the last two posts). I think my wife and I kind of got in early in our Sub
I always look up to see what a seller paid for his home.
That provides a good base. However... it's important to add to this value everything that was added to the house after purchase. Things like fencing, landscaping, fixtures, etc. can get very expensive when you add up!
That provides a good base. However... it's important to add to this value everything that was added to the house after purchase. Things like fencing, landscaping, fixtures, etc. can get very expensive when you add up!
Good point but certain things do not add to the value of the price of the home - you do not get back everything you paid... I would agree that a fence may add some value as landscpaing but fixutres are a personal choice so if I do not like what you did, to me they have no value -
That provides a good base. However... it's important to add to this value everything that was added to the house after purchase. Things like fencing, landscaping, fixtures, etc. can get very expensive when you add up!
Unfortunately appraisers don't take things like fixtures into account when appraising a home. You basically get nothing extra for them. Homes with pools don't get what they cost to put in either. To some people they are a liability and a nuisance. If you put in a 40k pool don't expect it to instantly add 40k to the value of your home. The most value those things have is giving your home more appeal to the right buyer and perhaps making it sell quicker. Remodeling and adding on now is a different story, but you have to be careful that you don't price yourself out of the neighborhood too.
I have two clients that both built the same model in Holly Springs.
One added more options than another. One home ended up being $195,000 and the other was $225,000.
Lets say they both sell at the same time:
Lets say that homes in this neighborhood are selling at $125 per square foot. Remember, they are the SAME MODEL.
Do you think that I'd be able to list home # 1 at $30,000 MORE than home #2? Nope. I may be able to list it for a bit more but then, maybe it would sell quickly but only if the options chosen were what the BUYER wanted and it added VALUE in the buyer's mind.
Will the appraiser appraise it for more? Yes, but only after I point out the differences...but not $30,000 more.
So...what I tell my clients is this...there are certain options that will pay off more in the long run but...this is your home. Put in options that you want and will enjoy. Not every $1 you spend on your home will net you $2 but you are going to live there and ENJOY those options and not everything in life translates to money! Its your HOME, enjoy it.
Vicki
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