Please register to participate in our discussions with 2 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.
Ok, let me give a break down of the situation and if anyone has some knowledge of the real estate market, I'd just like your honest opinion before we move forward.
Current home:
Anderson, SC
Appraised around 160-165k by broker. Jan 16, 15
Built 1949, 11.09 acres, 2097 sq ft
Approximately 15 miles from city limit
Home I'm interested in:
Atlanta, GA
Asking 175k as of Jan 16, 15
Estimated value 128k, local homes show very similar value
Built 2006, 0.51 acres, 2976 sq ft
Approximately 5 miles to city center and half mile to nearest interstate
Alright so I'm ready to move forward pretty soon, the new house is newer and completely renovated as opposed to my current home. I get two more bedrooms and two more bathrooms so I have space and can have a roommate if I want, don't have all that unused acreage, I'm so much closer to everything, and it seems to be a great price for the area!
My major concern however, is that while the price still seems good for the house, I want your guys opinions on how much lower I could get it since A) They're asking almost 50k more than it's zestimate* and B) It's listing says it's been on the market more than 100 days. I'm also wanting to sell my house and turn back around and use that cash on a house without making house payments. I personally would like at least a small amount of cash left over since I'll have to purchase a stove and fridge for the home...possibly washer and dryer too and have to take care of the costs of moving.
Anyone who has advice on how to approach this and with what kind of offer I should go in at, full amount in hand, just let me know please.
Get the sold price. Find out what was in each house. You can probably view them online, including interior for what determined slow sales, etc.
Many areas have the mls site now where there is a consumer viewing side.
Compare that with the house you want. Why has it been listed so long if it really has. Don't trust zestimates. Compare that house with current homes for sale. How long have others been listed and what condition are they in?
If you can get a handle at least a little on why the house is on the market so long that could really help you.
Also, a good area buyer realtor could know if they were fixing the foundation or repairing after the fire or whatever.
Do yourself a favor and forget entirely zillow.com The values on there are made of thin air and whatever looks good today. I have an appraisal and it's nowhere new the stupid zestimate.
Instead look at what's for sale in the area and see what sold. Those are the figures you need. You mentioned Atlanta. Here's the official site for their MLS. Use this site to see sales etc.
The zestimate is not relevant, but the days on the market probably are. Your realtor should be pulling sold comparables to give you a good ballpark of market value for the property.
2417 Rose Mill Court? It had been bought as a foreclosure in May 2014, so perhaps this is a flip -- looks like new carpet, fresh paint, maybe new kitchen cabinets, hard to tell from the pictures. (I know Zillow says it was a foreclosure in October, but it foreclosed in May, and was recorded in October.) It was first listed in August for 195K. It came down gradually to $175 until the listing expired at the beginning of November, after it was deeded as a foreclosure for $75,000. Then it came back on the market at the beginning of December, and it's stayed at $175 for the last month. The last sale in that immediate neighborhood was in 2013 for $75K, which was a short sale and probably in pretty poor shape. That's probably throwing the Zillow algorithm. Other sales in the neighborhood from 2009/2010 were in the 180's and up.
I will mention that this neighborhood backs up to one of the largest cemeteries in Atlanta. :-)
If I were you, I'd have a local agent run some comps for the area on SOLD properties in the last six months. Just because this neighborhood doesn't have a lot of sales, it doesn't mean surrounding areas won't. Also, as with any property, you are strongly urged to do your own legwork on the quality of schools, crime statistics, nearby shopping, etc.. GreatSchools.org can give you an overall feel for neighborhoods, as well as various crime statistic reporting websites.
Also, Georgia MLS is a decent listing service, but in the Atlanta area, the vast majority use First Multiple Listing Servic but they don't have a public interface. They may also dual-list in GaMLS, but again may not. Lots of cost factors coming into play with those agent decisions. :-)
Ok, I get what everyone's saying about using the MLS and an agent....
But, my real main question is if I offered a cash offer could I get away with a lower offer potentially?
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.
Please register to participate in our discussions with 2 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.
