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"Fair market value" for the house or for the neighborhood? Because they're two different things.
No, they aren't. The fair market value is for THAT house in THAT location. I live in a fairly expensive area but my house is smaller than many. Am I supposed to say that since there are less expensive but bigger houses elsewhere, I should get the value of a larger house since I am in a good location?
Get a different realtor, one who is realistic and doesn't expect you to waste money putting lipstick on a pig, and sell the house as is, for what it is worth now in its current condition given the location. And then move on.
And I'm sorry about the loss of your mother, it was nice that your family supported her desire to stay in familiar surroundings.
In general, it's just a dying post-war suburb; there's development all over town ("sprawl"; buyers can get new-build for the same price or less), and the urbanites are moving to "historic" properties, but only downtown. We also have public housing and drugs/crime in this area now and businesses for sale. So I'm not sure "gentrification" is, realistically, a happening thing here. Our home was custom-built by an attorney about 70 years ago when this neighborhood was THE place to be and comes with a separate building lot which we also can't give away (but will have to continue mowing). I agree with not renting it out, but houses have been sitting on the market here for literally years. Dreading being held hostage.
Last edited by otterhere; 04-06-2015 at 01:51 PM..
In general, it's just a dying post-war suburb; there's development all over town ("sprawl"; buyers can get new-build for the same price or less), and the urbanites are moving downtown. We also have public housing and drugs/crime in the area now. So I'm not sure "gentrification" is actually a happening thing here. Our home was custom-built by an attorney about 70 years ago when this neighborhood was THE place to be and comes with a separate building lot which we also can't give away (but will have to continue mowing). I agree with not renting it out, but houses have been sitting on the market here for literally years. Not really interested in being held hostage by it.
Well, I was just throwing the gentrification thing out there. But, if that's happening elsewhere, and there's lots of room for it to continue before it hits your neighborhood, then yes, it's not likely to happen.
But I still stand by my 2nd paragraph. If the agent you are currently talking to seemed to be giving ridiculous advice, ask other agents for their advice. Like I said, no matter what you do, you won't get more than the high "Y" value. But, if you're in a hurry to sell, someone (like your investor neighbor) could give you a low-ball offer, and help re-define the low "X" value for the neighborhood.
It's good advice for a normal house in a normal neighborhood (clean, curb-appeal, etc.). But he's also telling us someone told him not to even show him a house in that neighborhood because of the issues so, yeah... How much cash/elbow grease do we want to waste on this?
Renters will just complain about the neighbors, we already see hundreds of threads on "noisy neighbors" so I wouldn't inflict that on yet another tenant.
Sell it as is at the lowest price to sell quickly and be done with it.
"Fair market value" for the house or for the neighborhood? Because they're two different things.
The only time the "Fair Market Value" for a residence and the Fair Market Value for the neighborhood are different is when you load up the house with the yard fixings, inflate the tires, hook it up to a truck and leave only the four concrete piers behind! Heck, if you stop and work real fast, you can even toss them piers on the back of your pickup and take them as well; just might increase the "Fair Market Value" of the residence.
The same house in a different neighborhood (it was one of the first built here) would bring 3-4 times as much. But I guess it's irrelevant...
Quite the opposite, it's very relevant. You're realistic enough to understand that the neighborhood is on the decline and the value of the house is not holding up with surrounding areas.
If only I could find a hermit or agoraphobic who wouldn't care what was going on outside the very nice house...
Lol. What is that home worth, in that neighborhood, if it wasn't surrounded by those homes? Is it so bad that it wouldn't even sell as things stand?
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