U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-05-2018, 08:59 PM
 
1,913 posts, read 795,001 times
Reputation: 3219

Advertisements

I am thinking of selling in about 5 years. So I take a great interest in the homes in my neighborhood. A house similar (size and layout) to mine just sold. It was listed for $359k where similar houses are listed at $470k-$500k.

I was curious was it was listed so low and went to the open house. The place was horrible! It all smelled like cat pee, there was mold on the ceiling of the upper level (leaky roof?), all the carpets were mismatched, wallpaper was peeling, linoleum floor in the kitchen peeling up, the kitchen and bathrooms were original from 35 years ago, the heat exchanger looked ancient, windows were original and drafty, the deck was warped, other people there said the house needed to be gutted. Honestly, I think it was fairly priced for what it was. It sold “as is.”

But how will this effect the value of other houses (and mine?) Will it be ignored as a comp? Do they take into consideration that “quotes to renovate” was part of the sales pitch for the house?

I actually don’t intend to do any updates myself before I sell (just fresh paint, maybe new carpet, refinished hardwood floors, and a deep clean). . I looked into it and don’t think it’s worth the money or trouble to do things like replace the kitchen with something trendy. Let the new buy rip out the granite if they want. But my house is much better maintained and has many updates already done in the last 10 years (so not new, but not run down builders grade everything). So I’m just trying to get a feel for things.
Reply With Quote Quick reply to this message

 
Old 02-05-2018, 10:06 PM
 
Location: Raleigh NC
6,579 posts, read 5,305,436 times
Reputation: 5695
nobody that understands market value- appraisers, realtors, or uneducated Buyers who don't go "well, this house 5 years ago..." - cares about a home sale from more than a year ago, if that long.
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 05:40 AM
Status: "C'est la Vie. C'est la Guerre." (set 16 days ago)
 
Location: The Triad (NC)
25,135 posts, read 54,362,158 times
Reputation: 26042
Quote:
Originally Posted by BellaLind View Post
I am thinking of selling in about 5 years. So I take a great interest in the homes in my neighborhood.
Find another hobby.
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 07:04 AM
 
723 posts, read 286,298 times
Reputation: 1746
Don’t worry about it. They’ll evaluate the neighborhood, yes, but the appraised value of the property in its current condition makes a much bigger deal.
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 07:32 AM
 
Location: Raleigh NC
6,579 posts, read 5,305,436 times
Reputation: 5695
Quote:
Originally Posted by BoBromhal View Post
nobody that understands market value- appraisers, realtors, or uneducated Buyers who don't go "well, this house 5 years ago..." - cares about a home sale from more than a year ago, if that long.
excuse my error - EDUCATED Buyers
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 08:12 AM
 
Location: Austin
6,912 posts, read 16,163,733 times
Reputation: 8994
One house does not make a market...
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 09:29 AM
 
1,913 posts, read 795,001 times
Reputation: 3219
Thanks. I just didn't know how that all worked. I remember when I bought my house my realtor looked at comps and I wondered how (or if) such a cheap house would impact my house sale in the future.

Quote:
Originally Posted by MrRational View Post
Find another hobby.
Haha... I know, right. But I can't help myself. I am just curious. When ever I see a new "for sale" sign in a yard, I look up the house online. I went to this open house because the house was vacant and out of sheer curiosity as to "why" it was so cheap. I nearly turned around as soon as I walked in the door (the smell made me gag).

I wouldn't call this a hobby though. I spend maybe a few hours a year at best. After all, there are only so many houses for sale and all I do is look them up when they are for sale to see the sale price and after they sell to see what they "sold for" price was. This year has been a bit hot. Houses listed and selling in a few weeks or even days. This fixer upper was off the market in 3 days (the sign says "Sold" now... not even "Under Contract.")
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 10:50 AM
 
Location: Fort Lauderdale, Florida
7,531 posts, read 6,872,210 times
Reputation: 15324
In some instances the home isn't worth anything. You are really just paying for the dirt.
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 11:14 AM
 
Location: Rochester, WA
2,845 posts, read 1,393,330 times
Reputation: 7547
Generally they will give homes that are in poor condition, or distressed sales, less weight than better, arms-length sales.

And 5 years is a LONG time in appraisal land.... they try not to look back more than months or a year.
Reply With Quote Quick reply to this message
 
Old 02-06-2018, 02:34 PM
 
7,900 posts, read 6,811,423 times
Reputation: 17050
A sale made 5 years ago, are never considered in a CMA or an appraisal. Home sold then, may be worth less, the same, or more and sometimes much more in 5 years vs. today.
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:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or
Similar Threads

All times are GMT -6.

© 2005-2017, 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, 26, 27, 28, 29, 30, 31, 32 - Top