U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [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)
 
 
Old 02-21-2011, 09:35 PM
 
14 posts, read 30,722 times
Reputation: 18

Advertisements

http://www.realtor.com/realestateand...lslid=11469607


Owner started with 626,000 but price was eventually reduced to 559,000. How low do you think he'll accept? I know that he is not in a rush and has at least one offer on the table. Educated guesses?

Last edited by FarNorthDallas; 02-21-2011 at 10:07 PM..
Rate this post positively Quick reply to this message

 
Old 02-21-2011, 09:46 PM
 
12,449 posts, read 24,139,098 times
Reputation: 11644
Do you have a realtor (buyers agent representation)? S/he should be able to pull comps for you based on recent neighborhood sales, as well as info on when the owner bought & how much they paid.

No one on this forum is going to give you better info than a realtor focused on that particular neighborhood/ area will be able to.

If you don't have a realtor, you'd be a fool to be looking at homes that expensive without representation unless you're an expert....clearly, you're not or else you wouldn't be posting on the forum.
Rate this post positively Quick reply to this message
 
Old 02-21-2011, 10:55 PM
 
Location: Dallas/Fort Worth, Texas
4,191 posts, read 14,061,816 times
Reputation: 2649
Hi Gina,

Got your message, I'll be replying to you privately.

Naima
Rate this post positively Quick reply to this message
 
Old 02-21-2011, 11:14 PM
 
Location: Dallas, TX
2,346 posts, read 6,287,690 times
Reputation: 2306
Tax records indicate three key pieces of info:

1) House owned by original owner since 1997. (Probably has substantial equity in house - might even own it outright.)
2) Owner has moved to Southlake. (Probably wants to stop owning two properties.)
3) House is priced barely above assessed value.

The first two items there contradict each other to some degree. The first one implies he's not in a rush to sell, the second one implies that he is. The third item implies that it's already at a bargain price, so lowball at your own risk.
Rate this post positively Quick reply to this message
 
Old 02-22-2011, 07:55 AM
 
14 posts, read 30,722 times
Reputation: 18
What would be a non-offensive low ball offer?
Rate this post positively Quick reply to this message
 
Old 02-22-2011, 09:02 AM
 
Location: Dallas
578 posts, read 1,335,377 times
Reputation: 639
Interested to hear what the response will be!

I have looked at so many homes where the DCAD value is in sync with the listing price...and so many others where listing price is $500k to as much as $1mm over DCAD value! Makes me wonder what those homeowners are thinking.
Rate this post positively Quick reply to this message
 
Old 02-22-2011, 09:17 AM
 
Location: North Texas
24,571 posts, read 35,640,523 times
Reputation: 28464
Quote:
Originally Posted by gina999 View Post
What would be a non-offensive low ball offer?
Why are you so worried about offending the seller?
Rate this post positively Quick reply to this message
 
Old 02-22-2011, 09:56 AM
 
14 posts, read 30,722 times
Reputation: 18
good question!
Rate this post positively Quick reply to this message
 
Old 02-22-2011, 09:56 AM
 
12,449 posts, read 24,139,098 times
Reputation: 11644
Quote:
Originally Posted by mami2emily View Post
Interested to hear what the response will be!

I have looked at so many homes where the DCAD value is in sync with the listing price...and so many others where listing price is $500k to as much as $1mm over DCAD value! Makes me wonder what those homeowners are thinking.
DCAD values do not relate to sales price AT ALL since Texas is a non-disclosure state. It's not a component you should evaluate when deciding what a market value offer is.

For years, DCAD values ran about 20-30% under market. Now that the market has softened a bit, those values are closer together in many- but not all- cases.

Additionally, some homeowners are (rightfully) more aggressive & protest their home's value every single year. If a homeowner can successfully negotiate a $25,000 reduction in value twice in a span of 5-10 years and no increase in several other years, that would help explain why one similar home's DCAD is - $50,000 to a similar home across the street.

I know of a home over by White Rock that is on about 9 acres. 4 of them are valued as agricultural property. Another 4 acres are at residential valuations. The variance between the two adjacent land plots (all on the same estate, just separate because several old addressees were combined) is $500k.

There are lots of reasons for variances between similar properties, which is why sold comps are a much better basis for valuation as they actually reflect the current market. If you buy something for much less than DCAD, get all your paperwork ready (your closing docs, comp sales, photos documenting condition, etc) and march down to DCAD this spring.
Rate this post positively Quick reply to this message
 
Old 02-22-2011, 10:10 AM
 
Location: Dallas
578 posts, read 1,335,377 times
Reputation: 639
Quote:
Originally Posted by TurtleCreek80 View Post
Additionally, some homeowners are (rightfully) more aggressive & protest their home's value every single year.
Thanks for giving me this explanation TC. Came across two different homes I liked, one in UP and one in HP. One was listed for $500,000 over DCAD and the other was a whole $1,000,000 over DCAD! When almost every other house we have considered has an assessed value pretty close to the LP, I really wondered about those two properties.
Rate this post positively 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.


 
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:

Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

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 > U.S. Forums > Texas > Dallas

All times are GMT -6.

Ā© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 33, 34, 35, 36, 37 - Top