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Old 05-28-2009, 04:00 PM
 
Location: TX
87 posts, read 263,783 times
Reputation: 52

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I bought a new Lennar home in Cinco SW outside of Houston, TX in February 2009 for $270,000. It was a good deal for the home we got. 3200 sq ft, 4bed, 3.5 bath, good location.

I may be getting a job offer out of state. It may be too good to pass up. If I have to list my house so soon after buying I am curious as to the resale on a home that is "new" but lived in for a few months. I wasn't planning on selling so soon, but the job offer is good.

I am not originally from the area, but I know Cinco SW is a sought after location.

I have added:

Water softener $2500
Gutters $1500
Patio expansion $3000

There is still new construction in the area, so I would be competing with that.

Any ideas as to as what I could list it for?
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Old 05-28-2009, 04:44 PM
 
Location: Plano, Texas
1,675 posts, read 6,624,400 times
Reputation: 693
You should contact a realtor in your area that can help. If you are just looking for an idea, look through listings yourself and see what similar homes of your age are selling for. Also, check out what the builders are selling new homes for.

As far as the things you added, dont even consider those toward the price you list for.
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Old 05-29-2009, 07:04 AM
 
Location: MID ATLANTIC
8,169 posts, read 20,096,327 times
Reputation: 9406
Also, consider the fact MUCH of the country is in what we call declining markets, values ARE dropping. Most new homes take a few months to build and their appraisal is usually dated closer to the time the contract was written than the date of closing. Did you know the many of the new homes lost value before they were completed in the past 12 months? I had one such customer walk away from a 50K deposit because his Toll home lost almost 100K before the home was complete. (New home appraisals are good up to 240 days).

So, you have the POTENTIAL for loss of value while the home is built, and, then the potential while you were in the home.

Now the good news: a quick search shows no one has Houston or Katy or Sugarland area on their defined declining market list. In fact, I couldn't find any 77xxx zip codes flagged. But, I don't know that you will make any money either....By the time you calculate realtor fees and seller costs, you most likely will realize a loss. And I agree 100% with Victor - what you have added to the home adds value to you, not necessarily into the sales price.

Do consult a Realtor.....your biggest competition is the new home builder you bought from if he is still active in your area - price and immediate delivery will be your only lures to potential buyers. Do consult your mortgage paperwork and see if you have an assumable mortgage (especially if FHA).

Not trying to be Debbie Downer, but want you to be prepared for some tough truth.
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Old 05-29-2009, 08:14 AM
 
Location: TX
87 posts, read 263,783 times
Reputation: 52
Thanks. I am willing to take a loss up to around $10-20K total. Any more that that I would not sell.
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