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I am in the process of moving to a new city in the next few months and want to buy a single family home. I have rented all so far and it will be a new experience. We have a few zip codes that we want to buy and started some research in sites like har and zillow. The selling price is in the range of 750k and above and the existing values for a similar property are around 400-500k . What would be your advice regarding the offers that we can make? Is offering something around the current market values a good idea or we would have no chance, considering there are investors and real estate companies just waiting to buy desirable homes with cash?
Not really sure what you’re saying or asking. Are you saying people in the market you’re looking to buy are paying $750,000 or more for houses that APPRAISE for $400-500k? If so, that is insane. Don’t confuse assessed value with appraised value.
I personally would not buy a house for more than it appraises for, but I know many are lately. Good luck in your search. I know it’s sucks. I bought in 2021 and I thought it was bad then, probably much worse now for a buyer.
nixonc~ it really matters how much demand is in your area that you are searching.
Here, prices can very with identical houses being across the street from each other, by $200 grand. A view can be worth that 200 large. (Heck, a view could be worth several million, too.)
I can't imagine a $12,000 monthly payment, but some recent buyers have this....and these houses aren't much to look at, either. It just matters where they are.
OP may be confusing assessed value for taxes, which is a matter of public record, with market value appraisals, which aren't. It's very common for an older property with a market value of 750k to show an assessment of 500k.
OP sounds completely at sea with this issue. I'd recommend (those of you who've seen my posts through the years will be astonished!) connecting with a good real estate agent to educate yourself on these matters. For the complete novice, they can at least provide you with information on the actual current market values of properties in the area you're looking at, as well as explanations of the bidding and buying process.
Since the OP mentioned using Zillow, I'm assuming that they found a house for sale, zoomed the neighborhood map feature in close enough that it starts displaying Zillow's Zestimate's of all other properties. Since many have minimum data for Zillow to use, it Zestimate's a very low price. People not familiar with Zillow often think that is some realistic value of the neighboring properties.
Since the OP mentioned using Zillow, I'm assuming that they found a house for sale, zoomed the neighborhood map feature in close enough that it starts displaying Zillow's Zestimate's of all other properties. Since many have minimum data for Zillow to use, it Zestimate's a very low price. People not familiar with Zillow often think that is some realistic value of the neighboring properties.
Thanks everyone for the responses.
This is what I exactly did. I used a website that shows appraised value for the current year and values listed on Zillow/Har are significantly higher. ( at least by a margin of 100,000)
I am in the process of moving to a new city in the next few months and...
Find something *adequate* to rent for now.
Postpone the buy until after you've been in town a while.
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