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)
 
Old 03-02-2007, 02:55 PM
 
Location: in my mind
2,745 posts, read 13,545,623 times
Reputation: 1620

Advertisements

One thing I do not get enough of from my buyer's agent is comps. I would like to have this on more of what I'm looking at, not just only when I am super serious about making an offer, but she's not great at getting back with me on this always.

Can I do this myself? Often there are homes that are officially out of my price range, but I'm puzzled because neighborhood and condition contradict the asking price from other places I've seen.

Before trying to see a place like this I'd like to figure out on my own what a good price for the home would be... but in Texas, sales prices are not public info, I don't think, and I have found Zillow to be way off in all kinds of ways... number of rooms is wrong, square footage is wrong, and usually Zillow has homes in my area "zestimated" at WAY more than reality.

So, is there any way I can at least ballpark ideas on my own?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-02-2007, 03:21 PM
 
3,632 posts, read 15,151,381 times
Reputation: 1319
The most accurate CMA will be from the MLS. Unless you know anyone (like at work or something) that could pull them for you, you won't really be able to get anything too accurate. That's one advantage of using an agent.

I keep reading on this forum of seller's thinking they know how much their house really is, compared to what their agent thinks. The agent can look it all up, much more than anyone else can.

I agree with what you said about Zillow. It's not something to use for real detail.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-02-2007, 03:32 PM
 
19,291 posts, read 25,882,260 times
Reputation: 37423
brokers get to see what actually SOLD,(in the past 1-3,6) months, thats an accurate depiction of the market.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-02-2007, 04:13 PM
 
Location: The Big D
14,872 posts, read 39,048,840 times
Reputation: 5787
If you are in Texas try looking up the taxable market value of properties you are interested in on the county tax appraisals website. The general rule here has always been close to 10% less than REAL market value. So if somoene is asking $200K for a house and the county tax office has the taxable market value at $125K....... you DO NOT want to pay $200K for it. The county sets the value at what it was worth on Jan. 1st by using comps, they have ALL of that info, what was sold and for how much and if the market in that area has seen an increase or decline. If you do pay WAY more over the tax office market value they CAN raise their market value for the next year to the same as what you paid. Then your taxes will go up. Also when your looking these up you can see what houses around it are appraised at. Is this house in the ballpark or not? You can look up the tax history. Has the tax office raised the value every year, every 3 years, gone down, etc?

What cracks me up and the mention by sablebaby about how some sellers think their house is worth SO MUCH more yet they are the ones down at the tax office protesting every year to get their values lowered. LOL!!! Which way do ya want it?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-02-2007, 04:42 PM
 
Location: in my mind
2,745 posts, read 13,545,623 times
Reputation: 1620
Quote:
Originally Posted by momof2dfw View Post
If you are in Texas try looking up the taxable market value of properties you are interested in on the county tax appraisals website. The general rule here has always been close to 10% less than REAL market value. So if somoene is asking $200K for a house and the county tax office has the taxable market value at $125K....... you DO NOT want to pay $200K for it. The county sets the value at what it was worth on Jan. 1st by using comps, they have ALL of that info, what was sold and for how much and if the market in that area has seen an increase or decline. If you do pay WAY more over the tax office market value they CAN raise their market value for the next year to the same as what you paid. Then your taxes will go up. Also when your looking these up you can see what houses around it are appraised at. Is this house in the ballpark or not? You can look up the tax history. Has the tax office raised the value every year, every 3 years, gone down, etc?

What cracks me up and the mention by sablebaby about how some sellers think their house is worth SO MUCH more yet they are the ones down at the tax office protesting every year to get their values lowered. LOL!!! Which way do ya want it?
Thanks. I know how to look up tax records online (and yes, I'm in TX), but I never knew how relative tax value was to market value.

What always cracks me up, on a similar note, is to hear people say "Oh this or that is being built over here and it will be GREAT boon for property values!" I'm always thinking "Great if you're selling, but not if you just wanna live there!!"
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-03-2007, 02:08 AM
 
Location: central California
114 posts, read 370,653 times
Reputation: 57
There is a catch to the 'great for the property values' and we in California can attest to this. The big picture is, as the property values go up, so do the taxes to the new homeowner. Taxes are usually based on the sales price. How would you like to be paying $600 a month just for your taxes if you are a working person. Even if you have money, this will just be an expense from your liquid assets. How do you think this country got this way. Not many families can now afford a home in California. Children have to move out of state to be able to even afford rent. Not so good for people who want to see their grandkids once in awhile. McMansions on hillsides here have brought up the property values of all the little homes so much, that you now pay $400,000 for a fixer upper. A modest growth as each home sells will still put a few more buyers out of the market. It's going to go up anyway, as the population grows, and new homes are being built at new prices. Don't rush it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-03-2007, 02:44 PM
 
Location: in my mind
2,745 posts, read 13,545,623 times
Reputation: 1620
Quote:
Originally Posted by trishinca View Post
There is a catch to the 'great for the property values' and we in California can attest to this. The big picture is, as the property values go up, so do the taxes to the new homeowner. Taxes are usually based on the sales price. How would you like to be paying $600 a month just for your taxes if you are a working person. Even if you have money, this will just be an expense from your liquid assets. How do you think this country got this way. Not many families can now afford a home in California. Children have to move out of state to be able to even afford rent. Not so good for people who want to see their grandkids once in awhile. McMansions on hillsides here have brought up the property values of all the little homes so much, that you now pay $400,000 for a fixer upper. A modest growth as each home sells will still put a few more buyers out of the market. It's going to go up anyway, as the population grows, and new homes are being built at new prices. Don't rush it.
I'm in Texas and I'm looking at homes priced around $75,000, modest homes in working class neighborhoods. Nothing fancy. Some of these homes, taxes would be more than $200 a month for me when my mortgage payment is only $430.00 (putting down 10-15,000)! That's almost half. Sorry, but that's CRAZY. There are some homes I've scratched off my list for this reason alone.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2007, 07:59 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 15,237,748 times
Reputation: 7016
Fierce.... I just posted a question on the FSBO thread that is about the same thing exactly. Zillow and what I think look like questionable numbers to me. I'm not a realtor but I'm a very curious RE buff so I looked up my own home - three times within 3 weeks and the zestimate keeps changing. Also, homes sold are not near the zestimates numbers and for sale homes are much higher than "zestimated".

What other sites (outside the MLS that I have no contacts for) can a regular person use to get some accurate numbers? County tax records?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-13-2007, 01:41 PM
 
Location: Collin County
71 posts, read 320,496 times
Reputation: 42
If you are not receiving enough information from your buyer's agent let them know. They should be doing complete and accurate CMA's for you. They may not offer a full CMA on every property listed, but they should know if the list price is market value if they know the area they are showing.
Our tax records are a good indicator and they are generally 10% lower than value. One thing to look at is square footage. In Texas square footage in the tax records is not always accurate. (homeowners will protest appraised value, but they are not going to admit the square footage is off)
You also have to consider location (backing to major street and power lines over) that will not be reflective on tax records.
Rate this post positively 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
Similar Threads

All times are GMT -6.

© 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