Real Estate Comps

[FreshTressa]

Ugh..I just had one real estate agent tell me my house was worth $340,000 and another that it was worth $460,000!!!

That is a HUGE difference. Now I have no idea on how to price my house!

 

[marydmjj]

That is a huge difference. Did they leave you the information on the comps? If so, can you look at those and decide which houses are most like yours and in your area? In my experience you should have a range of $30-$40K not over $100K.

 

[marydmjj]

Hey, I just noticed you are in Redmond. If you want to send me a PM I would be happy to put a CMA together for you.

 

[barkley]

we will be putting ours on the market in a few weeks. our realtor showed us the comps for the recent sales (which are somewhat old since not much has moved in the past few winter months) as well as what's on the market now. we have a rough idea of what ours will sell for but we won't settle on an asking price until right before we list because we need to see how the houses that are currently listed have done (if they have lowered their prices or sat for a long time at a certain price we may want to consider that in pricing our home).

we've seen a few houses in our neighborhood sell for much more than others but the problem they encountered was getting the appraiser for the lenders bank to agree to the higher property value (it's great if the buyer agrees to a higher price, but if their mortgage lenders apraisal does'nt value it at that price it won't be approved).

 

[ChristmasElf]

Have you heard of that site called www.zillow.com ?
You type in your address and it will show a Satellite picture of your home, neighborhood, plus tell you about what your house is worth.

 

[ceiligh1]

Just an FYI zillow.com isnt always correct but it can be close it depends on the area. I think at least in Issaquah where we are now and it redmond it is at least in the ball park for the house we used to have and the one we have now. We lucked out when we sold our house we had a wonderful realitor who was spot on with the listing price it made it much easier on us. Some friends went with the highest estimate from a realitor they lived a block away and spent 3 months trying to sell. We only had to show the house for one weekend and it sold. If you would like to contact him I would highly recomend him PM me and I can get you his contacts. He only takes referals now. In our area prices are getting nutty but I think the more info you get from different realitors the better.

 

[Cindyluwho]

Hey, I just noticed you are in Redmond. If you want to send me a PM I would be happy to put a CMA together for you.

Mary, you beat me to the punch!!!
OP, I tell you what: you have Mary do a CMA and have me do a CMA and we'll see how close we are in value. It'll be fun!
Cynthia

 

[FreshTressa]

I have to use my best friends husband for a realtor...he is the one with the higher appraisal.

I think it is somewhere in the middle, honestly. Zillow has it at 390,000....I think it is worth somewhere around 420,000 looking at other houses for sale in the neighborhood.

I'd love you guys to do comps...but I am not in the market for a realtor.

It is soooo scary to sell a house!!!

 

[disykat]

Do you live in an older home? When we sold our first home they comped it to others in it's age group which were much smaller. Ours had a seperate family room and an extra bathroom but it was comped to smaller 3 bedroom ramblers that were in the same agegroup. They were also situated in nearby neighborhoods that weren't as nice as ours.

Although we priced at the high end of their recommendations, we sold immediately and I've always felt we could have gotten more. When they pull up the comps I think they get similar homes that are currently on the market - I think you might do better going by recent sales and comparing it to homes that aren't necessarily the same style.

 

[FreshTressa]

Thanks...

I think that is exactly what they are doing....they are comping it with the 1200 square foot, 3 bedroom 1 bath ramblers.

My house, while small, 1680sq feet, is a full two story (not split entry) and seems to me, to be in a different class. It has a classic, timeless style that doesn't really date it even though it was built in the 60's. (it is kind of a cape cod/colonial thing with shutters)

It looks huge from the street and feels much bigger than it is. When we bought it, they told us it was 2000 square feet and we never even questioned....it was not until the appraiser measured, lol.

When I look at what is for sale and what has sold on the parcel ID thingy...it is all over the place....I see some houses in the mid 300's and some up to 475 with no rhyme or reason.

I think it is a weird market, lol.

 

[PlutoPony]

Check and see how much variation there is in selling price/square foot - that can be a great equalizer. It may be that most houses in your area have similar values but different square feet which results in prices all over the place....