Thursday, June 26, 2008
Case in point, is the fair market value of real estate. A lot of what Realtors do is recommend prices for property, both to buyers and sellers. These profession opinions are based on going in and out of a lot of property and knowing what factors such as location, features and condition will play on market value.
You can also find suggested prices for property on the Internet, sometimes referred to as a zestiment. Watch out for these estimates, whether you are buying or selling real estate. These prices are determined strictly by manipulating data. No one visits the property or drives by.
Last year, I sold a home in Avon, NY for $129,900. This was after it was on the market for many months, with a lot of advertising, six open houses and probably 30 showings. While it was a very nice house with a great open floor plan, the house needed some updating and sprucing up. With the amount of exposure and the number of people that looked at it, there is no doubt in my mind that the market value for this home is $129,900.
Want to know what the zestimate is? $147,500!!! Don't believe me? Follow this link: See home details page The site even acknowledges that the house recently sold for $129,900 but they still estimate its value at $147,500.
Tuesday, June 24, 2008
Thursday, June 19, 2008
Maybe because it is tougher and tougher to pay for a tank of gas, but these luxury homes sure seem to offer nice incentives to stay home. Several of the homes featured home theaters and at least two of the model homes offered screened in porches with gas fireplaces. All of them were professionally decorated and pleasant to look at.
Homearama 2008 continues until June 29 and so if you are thinking of building a home or even just decorating a home, I'd suggest you attend. Tickets are $9.00 ($8.00 in advance) and the hours are 2 to 8 during the week, Saturdays 10 till 8 and Sundays noon till 6. It's located at Magnolia Manor in Perinton.
Monday, June 16, 2008
Saturday, June 14, 2008
I hope you will stop by to see me Sunday, June 15, between 1 and 3 for an open house at 3 Langston Point, in Pittsford (take Stone Rd to Tumbleweed, then left on Cobblefield to Langston Pt.) It's a 1996 built colonial with 4 bedrooms, 2.5 baths and a list price of $249,000. The yard is simply awesome! For inside photos and details, go to www.RochestersBestHomes.com/813862 . Some other open houses in are are are included in this link: Open House Report
Have a great Father's Day! If you're not able to spend it with your Dad, borrow someone elses father and let them know they are appreciated!
Tuesday, June 10, 2008
"The house didn't appear to be distressed. In fact, looking at the old listing it looked quite nice. Were we that wrong," the assessor asked?
My professional opinion is that the house should have sold for $129,000 but the sellers were convinced that the house was worth more based on the assessment. By the time the asking price was reduced to $129,000 the house had been on the market so long that the public was convinced that there was something wrong with it. After all, nothing depreciates a house faster than a for sale sign!
The assessor was quite distraught! The owners had never called to question the assessment. When I shared with her the flaws of the property, she agreed that it should have been assessed for less.
This is a sad story. The sellers lost a lot of money on this property. I spent hundreds of dollars advertising the property, conducted 7 open houses and more than 30 showings. The sellers was frustrated and angry at me for not selling it and listed it with another agent. It still took several months and numerous price drops to get the job done. I guess the only winner is the new buyer that got a heck of a deal on an 1800 sq foot ranch.
The moral of the story is it is okay to protest your assessment. And if you are going to put your house on the market, price it right in the very beginning.
Saturday, June 07, 2008
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