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Lloyd Ann Caston's Blog

By Lloyd Ann Caston,ABR,CRS,GRI | Broker in 58701

Why the Various Website estimates of value are wrong in Minot....

Why do you have that home priced so much higher than the website I found it on says it is worth?   I hear this question often....

Minot area homes are worth much more than the various real estate sites that give estimates of value say they are.


"Why is that?"   Probably because the sites that project an estimate of value use information they do not understand, and cannot, if they do not know Minot's history of values.  When you base your estimate on facts without understanding those facts you come up with the wrong numbers.

If you were to check the county and city values of properties, you would find that the true and full value of properties that were flooded took a major hit.  Property values on those flooded homes were devalued due to the destruction of the homes caused by the flood a year ago.  

When you take approximately 4000 homes and devalue them, it would appear that the area is a depressed and low priced area, when in actuality, it is not.  

True, flooded homes sell for less than homes that were not flooded. Some of those flooded homes which at one time may have been taxed at $100,000. (just as an example) sold when they were flooded, and unrepaired for $30,000.   It looks bad for the community, but what those estimates do not take into consideration is that there are hundreds and hundreds of people who need homes, and the value of those not flooded has reached a level never seen before in Minot.  

So if you are trying to figure out why a house is priced way above the amount showing as "THE ESTIMATE"........ it is priced that way because it actually IS WORTH way more than the estimate shows.  

The Value of a home is what a seller is willing to sell for, and a buyer is willing to buy for....and what an appraisal by a licensed appraiser says it is. 

Hope this helps...Good Luck with your home search....


   

Comments

By colv2490,  Sat Oct 20 2012, 10:50
Your expert comment should be a required read for all Active Duty members & their families assigned to Minot.

You really need to contact Minot AFB Airman & Family Readiness (it's a mandatory briefing everyone goes to in order to help them be successful when they first move to Minot). Just posting the exact same info into a flyer for hundreds of families to take home with your contact info would really help newbees understand what is realistic when considering buying vs. renting in Minot.

The locations of those 4000 flooded homes could even be mapped out for us just to clarify the pattern of where not to buy when you are only going to live here for less than 3-4 years.

I would also point out that the value of a home or rent is affected by the garage size. Nobody likes shoveling their walk, then turning around to shovel out your car parked on the street after snowplows bury it several times a day. Those families who don't think they need a garage might not realize they just signed up for a 3 year family shoveling & scraping pastime if you didn't find a home with at least 1 garage.
By Lloyd Ann Caston,ABR,CRS,GRI,  Sat Oct 20 2012, 14:40
Thank you Colv2490...I appreciate your comments, and I agree that those moving here should have this information. However I am an agent licensed to sell real estate here, and therefore they will not accept anything from me because it would be considered favoritism. If you would like to post the article where it may actually get read, feel free to do so.
As a spouse of a retired Military member , I do understand the needs of the military and do my best to inform them whenever someone asks, but can do little more.
You are correct about on street parking....I have shoveled that car out more than once...and once was more than enough.. a 6 month winter of lots of snow only serves to make a person crazy! You get it shoveled out....go in to take a quick shower and head to work, go back out, the plows have gone through, and once again you are trapped....Not a good start to the day!
Thanks for your post! Lloyd Ann

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