Home Buying in Shelton>Question Details

Jill, Home Buyer in Easton, CT

A house just came on the market that i am interested in. I find it very difficult to estimate values in 2009.

Asked by Jill, Easton, CT Wed May 6, 2009

The listing price is around 20% higher than everything i've looked at says it should be. Am i missing something? Please, only people familiar with Shelton/Huntington should reply. Thank you so much!

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Answers

7
Chris,

The bright light you see is the train that is about to impact the Connecticut real estate market. Connecticut has been slow to adjust in the face of the national crisis, but the housing correction is now here in full force.

Enjoy the show, but be sure to step off the tracks first.

Jill - the easiest way to arrive at a fair market value for the home you're looking at is to run it through Zillow. Determine what that house sold for, or what comparable homes were valued at, in the 1999-2000 time frame.

Good luck,
-John
0 votes Thank Flag Link Fri May 8, 2009
Hi again Anne,

Like the rest of Fairfield County, Huntington has also seen a decrease in values over the past 12-18 months. We do see a bright light coming, but it hasn't hit homesellers yet, making it a great time for buyers.

Even though there may not be really great comps, as a REALTOR I have learned to use the best comps available and adjust for date of sale, amenities, size, days on market, etc. I cannot speak for all real estate agents, but I always provide my honest opinion of value to my clients. If it is overpriced, I will tell you...if not, I will tell you that too. It is always my goal to find the right house for each of my clients and negotiate for the best price, not just sell something.

Hiring an independent appraiser is certainly an option, but a good REALTOR who puts the time into analysing the home and the market should be able to give you a very good idea of value. Plus, you will not have to outlay any money. In fact, assuming this property is a listed property, I provide my buyer clients with a cash rebate at closing.

Anyway, I offer my assistance, but if you go it alone, I wish you all the best and hope you get the home for what it is worth.

Best wishes,
Christopher Rich
HomeStyles Real Estate
Managing Broker/REALTOR, ABR, e-PRO
0 votes Thank Flag Link Fri May 8, 2009
I appreciate the responses. However, there really are no comps. There's a sale a few houses down on the same street but it's from May 2008. I've spoken to a couple realtors in Shelton and they're saying "the market in Huntington is stable." I get the feeling that agents are just looking to sell, just looking for transactions. I have no interest in overpaying and have no interest in working with people who are unrealistic. Perhaps i should just hire an independent appraiser, pay for an appraisal and use that number.
0 votes Thank Flag Link Fri May 8, 2009
Hi Jill,

I am a Broker/REALTOR working and living in Shelton and know the market very well. Please feel free to contact me with more information about the property and I am happy to help you with a market analysis to determine the value of the property. It is very important that you weigh all the active, expired and sold comps in order to determine a proper offer.

Best wishes,
Christopher Rich
HomeStyles Real Estate
Managing Broker/REALTOR, ABR, e-PRO
(203) 768-5222
0 votes Thank Flag Link Wed May 6, 2009
Hi Jill,

I am an agent @ William Raveis in the Shelton, Ct. office and would be glad to share with you my knowledge of the area and my opinion of the asking price of the home.
My cell: 203 751-2595

Virginia Vanini
William Ravies Real Estate & Home Services
2 Huntington St. Shelton, Ct.
0 votes Thank Flag Link Wed May 6, 2009
Jill,
Anne is correct. If you have a good buyers representative working for you, he/she will evaluate the particulars of the house you are interested in and give you a market analysis. Having concrete numbers and comparables is also one of the tools we use during negotiations. When you can show a seller why they are over priced, not that you just don't feel like paying their asking price, it can help them to see reason......usually.
Having an agent negotiate for you can also take some of the personal conflict out of it for the seller. And remember, and agent doesn't cost you anything, so what do you have to lose?
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Wed May 6, 2009
Jill

Even though I am not familiar with the area, I can advise you to get an agent - that is what we do and we use our MLS database to provide statistics both to help someone sell a home and also to buy. This takes the guess work out of it for you.

Good Luck
Anne
0 votes Thank Flag Link Wed May 6, 2009
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