Home Buying in 29575>Question Details

Tony, Home Buyer in

How much should a house really be worth when buying?

Asked by Tony, Tue Sep 9, 2008

Hopefully someone can help. My mother is looking to retire and buy a home in myrtle, sc. We have seen tons of houses and one that she particulary likes. She can afford a home for 250k. but the house she likes is 300k. How much is that house really worth? Should we ask for it's market value, if so, how do we find it out. Does anyone possibly have some tips for us so that she can get a house she wants but not pay more then she should of.

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Sharon Hall’s answer
Tony,
No one wants to pay more than the property is worth and in today's market you shouldn't have to... Are you working with a Realtor? It is easy to look up for sales and past sales in any neighborhood here in the Myrtle Beach area. We can use the Multiple Listing Service and the tax records of past sales. This information should give you a good indication of the worth of the house in todays market. If you are not already working with a Realtor, feel free to contact me. I will be glad to help you.
0 votes Thank Flag Link Wed Sep 17, 2008
Your best bet in establishing value in a particular area is finding an experienced buyer broker in that area that can look up recent sales in that neighborhood. Usually you can negotiate that their fee comes from the listing brokers commission and will not cost you anything more but will surely save you some money, goo dluck tony.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue Sep 9, 2008
Tony,

Your first option should be to work with an experienced real estate professional that can provide you with the information you require.

As a side note. Check out the http://www.zillow.com website. enter the known address and the program will provide comps of homes recently sold in the area...it will be up to you to match the homes based on similarities.

Good luck,
1 vote Thank Flag Link Tue Sep 9, 2008
Tony,

Everyone seems to have given you the best answer and that is to encourage your mother to find a REALTOR that she can trust. The simple answer on how much the house is worth is whatever someone is willing to pay. The best way to determine what to offer is to compare what has sold in the last six months in the same square footage and neighborhood. A local REALTOR has easy access to this information. The last six months is important if your mother plans to deal with a lender. A lender will have the house appraised and the appraiser is limited to sales over the last six months. On any offer make sure you have the contingency that the house will appraise for the offered amount. That way you are assured that you're not paying more than the market value. Again, a REALTOR is a good place to get this solid advice. Good luck and if I can help in any way at any time, please let me know. John
Web Reference: http://JohnSefick.com
1 vote Thank Flag Link Tue Sep 9, 2008
I would love to help you and your mother get the house she loves at the best possible price. As a Realtor, I have the resources we need to determine the market value. Many of factors go into pricing; comparative homes in the neighborhood that have recently sold, the ones currently on the market for sale, comparative new homes in the area and builder incentives, the age and condition of the home, etc.
For an honest approach, please feel free to call or e-mail me directly with questions.

Denise Thompson, EA, Realtor/Owner
Myrtle Beach Real Estate, LLC
Cell Phone: (704) 806-6163
Office Phone: (843) 477-1777
Fax: (843) 477-1779
denise@myrtlebeachone.com
http://www.myrtlebeachone.com
1 vote Thank Flag Link Tue Sep 9, 2008
Tony:
The best thing to do is ask your Realtor for a Market Analysis on the home. There you can find out what other comparables have sold for that meet the same criteria. Also ask for the tax roll on the home. You may be able to look it up in the county tax records. The tax roll should show how much the seller paid for the house and any improvements made using permits (if renovations are an issue or are in question). If the seller has bought the house for considerably less than they are selling with little to no improvements in a shorter amount of time (2 yrs or less), then you might be able to leverage that for negotiations.
A Market Analysis will be able to tell you everything through numbers, what is on the market, what has sold, and what has expired and why. This should shed some light on the real value of the property, and remember numbers don't lie.
Web Reference: http://pvclubrealty.com
1 vote Thank Flag Link Tue Sep 9, 2008
Hi Tony,

In order to answer your question more specifically, I would need a little more information. As it is now, it is a very generalized question. Depending on what the fair market value is of the property, you may be able to purchase close to that range. However, if the home is already the lowest price in the neighborhood, the sellers may hold to the 300k range price. In order to answer this question more effectively, I would need to do a full Comparative Market Analysis. This is something I do when I am acting as a buyer's agent that is representing someone who is purchasing property. What I do is search the MLS for all actives & solds to do a full analysis of similar properties in an area to determine a good value for a property. If you would like more assistance, feel free to contact me at jeremyblanton@chicora.net. I would love the opportunity to assist you & your mother in purchasing here in the Myrtle Beach Area. I look forward to your reply.

Jeremy
1 vote Thank Flag Link Tue Sep 9, 2008
Hi Tony,

Your mother really should have a Realtor working for her as her buyers agent. That insures her the piece of mind that someone is looking out for her best interest and working to get her the best deal possible. It is the job of the buyers agent to do the research before she puts an offer in on a property and make sure she doesn't pay too much. My partner and I would be happy to help if you would like. You can visit our website at http://www.myrtlebeachhomepro.com to learn more about us or give me a call @ 843-503-5500
1 vote Thank Flag Link Tue Sep 9, 2008
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