Home Buying in 98027>Question Details

Syed, Home Buyer in Bellevue, WA

I am considering a home in Issaquah(W.lake sammamish area..exit 13 I-90) its a home of only 1900 sft but

Asked by Syed, Bellevue, WA Fri Nov 23, 2007

priced at 640k. Is this home overpriced? What will my resale be in that area in about 4-5 years?

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Answers

15
What is the MLS number of the home you are considering?

Without knowing a little more about the home it will be hard to say whether or not it is overpriced. It is on the higher range for many of the homes in that area with similar square footage but that doesn't necessairly mean that it is overpriced as there are some homes that have sold for more as well.

Also, don't forget that ultimately a home is worth whatever a buyer is willing to pay for it. Do you personally feel like it is worth around $640,000?

It's also almost impossible to predict resell value. While the market is slower right now than it has been in the past couple of years many people are feeling it is already picking back up...either way in 4-5 years your home will be gaining value again. Real estate typically has a year or two of slower sales followed by several years of fast growth. We are in the slower time now...making it a great time to buy.

Realistically, your home should appreciate around 5% each year...if not more. That is at least a good basic rule to set for realistic expectations.

Hope that helps...if you have more info about the home I'd be happy to compare recent sales of homes in the surrounding area!

Also...as a buyer you have more power than ever before. Make sure you discuss with your realtor how to use this power to your advantage in the current market conditions.
Web Reference: http://www.agentsamuel.com
2 votes Thank Flag Link Fri Nov 23, 2007
The best way to determine value is to review it through a market analysis. I couldn't tell you if it's overpriced unless I know more details. 640K for 1900 square feet sounds over priced if you are right next to the freeway, but if it's on the water then it's under priced. Does it have a new kitchen, beach rights a bomb shelter???? As you can see for me to give you the best answer, I would need to know more information. Best of luck to you! Contact me if you need additional help.
0 votes Thank Flag Link Tue Sep 18, 2012
Are we going to be still answering this question in 2012? Makes you wonder about this blog!!!!
0 votes Thank Flag Link Tue Dec 28, 2010
Well if you did buy it in 2007, now it's only worth $500K. But don't be too depressed; sales are starting to pick up again on the Eastside. See my newsletter on my website with lots of charts on market trends in Issaquah, 98027.
0 votes Thank Flag Link Tue Dec 28, 2010
Syed.......Are you still out there........hello!

The Rhodes Team
0 votes Thank Flag Link Tue Dec 21, 2010
So, have you bought this house in 2007?
0 votes Thank Flag Link Wed Oct 13, 2010
Syed,

Please visit my website http://www.issaquahsammamishhomes.com to view my market trend newsletters by area. You can contact me at TheRhodesTeam@msn.com with any additional questions.

Craig Rhodes, Windermere, Issaquah
0 votes Thank Flag Link Tue Oct 12, 2010
Hi Syed,

Here is another link you can use. It pulls actual MLS data and will show you Sold, Pending and Active homes over the past 3 months around the address of the home you are looking at. That will give you a more specific look at the area and not just all of Issaquah.
0 votes Thank Flag Link Wed Aug 18, 2010
Syed,
Craig has provided you with helpful information about average prices in Issaquah and I think Ardell brings up a great point about viewing the property before giving you advice on the listing price. There is no way for anyone to tell you how the market perform in 4-5 years. If you decide to purchase a new construction home, I always advise buyers to make sure it comes with a 1 year builders warranty. You'll want to get a home inspection before the year is up to make sure everything is still in proper condition. If you buy the Bothell home and it's 50-100k less then consider how much you will spend in maintenance and upgrades to get the home in the condition you want it.
0 votes Thank Flag Link Wed Aug 18, 2010
The average price per square foot for homes in Issaquah was $203 in July. That price is more like one with an awesome lake view. To see market trends in Issaquah, please visit IssaquahSammamishHomes.com
Craig Rhodes - Windermere Issaquah
0 votes Thank Flag Link Tue Aug 17, 2010
Syed has contacted me specifically via Trulia to answer this question. I read it when it first came on and I have read the answers as well. I declined to answer because I would need to see each of the houses to render an informed and useful opinion.

In fact this is a good example of why most consumers find value in having an agent view property with them, and assist in their decision making process, even if it is a fee for service assistance when they are down to two choices like this.
0 votes Thank Flag Link Sat Dec 1, 2007
Syed,

There are many factors to the value of a home. What is the lot size, what area is it in. Is the home new and what are the interior details. It's hard to say right now what appreciation rates will be in 4-5 years. Although are real estate market is still good the growth rates have slowed but it's a good chance that the value will have gone up, again depending on the home details, location and quality.
0 votes Thank Flag Link Wed Nov 28, 2007
unless you plan to keep this home as your last purchase, you should always be thinking about resale. Also look at the compreshensive plan for the area to see what the growth will be and how much new construction will be planned. I would also consult a realtor with lots of experience in that area that can speak to how that specific market has performed over the last few real estate cycles. I wouldn't suggest purchasing any home that is below the standards for the area - number of bedrooms, # of garages, etc.
0 votes Thank Flag Link Sun Nov 25, 2007
New homes tend to cost a little more than existing homes already obviously for good reason. Builders in this area are feeling a little bit of a crunch right now as new construction isn't selling as quickly as many had planned. One thing I know with the DR Horton plans is that the 1900 sq ft often only gets you 2 bedrooms...I know they have one plan at least (The Linden) that is three bedrooms...a three bedroom could be easier to sell in a few years.

I actually do a lot of work with homes in the Bothell area. I have a listing that is 2300 sq ft in a new Centex home community that is priced at $529,950. I know alot of commuters to Microsoft have moved into this community. The new Connector bus route is right near by. You did get more home for your money in this area but also will be sacrificing a little on the commute. It isn't a terrible drive but will add a few minutes.

Ultimately you have to decide which floor plan you like better...which location...and then if the price difference is justified in your mind. Discuss with your realtor comparable home sales in that area and hopefully your realtor can negotiate a good price on whatever home you choose to purchase.
Web Reference: http://www.agentsamuel.com
0 votes Thank Flag Link Sat Nov 24, 2007
Thanks for the quick answer. It is a new construction pre-sale and does not have a MLS number. Its by DR Horton and is in issaquah.What makes is a little more confusing is that we are also looking at a 3000sft home in bothell area with about 50-100k less than this one. I know commute could be a big issue from bothell to the eastside..but its still a big difference.
0 votes Thank Flag Link Fri Nov 23, 2007
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