Home Buying in 45458>Question Details

Estella, Home Buyer in Dayton, OH

I am looking into buying a house in 45458 zip code. It is a brick ranch 2600 sq.ft and built in 1984. It is

Asked by Estella, Dayton, OH Tue Jan 6, 2009

in average condition. The seller is asking $250,000 for it, which seams too high. I am working with realtor but he was unable to perform market analysis since he could not find similar houses being sold in this area.... The city appraised it at $190,000. Can anyone help with how to do a market research for this house?

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Mark Ryan’s answer
Estella,

Interesting answers you received so far... The first question we MUST all ask is if you are a "client" of this other Realtor? IF you are a "client" (that means you have signed an exclusive buyer agent agreement) then we may not help you without your agents express permission. That would be a violation of the law, I was surprised that no one else questioned that.

Now, if you are not a client of this other agent I would encourage you to give me or another agent a call ASAP... there is no excuse for not being able to provide you with an assessment of the homes value. Having reviewed literally hundreds of appraisals and worked with many licensed appraisers over many years I know what it takes to provide an evaluation and what the USPAP (the appraisal rules) are for finding comparable homes.

In today's market you must have an experienced and professional agent working for you or it could cost you not only stress but thousands of dollars...

If you are a client of this other agent I suggest you call the broker and discuss the situation with them.

Hope this helps,

Mark
1 vote Thank Flag Link Tue Jan 6, 2009
Estella,

I'm sure your Realtor already provided you with this basic sales information. I did a quick search for you, and according to the Dayton Area Multiple Listing Service in the last six months in the 45458 zip code 15 homes sold between 2400 - 2800 sq ft (similar size) priced $194,000 - $308,000. Please contact me with the information I requested if you would like a more detailed analysis.

Thanks,
Christina Asad Edwards, Realtor
Christina.Asad@RealLiving.com
http://www.DaytonOhioHouse.com
Cell or Text 937-205-4741
Office 937-573-0082
Real Living Realty Services
1 vote Thank Flag Link Tue Jan 6, 2009
I'd be happy to help you, however, if you have already enlisted an agent through a signed Buyer's Agency Agreement, then you must do business with this agent or ask the brokerage firm with whom the agent works that you wish to be relieved from the services of the agent. Generally, the broker will assign another agent for you from their comany. If the agent showed you this home, then that agent is entitled to compensation unless you make other arrangements with the broker. The broker should be able to assist you with a market research for this house if your agent cannot. Good luck.
0 votes Thank Flag Link Wed Sep 28, 2011
Mark,

I had to give you a thumbs up for reminding everyone to play nicely in the sandbox!

What our clients and customers don't know is that the great majority of transactions occur on the phone between two real estate agents. It's the relationship we establish with one another that sets the tone for the completion of the transaction. Other Realtors are my best customers!!!

I value the relationship I have with my fellow Realtors. I'm active in our local board and am attending the state convention this year. If I were advising someone on important criteria for choosing an agent, it would be to find out their reputation in their industry.

Happy Saturday,

Susan
0 votes Thank Flag Link Sat Sep 19, 2009
Susan,

Thanks for the "props" I am always shocked at how agents forget that we need to determine if someone is a customer or a client of another agent before we engage in client level services...

Great point on the need to take advantage of homes being "on sale" right now... low prices and great mortgage rates...
0 votes Thank Flag Link Fri Sep 18, 2009
Hi Estella,

First let me commend Mark for demonstrating the professional ethics our industry promotes.

I lived in the 45458 zip code for about 25 years. I'm guessing you are referring to the tax assessment that the county uses. What I tell my clients is that number really has no validity in pricing a home. It's a snapshot in time of a home's value from the last assessment. In Montgomery County, the taxes are paid in arrears therefore, you are talking about data that is at least six months old and more than likely a few years old. It should never be confused with a real estate appraisal.

Here's the important thing to remember about the selling price of a home, it is what the market will bear plain and simple. If the owner is able to find a buyer who will pay that much, then that's what the home is worth. Our inventories are going down. As supply goes down, its a matter of Economics 101 that the prices will go up.

I heard a great quote on Tuesday....A RECESSION IS A TERRIBLE THING TO WASTE!!! Eight times more fortunes were amassed during recessions than in boom times. Remember what you learned in Econ 101, during times of recession make acquistions. Thank you Wells Fargo for the wonderful class!

Smiles,

Susan
Coldwell Banker Heritage Realtors
(937) 510-1248
smorrisrealtor@gmail.com
http://www.homesforsalesdayton.com
0 votes Thank Flag Link Thu Sep 17, 2009
Estella,

There are two "red flags" here. First there are very no comps available on which to base a legitimate and accurate price for the home. Additionally, the city says the value of the home is $190,000...... $60,000 below the asking price.

From where we stand it appears you have a valid reason to consider offering an amount somewhere between the two amounts. Remember, this property is going to need to appraise for the selling price to be able to qualify for financing. A reason for trying to find a sale price that accurately reflects the true market value of this property.

Good luck
0 votes Thank Flag Link Fri Jan 9, 2009
Estella,

Regarding Mark's answer, I'm sure you are now a bit confused. I assumed you were not being represented under a Buyer Agency Agreement since you were asking other Realtors for help. If you were represented then your Realtor would've explained to you that they would work very hard for you and in return they ask for you to work with them exclusively. I hope this clarification helps!

Have a good evening,
Christina Asad Edwards
Realtor, Recruitment Manager
Christina.Asad@RealLiving.com
http://www.DaytonOhioHouse.com
Cell or Text 937-205-4741
Office 937-573-0082
0 votes Thank Flag Link Thu Jan 8, 2009
Hi Estella,
I also would be happy to help you. However I do need an actual street address to do the research. There are lots of variables when trying to determine a home's actual market value, i.e., is the home in good condition?...Is it currently owner occupied?...What are the surrounding homes values?
And, to answer your question, it is difficult for someone in the general public (i.e., not a Realtor) to determine value without the tools available to you that we (Realtors) have a access to.
I have read the other answers you have received and they are good answers. However I realize they don't answer your question completely. Again, to help you further I would need an actual street address. Please feel free to contact me if you would like for me to do the research for you (no obligation...I will respect your relationship with your current agent).

Warmest Regards,
Cindy Schimer
Century 21 Elite Performance
Email: Cindy@Cindyschimer.com
Phone: 937-671-1610
0 votes Thank Flag Link Tue Jan 6, 2009
The best way to find the home's value would be to have an appraisal done on the property.
This would cost you (The buyer) a few hundred dollars, but could save you thousands. Having an appraisal done will give you better insight and will help you make an offer without offending the seller.
There are also home value sites such as, Zillow but in my opinion they are are not the most accurate.
0 votes Thank Flag Link Tue Jan 6, 2009
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