Home Buying in Pearland>Question Details

Ab, Home Buyer in Pealand, Texas

Mt wife and I have already signed our names to the offer sheet for a new construction home located in shadow

Asked by Ab, Pealand, Texas Sat Oct 27, 2007

creek ranch in pearland, tx. However, we not sure if we are overpaying for this home. How can I find information that shows the sale price of homes in pearland...I am not looking for appraised values, but rather the actual sale price of a house.

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Linda Johnson’s answer
Ab: You are represented by a Realtor, aren't you? Your buyer's agent can pull the comparable sales for Shadow Creek, Silver Lake, and Silver Creek and provide you with the data you require. May I ask, why you signed a contract before having your agent pull the comparable information for the close by neighborhoods?

Shadow Creek Ranch also lies in two counties and has two different school districts only one of which has schools in the neighborhood, which can effect the value of the same model / floorplan. I am sure your buyer's agent provided you with that information as well. Remember: location, location, location!
Web Reference: http://ERAPearland.com
1 vote Thank Flag Link Sun Oct 28, 2007
Chris is correct. Texas is a non-disclosure state which means sales prices are not recorded publicly. You may be able to pay a local realtor or appraiser to provide you with an opinion of value. This should be in the range of $300 or so. You might also ask the builder to provide you a list of closed sales prices for the neighborhood. Did you use a realtor or attorney to review your contract before you signed or did you go directly to the builder? Normally their is no charge for them to represent your interests against those of the builder. The builder still pays them, but they have a duty to protect your interests. If you did they should provide a CMA to help you determine the appropriate value before you sign the contract.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Sat Oct 27, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Actually Texas is a non disclosure state which means that our public records don't list sales price. Most other states prices are easily verified, but not here. The MLS is our best friend as far as evaluating home prices. Perhaps, since you have already signed the contract, you should go to the builder and ask them for comparables. Also, remember that if doesn't appraise then you can go back and renogitate.

Good luck!
Web Reference: http://www.ChrisTesch.com
1 vote Thank Flag Link Sat Oct 27, 2007
Hi Ab. Sometimes new construction is also offered through the MLS, but many times it is not, which makes it a little bit more difficult to research sale prices. All sales are eventually public record and you can look up the information through the recorder's office. Most agents have access to public records online. Do you have your own agent or are you working with the developer's sales person? I know that there can be great variances in sale prices in the new construction industry and you are prudent to ask this question now. I would also want to know how the current asking prices for similar models varies from what the developer sold last year if sales have been ongoing for a while. If the asking prices are lower, this will indicate to you what you can expect in a year from now or by the time the house is finished. We have had a few threads on Trulia that addressed the problem of price drops during the construction phase. One consumer asked whether he should insist to make an appraisal at the completion of the construction a contingency of the contract. You may want to conduct a search for Trulia threads that addressed this issue to see what others had to say. Good luck to you.
Ute Ferdig
Web Reference: http://www.theMLShub.com
0 votes Thank Flag Link Sat Oct 27, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
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