Home Buying in Hampton>Question Details

Doubtfull, Home Seller in Hampton, NH

i had a realtor give me a range of 430-450K as a selling price. I was shown listings for many houses in the

Asked by Doubtfull, Hampton, NH Sun Jul 12, 2009

area as a basis for them coming up with that selling range ... however what was left off the info was that all of the comps have been on the market for at least a year (or more!) at the listing price. Nothing has sold in the area in a while (beach property) my property is assessed below that amount (recent hampton assessment) and is an older house (1930's) no upgrades

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With the sparce sales in Beach Properties in Hampton, determining value may require correlating your property and its assessment with other SOLD properties and their assessments.

Pay NO attention to List Price to properties that remain on the market unsold for an inordinate amount of time. I am not recommending that the town's assessments are infallible but they do provide a good jumping off point when recent sales are unavailable.

Trust REALTORS who specialize in your particular neighborhood -- especially with regard to Beach properties. It is not unreasonable to claim that neighboring properties may have variance in value due to their proximity to the sand and ocean.

TOM

Tom McGuirk, Broker, Weichert REALTORS, Points East Yankee Trader
0 votes Thank Flag Link Sun Feb 21, 2010
Here is something that you might find helpful as it tends to be an eye opener for many sellers thinking of selling or who already have their home on the market. Ask the Realtor to provide the following info:
1) 3 of the best sold comps available but also include the "original listing date with the original listing broker" which is not always the agent that listed it when it sold
2) Include the original listing price, price reductions and the final selling price
3) Include the total days on market from when it was first put on the market

Many homes these days have been listed for 6,12,18 or 24 months at various prices but this may not always be presented to you.

Then do the same with current comparable listings.
Get 3 or more, find out how long they have been on the market from the beginning and what their original listing price was/is. This will really indicate what is selling and at what price.
I hope this helps!
Lisa Newman, Realtor
Better Homes & Garden Real Estate/The Masiello Group
Hampton
0 votes Thank Flag Link Tue Jul 14, 2009
It looks like you were given a very general list of properties and not detailed enough for your needs. When buying a house, first you need to find teh one that suits your needs then you need to garner what the value of the hous eis to assist you in making an offer. When selling a house you want to look at at least 3 current sales, first within 3 months and if none than within 6 months that are the most similar in design, size, condition and amenities. You also need to look at what other current listings are selling for that are also similar as prices have declined you do not want to be priced over what similar homes are listed for. If you would like some more asisstance or have any questions please feel free to contact me. I would be more than happy to assist you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jul 14, 2009
Hi - if you are being shown properties in that price range that aren't moving, then that is not the price for your property! Proper comps are similar homes - those similarities should include square footage, lot size, style of home, condition of home and location. Also, comps should include properties currently on the market as well as those under agreement and closed within the past 6 months.

If you would like another opinion, please feel free to contact me. I'm located in Exeter and would be glad to help!

Thank you,
Laura Scaccia
603-418-3026
0 votes Thank Flag Link Sun Jul 12, 2009
Then what you received were not comps. The basis of comps are properties similar to yours that have sold within the past 90 days.

If a property is still on the market, it means that the property probably is overpriced. But it's difficult to say how much. For example, if a property is priced at $450,000 and has been on the market for a year, maybe it'll sell for $430,000. Or maybe $400,000. Or maybe $350,000.

Now, there's value in looking at active listing. It shows who you'll be competing against for buyers. So if you price your house the same as the properties priced around $450,000--and your house is roughly comparable--then it's likely that your home will be compared with those others. But it doesn't mean the buyer will buy yours, or will buy any of those other homes.

As for assessments: They mean absolutely nothing. Look at comps. Look at what's selling. And because you say "nothing has sold in the area for a while," you may be stuck taking a shot in the dark. Still, as I noted above, what you can tell from active listings, especially those on the market for a year, is that those houses are worth less than the asking price.

Hope that helps.
0 votes Thank Flag Link Sun Jul 12, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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