Home Buying in 37411>Question Details

Gen, Home Buyer in 37411

what is a home built in 1946 worth now?

Asked by Gen, 37411 Wed Jul 27, 2011

the asking price is 45,000 and i think that this is pretty steep for such an old house

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7
It depends on the size of the house, the location, the condition, the amenities that may have been added, the lot size, and a whole lot of other things.

I can show you some houses in my area (not particularly fixed up) built in 1946-1950 that are selling for $400,000-$500,000. In fact, the house I grew up in, built in the 1940s (but added onto several times) is now on the market for around $800,000.

I just did a search on homes in Fairfax County built in 1946. The average is over $400,000. Here's a link: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=42…

If you're interested in that house, find a Realtor (not the listing agent). Have the Realtor do a CMA (competitive market analysis) to determine the value of the property. That'll tell you what it's worth.
2 votes Thank Flag Link Wed Jul 27, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Depends on a lot of factors. Is it remodeled? Location? Size of home? I can do a free CMA for you if you email me the address.
0 votes Thank Flag Link Thu Dec 27, 2012
Here are some 37411 listings to compare it against:
http://www.realestatecenterplus.remax-tennessee.com/real-est…
0 votes Thank Flag Link Mon Nov 12, 2012
Depending on what street this is on, $45,000 for an old home is CHEAP! :). I have 2 listings in 37411 ... one is 1928 and it is $169,000 and the other is 1950's and it is $119,900. Just through the tunnels, you have North Chattanooga, where 90% of the homes are early 1900's. The older homes are worth just as much (if not more) than the newer ones. Older homes have the charm and character that everyone seems to be looking for AND they are well built. If you are wondering about price, I would go off location and condition of the house instead of the age. Turn of the century homes hold their value well.
If you need any help in the area, feel free to call, email, or text me!
Ashley Burns
(423) 718-4855
0 votes Thank Flag Link Wed Jul 27, 2011
Real Estate is unique in that its value is not set by any one singular reason or method. The "Value" simply put is worth what an educated seller and an educated buyer are willing to exchange dollars or trade for. The value can be checked or monitored to see if it falls within the norm of what other educated sellers and educated buyers have already exchanged value for. To do this your real estate agent (and I highly recommend entering into a written buyer agency agreement with the realtor of your choice) can search the area MLS and or tax records to find three sales with as many similarities as the property you are considering buying. This means finding three homes that have sold within the last 6 months or less, that are like the home you are wanting to buy in age, square footage, architectural style and amenities... the more recent the sales the more accurate the report will be! An experienced agent who knows the community may be required to make adjustments for number of bedrooms, basements, craw space, garages, bathrooms, and other amenities like landscaping, swimming pools, and lots size. In addition you may want to contact a builder or an appraiser or even the insurance agency you plan to purchase your insurance for the home from and have an estimate of cost to build/replace the structure calculated, with that information you can then deduct the cost to bring the structure up to a like new condition and estimate if that cost is reasonable to do if you make the purchase. You must also consider what the comparable value of your home would be if you do the necessary repairs. So it is always a good idea to compare homes that have already been updated, and repaired in the same neighborhood. It is entirely possible to build a new home or update an old home, in some areas and have its value when completed be less than its cost to build depending on what factors are effecting value in an the area. There are many variables that affect value that could not possibly be addressed in a short note like this, so the best advice it to seek professional advice from your real estate agent and or appraiser.
0 votes Thank Flag Link Wed Jul 27, 2011
Age is only one factor in the Appraisal of a house:
And some people view it as a POSITIVE, not a negative.
Location, Size and Condition are all more important to Buyers.
Has the house been upgraded; new plumbing, new electrical. new kitchen.
Too many factors to make it a bland-and-white situation.
$45,000 sounds very interesting.
0 votes Thank Flag Link Wed Jul 27, 2011
There are too many variables, and too many unknown details for anyone to answer this. You can start by providing a property address. What kind of condition is it in? Have any updates been done? Has it been taken care of, or neglected over the years? Find a REALTOR to work for you as a buyer's agent. He/she will be able to research the property, and see what fair market value is.
0 votes Thank Flag Link Wed Jul 27, 2011
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