Home Selling in Belgrade>Question Details

MontanaHiker, Home Seller in Belgrade, MT

My house appraised for 320k in 2007 what should I list my house for in today's market?

Asked by MontanaHiker, Belgrade, MT Tue Jan 10, 2012

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Hi Bridger Guide,

I couldn't agree more with the other agents' input. Knowing what the market is currently doing will be invaluable to correctly pricing your home. Montana is a nondisclosure state, so sales information is not of public record. A local real estate agent will be able to access that information and share with you how to price your home. Good luck, and let me know if there is anything else I can do to help. Have a great day!

Mark Meissner
Bozeman, Montana
Sales Associate
ERA Landmark
(406) 570-9576
0 votes Thank Flag Link Thu Jan 19, 2012
Bridgerguide.....you really need toget a qualified local agent out there to do a solid and detailed market analysis. That is the ONLY way to figure this out. Whatever you do, DO NOT call an appraiser or use some agent's figures because they came in with a low listing commission. Find the one that put in the most work and preferable the one with the highest commission on your listing. THEY will get the job done and in the end will get you FAR more for your property than the others. And when you figure the difference of 1 or 1.5%.....they will get that back for you 3-4 times over or more.
0 votes Thank Flag Link Tue Jan 10, 2012
In most markets in the US, an appraised value from 2007 bears little to no relevane on home valeus of today. Your best bet is to contact a couple of active, local Realtors and have them give you a comparitive market analysis on your home so that you will have a good feel for what your property is worth. Pricing your property very close to that value will increase your chances of getting the property sold quickly and at a high price. Many sellers make the mistake of listing too high, only to come down lower at a later date, when their property is no longer new on market. That is when you "chase the market" which generally doenst' work well for Sellers. It is in this senario that you will tend to see low ball offers. Pricing it right from the get go is your best bet to getting the most money in your pocket. Good luck!
0 votes Thank Flag Link Tue Jan 10, 2012
Ron has a very good point, especially in large markets. In San Antonio a few years back, the most popular web search site belonged to the newspaper, and the searches only allowed searches for properties by the groups of 50,000. (" for example, $400,000 to $450,000, and $250,000 to $300,000.") With well over a hundred homes in the range, a $430,000 homemight not be found.
Now however, it is easier to find better search sites, such as ours at Keller Williams, that lets buyers search for specific prices, not those groups.
0 votes Thank Flag Link Tue Jan 10, 2012
Forget about the 2007 appraisal - be forward looking and price your home smartly right out of the gate. Use this pricing exercise as a basis for interviewing several prospective listing agents. A thorough CMA by a local agent that knows the market and inventory will give you what you need to proceed.

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Tue Jan 10, 2012
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a good CMA.

Good luck and may God bless
0 votes Thank Flag Link Tue Jan 10, 2012
Your 2007 appraisal has no bearing on current market value. The best thing to do is contact an agent who services your particular market and have them give you a pricing analysis. They will hopefully be able to show you similar homes to yours that have sold over the last 6 month as these will give you an idea of what you can expect your home to sell for. Best of luck to you.
Web Reference: http://www.schumanteam.com
0 votes Thank Flag Link Tue Jan 10, 2012
Unfortunately, you can forget about that appraisal as it has no value or holds no ground in today's real estate market. Many times, in the past we would be able to show a previous appraisal and it would help since prices always increased somewhat.

Nowadays, things have changed dramatically and appraisals & purchases from roughly 2005-2007 were extremely inflated.

As Don stated, your best options are to go with a CMA and/or an appraisal. Your CMA (Comparative Market Analysis) will be completed by a licensed real estate agent or broker in your area. Typically this is free, however out of respect for the work that goes into putting together a good CMA, I would recommend to you that you consider working with that agent in possibly listing your home once you're made a decision to list. At the very least, consider that agent.

At the end of the day...the free CMA and how it's presented and explained to you gives you a good idea to help you decide whether this is an agent you would like to work with or not.

If you go with an appraisal, it will cost around what Don explained ($300-$400) and will be a more accurate number because they take much more into consideration when establishing a report and value for your home. The appraisal is what the lender will require anyway if a buyer will be financing a purchase of your home.

If you ask what I recommend you do...it doesn't hurt at all to go with the CMA. A good CMA will have lots of great information for you and give you a pretty good idea of what you can expect. At that time, you can work with your agent to come up with a good selling price.

Best of Luck!
0 votes Thank Flag Link Tue Jan 10, 2012
Depends. Whatever it's worth.

Recognize, too, that the value of appraisals varies. Appraisals when you actually buy a home can be fairly accurate. Appraisals (especially a few years ago) when people were refinancing were pure garbage.

Beyond that, of course, an appraisal 4 years old is worthless. But you're aware of that, and are asking how much to adjust that number up or down. That depends on general market conditions in your area. That also depends on whether the condition of your home has gone up or down, and whether anything has occurred in the immediate neighborhood that would affect home prices.

You've got two options. First, you can ask a Realtor to run a CMA (competitive market analysis) on your home. That will be free. Second, you can pay an appraiser to do a new appraisal. The cost for that might be--roughly--$300-$400. I'd suggest you pursue the first option, but it's entirely your choice.

Hope that helps.
0 votes Thank Flag Link Tue Jan 10, 2012
Don Tepper, Real Estate Pro in Burke, VA
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