Home Selling in 64116>Question Details

Peggy Durban, Home Seller in Claymont North

What do you do if you can't get any good comps in your neighborhood, because no one is moving?

Asked by Peggy Durban, Claymont North Mon Apr 14, 2008

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Call some local appraisers and ask if they have done any work recently in your subdivision, or other phases. Refinance, Divorce, death, trusts, etc., bring appraisal activity when there is no market activity. Then ask these appraisers what comparables they have used, or what comparable neighborhoods they would use if they had an appraisal order with limited market activity, This will help you and your agent decide together which homes or neighborhoods to use for comparables. You are in an equitable position, because desirable neighborhoods are still selling at market price even in a "Buyer's' market such as now.
0 votes Thank Flag Link Fri Apr 18, 2008
you widen the search and look for comparable neighborhoods (ie you wouldn't compare a neighborhood where the homes are $100,000 value against $400,000 homes, you would find another neighborhood where the homes are the homes are the $400,000). You can also look at the percentage that homes have gone up in an area over a time period. Becareful that you don't get locked into just comparing square footage, without looking at amenities, or updates, or floorplans (there's a lot of square footage that is lost in a traditional floorplan). You also can go back several years to see what the neighborhood was going for (granted things have stabilized or gone down in many areas, not continued to climb, but that will give you a starting point for where they were at). if all the homes are custom homes, that presents another issue, since you can't use what the neighbors home sold for to determine what a custom home is worth. talk to a good local realtor, even if nothing is selling, they will still know what the value in the area is.

Appraisers have a set of guidelines that they use that are more "exacting" than the general guidelines that Realtors use, if you need something that is very detailed.
Web Reference: http://www.YourSTLHome.com
0 votes Thank Flag Link Mon Apr 14, 2008
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