Home Selling in 75093>Question Details

Rami, Other/Just Looking in Plano, TX

my house is on a corner that has panoramic views of a golf course and a small pond from the entire east side

Asked by Rami, Plano, TX Fri Mar 27, 2009

of the house. A house on a perpendicular street is the same size but is actually on the golf course and has a swimming pool. That house is listed for $523K. Is it possible this house could be worth more than 100k more than mine? I've also spent 30k in remodeling since 2006. thanks.

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Rami,

It's possible.....here's a couple of ideas for you. One is there are lot premiums typically for homes on the course vs homes in the interior. There are also typically different premiums for location on the hole...tee box, hole, or fairway. Some people also want a home that is less likely to get a significant number of balls in the yard (dangerous). Hole one and hole 18 might gather even more premiums. On the pool difference there are some neighborhoods that it is a "must have". Some neighborhoods it may not matter. Threre are also lots of different pools from $10,000 splash pool to $75,000 pebble tecs with waterfalls, grottos, firepits, outdoor kitchens and more. Upgrades also vary so much....I've seen people replace things with the wrong colors, textures, etc.
I guess in the end too....anyone can ask anything they want for their homes, but what probably matters more are sales prices. If you are in Plano I would think prices or comparables would be easy to find. I just wouldn't try to compare the two though is even if the houses are similar size and buildout, the buyers in my experience are completely different. Someone who really wants a pool and wants to be on the course probably wouldn't even look at your home. Someone who just wants to be in the neighborhood, but doens't care about that won't want to pay the premium. If you are both trying to sell, I'd use their pricing against them.

Good luck....
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Sun Mar 29, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hello from Plano....First, I suspect you don't need to sink thousands into upgrades..I suspect your home is in good condition..if it is worth 1/2 million or so..don't invest more..it is doubtfull you will get a higher price..you need aggressive marketing...a plan...that is if your home is in good condition..if not...forget it...there are far too many homes in really good condition on the market in Plano.
Your key is to get an agent to creatively market your home...finding buyers in todays market is a job for a professional..yet it is still tough...I suggest open houses each week...your agent may not like that but it is the best way to get traffic..people are driving around and looking..if your front drive by appeal is drop dead beautifull you have a better chance..

Troy...questions..call me at the Century 21 office..Plano..I can put you in touch with an agent that will market your home aggressively...best wishes...Troy214 643 0122
0 votes Thank Flag Link Tue Jun 30, 2009
Its hard to give a better answer than Bruce's below... BTW- I recommend him for all my clients in Dallas
0 votes Thank Flag Link Sat Apr 11, 2009
Rami,

Sometimes what a house lists for and sells for are different, so they may list it for $523 but it may not sell for that. Without seeing your home it would be wrong to advise you what your house is worth. If you made some strong upgrades, that could really help you! In real estate, there are three main factors that buyers consider: Price, Condition and Location. Being on a golf course can typically raise the value of a property, and a pool can either attract or repel a buyer, but we generally don't see a high return on investment on pools. My number is public here, so feel free to contact me if you'd like a more specific answer with a CMA. Thanks!
0 votes Thank Flag Link Mon Mar 30, 2009
It sounds unlikely, but they may have solid gold doorknobs and faucets and other high priced items of which you are not aware.

If your neighbors can get that for their house, more power to them. That raises the price of comparables in your neighborhood (if the house is comparable) and benefits your property values as a whole. Many neighborhoods are having the opposite happen with foreclosures and short sales in their neighborhood pulling down comparable values.
0 votes Thank Flag Link Sat Mar 28, 2009
Rami,
Are they still selling lots in this subdivision? There is a vast difference in the price of a lot on the golf course and one not. The value of your bricks and sticks, your dirt, your location and your particular upgrades will all be considered in the pricing of your home.
If you have ever looked at houses alike on property or just the property with out the homes you may have noticed that one on the water was worth more than one on the golf course and one on the golf course was worth more that an interior lot.
Unfortunately since the golf course is not in your back yard you have an interior lot.
The good thing about this is you still have a view that is worth more than most of the interior lots.
Your house should be priced between this one and normal interior lots.
Now I do not know the price of the lots, they may or may not be overpriced, but I do know areas that they would not be if of equal construction.
Let us not worry about what others get, we were not worried when they paid for what they have, just use that to help you price your house.

Good luck

Margaret
Web Reference: http://www.Century21/com
0 votes Thank Flag Link Fri Mar 27, 2009
Rami,
Listing Price is what sellers would like to get for their home. What the homes sold for is what price the homes actually commanded. This is what the buying public was willing to purchase homes in your area for. Experienced and knowledgeable realtors will give you a sales price based on many factors, like an appraiser. Some upgrades may not command full value where others might. It is better to get in touch with a great realtor who knows how to price homes to get the honest facts. The buyers agent will always run their own comps on a home before making an offer. So if a home is overpriced the buyer will know it.

Today it is important to price your home correctly since their is usually a lot of competition in the market today. Buyers are looking at many homes and not just a few. I would suggest that you find a knowledgeable agent like myself to assist you. Please give me a call if you would like my assistance.
0 votes Thank Flag Link Fri Mar 27, 2009
Hello Rami,

People can ask as much as they want but it doesn't mean they are going to get it (those people bought it for 46K less about 2 years ago). When we look at values of homes, we take the same approach as appraisers. We only take into consideration homes that have sold. Other homes can be looked at but from a competition perspective.

Condition, location, amenities such as golf course lot, change home by home. I will be happy to visit and give you a value on what your house is worth in today's market.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Fri Mar 27, 2009
Rami

Sellers can list their house for whatever they want that doesn't mean they will get that price. Typically a very good realtor will not take a listing that will most likely never sell, but you never know. What should determine house value is the solds in the neighborhood in recent months. Also, their house might be larger, have more land or have different upgrades than yours. The best way to know what your house is worth is to have a Reatlor who knows the area run what is called a Comparable Market Analysis (CMA) comparing your home and its amentities to at least 3 comparable properties that sold. Or if you are wanting to refinance then you could pay for an appraisal to get an actual number. Let me know if I can help you in any way. Thanks
Norma
0 votes Thank Flag Link Fri Mar 27, 2009
Golf course lots will bring more typically, just how much depends on comparable sold homes. I'd be glad to run a full market analysis for you. Just need you address and subdivision if you want to give me a shout.
Web Reference: http://www.robpurifoy.info
0 votes Thank Flag Link Fri Mar 27, 2009
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