Market Conditions in 98125>Question Details

Isbef, Other/Just Looking in 98125

Has our house held it's value?

Asked by Isbef, 98125 Thu Jul 22, 2010

We own a five year old rambler in north Seattle. We refinanced may 09 and got an estimate of 455K, which seemed conservative at the time. Have prices dropped considerably since then? The house is in excellent condition with nice finishes - granite counters, central air, whirlpool tub etc etc 1800sq ft on a nice 6000sq foot lot. As our family expands we would like to move to a larger house, but worry that now is not the time to move. I know that you can't do a valuation from my description, but you can let me know if values on this type of property are still trending downwards. Also would a remodel i.e. a 2 room addition upstairs in the roof be an insane idea?Sorry, long question, any advice appreciated!

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If you are looking for an approximate answer to this, contact me at 425-533-7854 and I would be happy to set an appointment with you to do a free comparative market analysis to get you an approximation of what it may be worth in this market.
0 votes Thank Flag Link Sat Jan 22, 2011
The answers you'll get here will be general answers, since we don't know the address of the specific property we're talking about. We also don't know exactly where or what you're thinking about moving into. Real estate is local--REALLY local--As in "what's your address?"

Generally, prices are down. If you want to know your value, it's best to talk to an agent about your specific property.
0 votes Thank Flag Link Mon Jan 17, 2011
Yes, indeed; "a house is worth what a buyer is willing to pay for it". Prices have dropped everywhere; do not wait for prices to come back unless 10 years works for you. Interest rates are currently at an all time low. Anyone considering moving up in the next 5 years should rethink and do the move NOW.

If the worst case scenario means you do not get $455K for your home—you will regain that loss on the next house you buy.

Your home sounds lovely—perhaps staying put is the best thing for you long-term.

Linda Connors
206-310-7266
0 votes Thank Flag Link Sun Aug 1, 2010
I would rely on the experts to provide advice. Have realtors come to your home, view the property and give you an idea of where your home will list competitively on the market. This can also serve as the interview process for choosing your agent. Then see if their suggested listing price would work for your current situation. JR and Dan are right, it's a good time to buy, so if you're happy with your current "value" then it may be time to upgrade.
0 votes Thank Flag Link Sat Jul 31, 2010
When the tide goes out all the boats go lower.

Wait longer, get less for your house. The good news is the house you buy, which I assume will be larger, will also cost less.
0 votes Thank Flag Link Tue Jul 27, 2010
Isbef,
What I read in your question is this, should you sell now or hold out for things to improve? The story I've been telling now for quite a while is that while your value may be down, so is the place you want to buy. Assume your home was worth $500k at the peak and is down 10%, making the present value $450k. Let’s say the perfect house for your family was worth $700k at the peak and is also off 10%, currently $630k. What had been a $200k gap (with around 6% interest rates at the time) is now only $180k gap with rates below 5%.
Both price and rates have declined and affordability is greater now, assuming you have the same income than before.
If you plan to stay in your next house at least 3-5 years, any additional depreciation will likely be offset when the economy eventually turns around, and you'll be in a home which may better serve your needs.
Regarding the addition, without knowing more I can't tell you if it’s a good idea or not. Talk to an agent about what the improvement may do to your value and compare that to the cost. Right now most improvements aren't paying for themselves in resale, but each case can be different. If you do elect to sell in the short term, it probably won't make financial sense
0 votes Thank Flag Link Thu Jul 22, 2010
Prices has absolutely dropped across the board. Trulia just reported last week that 30% of Seattle homes dropped in price last month alone by an average of 9%. Here is a link where you can put in your home address and see exactly what things have sold for all around you over the last 3 months.
0 votes Thank Flag Link Thu Jul 22, 2010
Prices have dropped everywhere, but to get the best comparison of values, look at your local real estate market and the homes that are selling around you that are comparable to yours in size, and ammenities. Or you could contact a local agent to do a Comparables worksheet for you. If you go to the MLS for Washington, it iwll show you all of the homes for sale in your area. I'm not sure what the Northgate, or Lake City area is doing for sales right now but that will affect the Value also. How long other properties have been on the market, or how quickly they go.

Unfortunatly, a home is only worth the price someone will pay. If there are multiple homes in the area for less, then onviously that will bring your value down also.

Good Luck!
Web Reference: http://mls.com/
0 votes Thank Flag Link Thu Jul 22, 2010
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