J. Isabell, Home Buyer in

House sold for $187k in 2005. Value today?

Asked by J. Isabell, Mon Jul 7, 2008

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5
East GR has not escaped the vagaries of the market. The refinance loans that I have done have done in the past 6 months have shown a 20-25% reduction in value. Many of these were refinances of my previous customers where I had the previous appraisal on hand to compare. Certainly can't tell you that yours would be the same but don't see why it wouldn't unless it had substantial improvements etc. I can refer a local agent familiar with the market to do a comparable search for you.

Roger Danielski, Loan Officer
roger.danielski@lmcu.org
616-242-9790 x 9275
0 votes Thank Flag Link Sat Mar 13, 2010
Impossible to say without knowing the particular property and then looking at the comps. However, in many areas of the country, the value could well be lower than the 2005 price. That's especially true in areas hit by foreclosures and short sales. Quick example: condos in Reston Virginia that sold for $275,000 in 2005 are going for $130,000 today. (Major foreclosure area.) Another example: Cape Cods in Manassas Park, Virginia, that sold for $350,000 in 2005 are selling for $145,000 today. (Another foreclosure area.) On the other hand, properties in other areas have gone up in value. It's very local, and specific to the property.
0 votes Thank Flag Link Tue Jul 8, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Good morning J,
I noticed you are in EGR, I live here as well. It is hard to give an opinion due on lack of info about the house. As you may know our SEV went down, while taxes went up last year! People are still shopping for "deals" even here in EGR. However, my neighbor sold her home for top dollar about 6 months ago, due to it was REALLY a move in condition home......EVERYTHING was done! Paint colors were perfect, appliances were newer, yard was landscaped, etc........ They had 3 bids on the home 1st time out. There are currently over a 100 homes listed in EGR (which used to be unheard of for this area) So if listing, quality and ammenties are very important to this area, if buying there are some deals to be had in EGR as well!
0 votes Thank Flag Link Tue Jul 8, 2008
Impossible to give you a price, some neighborhoods are holding steady and others are down. A local Realtor or appraiser could determine the value for you, based on solds in the last 6 months.
0 votes Thank Flag Link Tue Jul 8, 2008
Before anyone can give you an estimate, what improvements have you made? If you expanded and renovated (all done with permits), that should have a positive effect on the market value of your house.

What are comparable properties in your area selling for today?

Consult a local realtor to give you a comparable market analysis. Don;t be surprised if the realtor asks to see your place. Going by square footage isn't prudent. After all would you think that a straw house is worth as much as brick house if they are the same size?
0 votes Thank Flag Link Mon Jul 7, 2008
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