Market Conditions in 32926>Question Details

Builder, Home Buyer in Cocoa Beach, FL

I purchased house in 06-400K, add 70 k improvements-1 realtor said now worth 192K-Is this for real

Asked by Builder, Cocoa Beach, FL Thu Aug 25, 2011

Up grades-Solid wood cherry cabinets/granite tops-new appliances,2nd service area at pool-cherry cabinets/micro/bar sink/granite, 12x25x12 shed, 16 yds concrete, for shed, sidewalk, another slab, upgrade AC,upgrade panel,hurricane shutters/entries, solar panels for pool, salt system for pool, new washer/dryer--top of line other minor improvements

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What difference does it make what the house is worth? You bought it to live in, and you are enjoying the home, right.

If you dumped those superficial items into the house to make money, you will have to wait a while to collect the rewards. Real Estate is either Commercial Property or homes. You live in a home and you make money commercially.

I have heard hundreds of idiots say over and over, real estate is an investment.

How is borrowing money an investment ?

Leveraging a 10 to one loan against your down payment, is a speculation, in any man's world.

Do not get confused again.

0 votes Thank Flag Link Sun Apr 22, 2012

Now you can see for yourself what impact the past few years have been on our equities. Regardless what values a realtor may provide you as his or her evaluation or the cost improvements made. It stands to match up with current sales of homes like yours sold in the last 60 days. Before you rush to conclusions and despair a quick check on Zillow or Trulia may give you quick comparable. An appraisal will determine no less just an opinion. Realtors in general who have your best intention will provide you a realistic value not a shock value. Most agents realize that an overpriced seller is not helping anyone. Some times the realties of an opinion of a realtor makes the difference between one considering a reason to sell or not.
My question to you in the present market would you buy your house for $200,000
How would you react if i offered you $150,000. Alarmed? Disgusted? Be prepared to get low ball offers after all if you were buying in this market you would to.
0 votes Thank Flag Link Thu Aug 25, 2011

You certainly want to get more than one opinion as even with appraisers on the same property you will potentially see a wide variety of "estimates". Remember that the only one who determines value is a buyer and they will set the price of what your home is currently worth.

That being said it is very easy to find examples of those who bought at the top of the market see huge valuation drops however if you paid $400,000 and added $70,000 a drop to $192,000 or 60% is big in the single family market. Believe it or not I see condos in Palm Beach County that have dropped 80% and that is why smart money is snapping them up like hotcakes.

I would contact a couple other agents who know your area and get a couple opinions. Best of luck and if there is anything else that I can provide please feel free to contact me.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
Web Reference:
0 votes Thank Flag Link Thu Aug 25, 2011
Get a second or third opinion. It's entirely possible, but all agent evaluations or even appraisals are not created equal.
Your improvements may have helped it from further decline or some may be personal preferences another buyer may not see value in. Each market is different, so you need local eyes to view your home, its location, condition and do a updated market analysis based on the best available recent sales.
Unfortunately some agents will give a low number because they want to sell their listings quickly, others however are just as bad because they will give a high number to get the listing and hope you'll come down over time.
Get a few opinions, understand the rationale from the agent providing it, check their track record for success and make an informed decision.
0 votes Thank Flag Link Thu Aug 25, 2011
That's a great question. Are you looking to refinance, sell or just curious about the market. What a home is worth is pretty subjective, what it will sell for is a bit more scientific because agents (should) go by statistics, mixed with a bit of gut feeling.
I would love the opportunity to answer your questions and concerns face to face - you can trust me to tell you the truth. Or, you can just give me a jingle and we can chat.

Kelli Braydene
Hartung Real Estate
(321) 749-5410
0 votes Thank Flag Link Thu Aug 25, 2011
Guys, you should check the questioners other questions. Doesn't sound like she's got $350.

Sorry things haven't worked out, but the valuation doesn't sound unreasonable.
0 votes Thank Flag Link Thu Aug 25, 2011
Probably for real.

Ask another Realtor for his/her opinion.

If the two are within perhaps 10%-15% of each other, you'll pretty much know. And ask to see the comps used by the first Realtor as well as the second. Make sure they're using good comps.

As already noted, if you really need to know, you could pay an appraiser to do an appraisal.

Hope that helps.
0 votes Thank Flag Link Thu Aug 25, 2011
Don Tepper, Real Estate Pro in Burke, VA
Without knowing your exact market stats, that does sound about right. Anyone that purchased in 2006 has taken the worst hit on equity loss. As Jack mentioned you may want to pay the $350 to an appraiser and it would also be a good idea to talk to another agent or two about estimated market value. Request copies of all the recent similar sold properties within the past 90 days.
Web Reference:
0 votes Thank Flag Link Thu Aug 25, 2011
In your area of Florida, the short answer is probably. You may always hire an appraiser to get a true valuation. However, as a former resident of South Florida, if you bought in 2006 then you purchased at the top of the market and are now selling at the bottom.

Jack Gillis, M.B.A., J.D. │ Realtor®
Jack Gillis Realty Advisors
United Real Estate, Broker
5430 LBJ Freeway | Suite 280
Dallas, TX 75240
Cell: 214.718.4910
0 votes Thank Flag Link Thu Aug 25, 2011
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