Rukikabuki, Home Buyer in Lancaster County, PA

What would the current value be of a house that sold for 180k in August of 2007 be? No significant upgrades were done.

Asked by Rukikabuki, Lancaster County, PA Sun Jan 2, 2011

No significant neighborhood changes. Lancaster city.

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Answers

14
Hello,

Without an agent looking at your home and doing comps, it really would be hard to give you a flat out answer in a forum like this. The market here in Lancaster has changed quite a bit from 2007 till now so for you to have a good idea of the price point an agent would place your home at..definitely have a good cma done by a realtor or an appraiser. Note that an appraiser going out to your home for this purpose is not as detailed as an appraiser going out for a buyer's mort company. Appraisals don't tend to hold water very long...And the cost is about $275.00 for this kind of appraisal. Hope this helps..Good luck.
0 votes Thank Flag Link Wed Apr 6, 2011
It all depends where you started.The price of $ 180,000 might have been right ,lower or maybe even higher than the appraisal,and even the appraisal might have been wrong .
The present value is depending on recent real estate activity in the area and demand or lack of demand for houses in the neighborhood.
In general there has been a reduction in value between 2007 and now. Early 2007 was still close to the top of the market.
There is only one way to find out, get either an appraisal or a CMA by a good real estate agent.
0 votes Thank Flag Link Fri Feb 18, 2011
See the link below. It will give you every home in the F&M area that has 4 bedrooms and no garage. Feel free to contact me with any questions. I'm always happy to help.
Web Reference: http://tinyurl.com/27mkmhl
0 votes Thank Flag Link Sun Jan 2, 2011
Great question! Perhaps you have already seen the home? If not, maybe setting up a showing would be ideal. If it ends up being a home you could see yourself owning, we could do some research together and then determine what a good offer might be. Maybe the owners have already moved, maybe it's a distressed situation, etc, etc. Once we look at all the factors, we can figure out how to make it work for you.

I'm happy to help if you'd like.
Matt
717-682-1037
mhelsel@cbsp.com
0 votes Thank Flag Link Sun Jan 2, 2011
Sounds like a great house. I can do some research for you. I'll email it to you later. The snapshot service pulls data from the Mls. It's a free service. Feel free to rey it.
0 votes Thank Flag Link Sun Jan 2, 2011
I asked the question. It is 2200 sf, nice neighborhood on quiet street near F&M and Regional Hospital. 4 BR, 2 full baths, Quiet, walkable neighborhood with stores, public transit etc. Unfinished basement, small, neat yard, no garage. Gas heat. Stained glass etc.

Thanks!
0 votes Thank Flag Link Sun Jan 2, 2011
There are too many variables to just answer that question without knowing -- neighborhood, square footage, etc. Some ares appreciate or depreciate faster than others. No good agent can toss a number out off the top of his/her head. Please contact a Lancaster real estate broker for a CMA.
0 votes Thank Flag Link Sun Jan 2, 2011
If anything, I think this home may have lost some value based on the amount of inventory in Lancaster City. The market in 2007 was much stronger than our current market. Again, not knowing location and amenities it is difficult to ascertain.
0 votes Thank Flag Link Sun Jan 2, 2011
There are way too many details involved to just start throwing out numbers. One good place to start is a free service called "market snapshot". It can be found on http://www.LancasterHomeSearch.com. It will ask you the details about the home and then compare it with other active, pending and sold homes in that specific area/neighborhood. Or......I would be happy to answer any specific questions you may have. I just need to know more about the house.
0 votes Thank Flag Link Sun Jan 2, 2011
Virtual answer NOT to your benefit for additional details are required. Recommend to contact a Realtor direct

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Jan 2, 2011
Put the address into the Web site below and we'll get back to you with a value range.
0 votes Thank Flag Link Sun Jan 2, 2011
Rukikabuki
I would love to help you but any agent that gives an estimate of value based on a sale price in a previous year has no clue of how to valuate properties. In my many years of experience I have seen homes sell for half market value and even more than market value. To answer your question you need basic information on the home you are interested in and compare sales price in the last six months in a small area around your address of similar properties. That should give you current market value range to work with. I do not work in your area but will be happy to refer you to someone who does. Best of luck
Benny Smith
0 votes Thank Flag Link Sun Jan 2, 2011
In order to determine value, you need to be aware of comps--recently sold similar properties in the immediate area--after reviewing the data, a determination on price can be made--comps are provided free of charge by most agents....
0 votes Thank Flag Link Sun Jan 2, 2011
It really depends. It is so often home and neighborhood specific. Most general statement is that the market is below what was paid in 2007. If you want to further discuss it, feel free to call or email me.

Cal Yoder
Keller Williams Realty Lancaster
1630 Manheim Pike
Lancaster, PA
717-735-1145
717-413-0744 - cell
calyoder@kw.com
0 votes Thank Flag Link Sun Jan 2, 2011
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