Market Conditions in Oviedo>Question Details

Pat, Other/Just Looking in Florida

my house is listed at the price I bought it back in 2002 , I wanted to see what its worth now ? do you up?

Asked by Pat, Florida Wed Mar 26, 2008

date and do estimated values?

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Answers

7
Pat,

First of all talk to an agent who has experience not only in your area but withlong term experience in real estate. Talk to your agent and ask him or her to do a CMA and show you what the market is bearing right now. Have them do another one in 30-40 days if you have not seen any activity on your home. This is a good indication that your home might be over priced. The market will definitely let you know.
0 votes Thank Flag Link Thu Jul 14, 2011
As mentioned in other answers have a realtor give you a CMA. It should be free. I am a realtor in Longwood Fl and if you are in central florida I'd be happy to give you one. One thing others havent
mentioned, If you have it listed for 200,000 and get a buyer at 200,000 the deal wont go thru unless
the house appraises for 200,000 or more. If it appraises at 180000 you would need to come down or
the buyer would need to put an extra 20,000 down (thats not to likely). You need a CMA
0 votes Thank Flag Link Mon Jun 16, 2008
The Oviedo Market like many other areas in Central has declined since the peak in 2005. Since your home is currently listed I would advice your Realtor do an updated CMA (current Market Analysis )every 30 days to show you where your home needs to be priced. If you are still unsure at that point them have an appraiser familiar with your particular area come out.
0 votes Thank Flag Link Thu Jun 12, 2008
Good morning Pat.

You mention your house is listed so I suppose you've reviewed comparable sales and studied the market before you determined the asking price. You may have interviewed an agent or several agents in oreder for you to have the information to make a sound pricing decisio.

Your agent should update you frequently when a new listing or pending contract or closed sale occurs in your market area. If the home is comparable, it will affect the value of your home. If it's a real good comparable and an arm's length transaction, it could very likely be used by an appraiser when you find a buyer for your home! The market is constantly moving, especially now. It is imperative that you and your agent review this market data on a regular basis. You don't want to be chasing a declining market downward and your reason and time frame for selling will also determine the best list price to get your home sold. Communication is the key, especially in a difficult market.

As far as having your house listed for what you paid for it in 2002, that is almost completely irrelevant in determining the value today. It might affect what you "need" to p[ay off a mortgage, but it has little or nothing to do with today's fair market value! If homes sold for $200,000 on average in 2002 in your neighborhood, hypothetically you could have overpaid or bought the nicest house in the neighborhood for $250,000 or if homes sold for $200,000 and you could have bought a distressed "fixer-upper" for $150,000 and remodeled it. So homes were "worth" $200,000 but you could have paid considerably more or less. But at any rate, the price in 2002 isn't scaleable to determine if your home is priced right today.

I hope this helps. Good luck to you and to all who are selling in this market.

Marty

Marty Hunt
Realty Executives Orlando
marty@martyhunt.com
0 votes Thank Flag Link Fri Mar 28, 2008
Not sure where you are in Florida. The bubble did hit our area until the second quarter of '03. Then it went wild! We are seeing a correction now and passing thru the early '05, late '04 prices (This is a rough estimate since some small areas are actually rising and actually selling).

It is possible you are in a steeper declining area than we are experiencing here but still use the sales information of the most recent sales. IF you are doing it for yourself, as opposed to using an agent look to the county tax records for your area. Because prices have been continuing to slide use the following rules to price your home.

1. Look back 60 days
2. Stay within 1 mile of your house
3. Using the tax record of sq feet stay +/- 100 sq feet
4. Match beds and baths as close as you can.
5. Find 3 homes that match, divide the price sold by the sq feet, multiply that answer by your sq feet and now you know an approximate value of your house

If you cannot find three recent sales please consult a professional they can figure it out

Good Luck

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Wed Mar 26, 2008
I do not think an appraisal in the true sense of the word is necessary. Any good realtor can do a fairly accurate comparative market analysis to help you determine what your home is worth. The value is generally determined by comparing your home to others in the neighborhood that have sold in the past 6 months. An older appraisal is worthless, and an appraisal can cost you hundreds of dollars. Most realtors would be happy to do it at no charge.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Wed Mar 26, 2008
If it is currently listed for what you purchased it for in 2002, most likely it is listed incorrectly. To determine the actual current value you would need to have it appraised.
0 votes Thank Flag Link Wed Mar 26, 2008
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