Home Buying in 78751>Question Details

Mk Haik, Home Buyer in fwbfl

how can i determine if my home purchase is at the high end if neighborhood home costs are all over the map?

Asked by Mk Haik, fwbfl Mon Apr 21, 2008

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Dear Mk Haik,
You have selected a wonderful neighborhood to buy in. I lived here for about eight years before I got married. I used to be the neighborhood distributor of the Hyde Park Newsletter. This is close in and a friendly walkable neighborhood.

You should speak with a local realtor to get comparable properties pricing. Ask them for a CMA and it will show what has sold recently in the neighborhood that is similar to your subject property. It should have a breakdown showing the price per square foot, list price, and actual sold price as well as the number of days it was listed for sale. This should give you a clear picture of the actual value of the home in question. Just make sure the comps are very close in proxemity to the home and of similar size, age and condition.

I wish you the best of luck and call me if I can be of service!
Sincerely,
Betina
512-771-6318
0 votes Thank Flag Link Sat Aug 2, 2008
You can know by homes that have sold within a half mile area, in a close range of square footage of living space, Lot size, number of bed and bath rooms, type, age and ammenities of the home, with the basic same structure in mind, will narrow right at the very close proximity of what your present day value is for your home. It mostly boils down to the previous sales and likenesses which match closely with yours and, in the same local community. There you have it!
0 votes Thank Flag Link Mon Apr 21, 2008
As much as a broker's price opinion and appraisal can help, nothing just quite helps more than common sense. You know if you have a premium build out. You know what's "wrong" with the place. Price it acordingly. There are many comps in that area that can show value. Remember in hyde Park, if you aren't new, then you are a fixer upper.
0 votes Thank Flag Link Mon Apr 21, 2008
Question where is your realtor to assist you with these answer?
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Apr 21, 2008
You could order an appraisal BEFORE making your offer. This would help you three ways.

First, it helps you make a competitive offer that's not likely to be countered by the seller. It's hard for a seller to counter your offer if they are looking an independent appraisal which supports your offer.

Second, an initial appraisal helps you to see how long other homes have been on the market. The longer the better--as a seller is more anxious to sell. A seller whose home has been on the market for 120 days may willing to lower their sales price than someone who just listed it.

Third, when the appraisal is done upfront it helps your mortgage process to go more smoothly. Whenever I help a client get a mortgage or refinance we are sorta "guessing" at the value until we have the appraisal back.

Hope this helps!
Good luck
Jon 512-996-8194
0 votes Thank Flag Link Mon Apr 21, 2008
The older central Austin neighborhoods are notoriously all over the map with regards to home prices as the neighborhoods are nothing close to homogenous. Home valuation assessments are relatively easy in the suburbs as you can find same year, same builder, same sqft and the data will be tight. Hyde Park and surrounding neighborhoods never have a tight home price range. You need a good realtor who can really dial down with the data and find the handful of homes that best represent your home (age, size, condition, location, nearby issues [next to apt building?] etc) and only those that have sold very recently to be able to dial in to the appropriate comp data for your house. A lazy Realtor will not zero in enough or will not fully assess or understand the merits for or hits against your house. I recommend working with a Realotr accustomed to assessing value in old central neighborhoods. Or you could call the appraiser who appraised your house when you bought it and ask him or her where you fall in the neighborhood.
Web Reference: http://www.tnpblog.com
0 votes Thank Flag Link Mon Apr 21, 2008
Ah, a fellow Hyde Park resident! Well your agent should be able to give you accurate info on all Solds in the area. It's just a matter of figuring out which homes are most like the one that you're purchasing. You'll almost never be able to do direct comparisons in these older neighborhoods. Comps are easy in new subdivisions, not so much in central Austin. Just keep in mind that you want to compare apples with apples. There are million dollar homes in this neighborhood and there are tear downs for low 200's. If you're buying a million dollar home, don't comp it with a tear down.

Maxwell McDaniel
Austin A Plus Homes Team / Keller Williams Realty
512-236-0223
0 votes Thank Flag Link Mon Apr 21, 2008
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