The general market climate is MD is great. We are defying all National statistics especially since 1/2012. Our area generally does not calculate value based on a per s.f. cost though I know that is prevalent in many other areas of the country. I'm not a Bethesda expert but I can connect you with one if you need someone you can trust. Just call or e-mail me. I'm very happy to help!... more
In my experience, zillow, BoA and other value sites can be RADICALLY off-based. It is not infrequent that those two sites are $100,000 different in value on a $250,000 house! Answer to your question is to find a broker you trust in your area who knows the neighborhood and any nuances that may play into value.... more
I am Jon Tucker with RE/MAX 100. Values have dropped by about 15% to 20%. Send me the address of one you are interested in and I can do an online valuation for you. I would like to work with you to acquire this home or any others in Maryland. Thanks, Jon Tucker, 443.538.4316, TuckerRealty@comcast.net, www.JonTuckerHomes.com.... more
I have done it. It depends on LTV, Loan to value. My bank gives me 80% of value.... if I owe lets say 60% of actual value then I can pull another 20% out by doing a refinance. - I have done this many times actually, but just remember to pencil it out and try to stay in the black with your rent to payment balance sheet. Also, "shop" the loan by comparing various lenders and what they will offer.
Don Leske Sr / Property Management... more
We've just gone through reassessment in Raleigh as well. You have a couple of choices. You can go to your county tax site and pull up the closed comps in your area. Look at price/'sf and choose similar properties.
You can also have a Realtor do the work for you. I've instructed my agents to notify all of their contacts that they will provide this service for free. Hopefully, you won't have any trouble finding someone to do the same.
One warning - here we have a deadline for filing an appeal. Make sure, if that's the case in your area, you submit before the deadline.
Hopefully, your home really is worth the tax value!
Good Luck!... more
It really depends upon the neighborhood and condition of the house. There are many that have sold at or near the sold price, fairly quickly. It's really hard to say what the prices in that area are going to be 18 months from now. We're going to be seeing many people come into the area for the BRAC Ft. Meade expansion and that should increase demand for homes throughout the area. I would be surprised if home prices dropped dramatically. I can send you the comparables, the homes I'm talking about, if you'd like to see what I mean about the prices. If you have been watching these particular properties and haven't seen movement, it is probably because they are overpriced to begin with or don't show well. As far as offers go, I am regularly seeing people offer 10% lower than asking, but they aren't always getting it. It depends upon how anxious the seller is and whether they need to sell or not. We've had sellers simply decide that if they cannot get the price they wish for their house, they will just pull it off the market and wait until things pick up again. This is happening throughout the area. You could certainly ask 20-25% off of the list price and hope to not alienate the sellers. If you are using a skilled buyer's agent that is good at negotiating, they can present your offer in a way that it is at least reviewed and countered, rather than tossed aside if it is too low. I would say that this is not a "normal" offer in this market, 20-25% off, and most homes do not sell that far below asking. But again, that depends upon how reasonable the sellers are when they list the home for sale.... more