Every price you saw is an "estimate":
Whether that estimate was drawn from LISTINGS, SOLD houses, Tax Records, or Internet Estimates; they are all estimates.
The only time a house has a true VALUE is when a Buyer steps up and BUYS it.
Everything else is just opinion.
The closest you can come to the Market Value is when your Realtor does a CMA.... more
My suggestion would be to contact your lender and discuss the concerns you have with them...sadly, you are not the only one in this situation and they are very familiar with what they can and can not offer.
You could also ask another lender or mortgage company - it doesn't cost you anything to ask and will at least reassure you that you've done all that you can.
Good luck!... more
It is a choice you need to make, which apparently you guys cant decide on. Renting it is riskier, you may or may not reap the benefits, selling it now will give you todays money in your pocket that you can invest elsewhere if you like.... more
I would be happy to email you a Comparative Market Analysis (CMA) showing you what your home would be priced at in today's market. No one will honestly be able to tell you what your home will be worth a year from today. Please email me your contact information to email@example.com if you'd like a CMA. Thanks!... more
I pulled 752 sold properties within the last 6 months in Tempe, Arizona, which included all of the recorded sold listings that were in the MLS system only. I put together a quick chart showing the basic relationship of Asking to Sold price since February, with a black trend-line to show that the market has actually increased in price since then, on average.
Head over to the link that I just posted to see.
As for Las Vegas, it's not my market, but it is rather similar to Phoenix in how it moves.
Hi. My name is Sherri Buckel. I ama licensed agent w/ Keller Williams Check Realty. We believe prices are about as low as they'll go - but which of us can really fortell? I would be happy to connect you with listings that may pertain to your search. Tempe has much to offer and I'd love to help you locate the "right " home for your son. Please call me at 800.339.4111 or email me at firstname.lastname@example.org, if I can be of service to you.... more
Wow Ed. Sounded like a little more due diligence on your investment was in order. You didn't know before close that youd be negative cash flow?
You had closing costs on the purchase, and you'll have closing costs on the sale. You're in a declining market with increasing inventories. What makes you think you can sell it now for what you paid for it (plus expenses?)
That area has some nice condos. Too nice likely to appeal to the college market. The rental base for those kinds of condos in that area is pretty small. Is that -$300 just rent - mortgage, or you factored in maintenance, HOAs, misc expenses, prop mgmt fees, etc?... more