Janay, Both Buyer and Seller in Aurora, CO

How much would my house be worth given current market conditions?

Asked by Janay, Aurora, CO Fri Jun 6, 2008

Planning to move near the Naperville North school system, but first wondering, given current market conditions, what would my house would be worth? (Wheatlands sub-division - side closest to Rt. 59) - will I make out well?:

Main floor: large foyer (chandelier & very high ceilings), living room, dining room, family room, kitchen, laundry room, home office

Top floor: 3 bedrooms, 1 bath, 1 master bedroom (walk-in closet, & ceiling fan) with attached master bath(jacuzzi, standing shower, dual vanity sink)

Basement: 1 bedroom, 2nd kitchen, large bath (jacuzzi, standing shower, dual vanity sink), large living room

Also: 2 car garage entry thru laundry room, great front outdoor lighting system, and realitively decent backyard with patio

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Dan Firks De…, Agent, Naperville, IL
Fri Jun 6, 2008
Hello Janey,

Great Question! Depending on Condition, Location and Competition in the area I would say this is the best time to sell your home. It is spring market and there are allot of buyers out looking.

One thing that is hurting the regular seller is all the Forclosures in the area. They are selling for 20-40% below regular market value.

If you forward me your email address I can send you a CMA of your area. Free no Obligation. My email is dan@danfirks.com or check me out at http://www.danfirks.com you can search the MLS from there!

Hope to hear from you soon!

Have a great weekend!

1 vote
Darlene Meng…, , Brighton, MI
Fri Jun 6, 2008
The best thing to do is find an agent that is farmilar with your area and ask them to do a CMA (Comparable Market Analysis) of your property. They should be able to compare your home to homes in the area that a like yours that have sold to come up with the value people are willing to pay. Be sure they are recent solds and close to your home, those would be the best comparisons. I would love to help you, however I am not familar with your area and it is very important to have some one that is. Good Luck! Darlene of Brighton Michigan
1 vote
Sylvia Barry,…, Agent, Marin, CA
Fri Jun 6, 2008
Hi Janay:

The way to get the best estimate is to ask a Realtor to come and do a free market analysis for you. Checking out what's available on the website is fine to look at numbers. You need the knowledge and experience of a Realtor to help you decide why each house on the listing is priced / sold a certain way.

There are many things to a house than just number of bedrooms, ..etc - such as location, floor plan, type of amenities, quality of material, presentation, school, market condition / sales trend at present, timing, inventory on the market at the time, ..etc. Only people with intimate knowledge of the real estate market will be able to give you a number with reasoning behind it.

1 vote
Ekerry.com, , Wheaton-Glen Ellyn
Fri Jun 6, 2008
Go to my web site and do a free search
1 vote
Sean Cochran, Mortgage Broker Or Lender, Naperville, IL
Fri Jul 18, 2008

There are a ton of realtors on here that are going to give you a ton of opinions. What you need is an appraisers opinion. Call me, I can have my appraiser do a comp search for you @ no cost.

Sean Cochran
Quality Mortgage Lending
0 votes
Dave Richert, Agent, Aurora, IL
Thu Jun 19, 2008

The first question I always ask from sellers in your position is "How long have you been in your house?" --- You can still "make out" in this market if you are planning to move, even in this market... There are two reasons for this... (1) If you have been in your home for a good period of time (5-10 years... the more the better), then you have already benefited greatly from appreciation on your home during the 'good years'... Even if your home has slipped in the past year or so, you still owned through the times where appreciation was easily 10% in the Wheatlands area. You will be okay selling now because you held your property during a time where appreciation was great. (2) If you are 'buying up', you can make out in this market as well... For example... If you are selling a $350,000 home and taking 10% less (round # for ease of example), then you will take a $35,000 hit on selling your home... Now... if you go and buy a $500,000 home in the Naperville North area and get that home at 10% under value, you are gaining $50,000 on your purchase... So even though you took a $35,000 hit on your home, you are still making out because of market conditions by $15,000 ($50,000 - $35,000)...

You see, you will still come out ahead...

Pleaes feel free to contact me if you have any questions regarding this answer... My direct line is 630.906.7266

Best Regards,
Web Reference:  http://www.BestHomeHelp.com
0 votes
Greg Zaccagni, , Illinois
Tue Jun 10, 2008

What do you figure the reason is that underwriters don't use CMA's instead of appraisals for valuation?
Web Reference:  http://www.GregZaccagni.com
0 votes
Dan Firks De…, Agent, Naperville, IL
Tue Jun 10, 2008
I would have a professional that sells a ton of homes in your area (ME) give you a free no obligation market analysis of your home and neighborhood. Appraisers are not always on, they don't sell homes and sometimes I've seen them appraise a home for way less then it's worth. You can get a free CMA at http://www.danfirks.com or call me anytime 630.637.9009 12+ years in the biz!
Web Reference:  http://www.danfirks.com
0 votes
Greg Zaccagni, , Illinois
Tue Jun 10, 2008
Hello Janay:

If you want a detailed answer from a totally unbiased source consider ordering an appraisal on your home. This is routinely done in divorce settlements, estate sales, PMI removal, asset valuations for business loans etc. You may even be able to use it to support your selling price in this market filled with lowball offers.

Any IL licensed appraiser will do. Here is one I like.
Web Reference:  http://www.GregZaccagni.com
0 votes
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