I want to list my 3/2.5 town home n S Garland, but there are virtually no comps, the 2 that show up sold are foreclosures - only 39k and 59k. Help!

Asked by Maria Brunko, 75043 Fri Jun 24, 2011

Am I stuck here in my town home? We bought it 2.5 years ago and now our family has grown and we desperately need more room. We owe about 88k, and bought it for 92k. I am worried we now owe more than it is worth. Should we hire an appraiser to get a better idea of our home value, or should we just put it on the market and see what happens? I don't think we could afford to rent out our unit either, so this is not an option for us.

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Melanie W. R…, Agent, Dallas, TX
Tue Mar 20, 2012
If it is a one story town home I have a client that is specifically lookin for a property/townhome in the South Garland Area.

Are you staying in the South Garland Area?

Please call me if the home is not listed or have your Realtor call me if it is so I can get the details.

Melanie W. Roberts
DFW Real Estate Coach
Real Estate Coach, LLC
0 votes
sorry, two story, we are actually wanting to get into a one story single family home in North Garland, Richardson, or Plano.
Flag Wed Mar 21, 2012
T.E. & Naima…, Agent, Dallas, TX
Sat Jun 25, 2011

The bad news is that prices in Garland have come down some from a few years ago. Your particular home might have shrunk in value - the latest appraisal value from CAD probably shows that or no change in value.

Because the comparable properties are not numerous (there are only about a dozen similar enough to yours), an appraisal would be somewhat subjective anyway. The nearby units on Rollingwood are most similar but they haven't had any recent sales either.

Only the unit in the middle (5017) leased in the last year. Based on its lease value, you might be surprised that your unit is worth more than you thought.

So, you might ask a Realtor their opinion of the price to list it for, but don't be surprised if the first offer comes in lower when you finally get one. Also, you might consider leasing it out, instead. If your income is high enough, you could qualify for the new house, while renting out the old one.
Web Reference:  http://www.SumnerRealty.com
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