We bought a house in Jan 2006 in a golf course community on the ninth hole of the golf course. Does a?

Asked by Valerie, Lockport, IL Thu Mar 12, 2009

premium lot still carry any weight in today's market for resale of the property?

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, ,
Thu Apr 9, 2009
Valerie:

Thanks for the great question! As a 30 year veteran of the mortgage/real estate industry, ex-certified/licensed IL appraiser, golf fanatic, and Lockport resident (located upon a golf course), I would like to tackle the question for you.

The great views and ambience of the golf course setting will never change. The location and the views it affords creates an atmosphere and impression that is positive in the minds of most buyers. The additional land of the course visually adds to the size and scope of your property. With that in mind however, you have to realize that present day buyers are very practical in their expenditures. If they are borrowing on the home, it will be required that an appraisal is made of the property. This appraisal will have to be supported by sales that occurred within your area in the last 6 months preferably, maybe up to one year, if that is needed and possible.

Because borrowers face more stringent lending programs, and also because of the number of homes on the market, pricing will have to be done more judiciously. Underwriters of today's mortgages are watching every part of a transaction much more closely and it can effect the new buyer's ability to purchase your home. The premium lot price and location however, should not be overlooked within the appraisal and pricing done. It will still carry some weight. A qualified real estate sales professional, or a licensed real estate appraiser, will be able to give you an opinion on the present value and marketability of your home.

If I can be of service to you in any way, or if you would need a referral for a qualified realtor in your area, please do not hesitate to contact me. I would be happy to work-up a marketing flyer for you, provide lending information to those viewing and considering your home, or assist in your future lending needs.

Thank you for the opportunity to address your questions and needs.

Gene Mundt, Professional Mortgage Banker http://www.genemundt.com
Chicago Bancorp
Web Reference:  http://www.genemundt.com
0 votes
Bob Brandt, Agent, Schaumburg, IL
Fri Mar 13, 2009
Some buyer's are afraid of misguided round projectiles hitting their babies out on the patio, so you may want to stress in your marketing that you have the great view but not the bad golf course location.
Web Reference:  http://www.realtybob.com
0 votes
Tim Ireland, , New Lenox, IL
Fri Mar 13, 2009
Hi Valerie,

My office is very close to where you live. If you would like, I would be happy to give you a free market analysis on your home and help you find out how much it would sell for and how long it should take to sell in the current market. Feel free to email me anytime at tim@timireland.com or you can also use my web site to search for any comparable properties on the market in your area. That site is http://www.TimIreland.com I hope to talk to you soon.

Tim
Web Reference:  http://www.TimIreland.com
0 votes
Bill Eckler, Agent, Venice, FL
Fri Mar 13, 2009
Valerie,

If your property is truly located on a premium lot, in our opinion, market condition will not change this. Be sure your agent plays up to the desirability of the location and identifies it as a "preimum" lot that you paid more for when you purchased it.

The mistake some people make is they forget the fact that they paid additional money for the luxury of their property. Make sure you don't....
0 votes
Eddie Ruetti…, Agent, Plainfeild, IL
Fri Mar 13, 2009
Yes, the idea of a premium lot is a lot that someone would want more then other lots. That will never change. The same is for our school District. Many buyers would like Lockport schools! What has Changed is how buyers find a home. Adds in the paper, signs in yards, don't get you in front of as many buyers as it use to. I know where 87% of the buyers our looking for a new home, I get my sellers there, in front of other sellers, plus I put them in the MLS to get the home sold. Now more then ever you have to stand out in front of the other home in the market! The Ninth hole of golf course is something that can help your home stand out! But it is the Marketing plan that makes the difference in today's market. For if you put your home in front of 10 buyers you may get one that likes your home, if you put it in front of 100, your odds of getting one buyer goes up and so on! You only need one buyer when you are ready to sell!
Web Reference:  http://www.yourdwellings.com
0 votes
Isaac Bensus…, , 92037
Thu Mar 12, 2009
For sure. A very important rule in Real Estate is LOCATION, LOCATION, LOCATION. And you seem to have that.
0 votes
Chantella Br…, , Las Vegas, NV
Thu Mar 12, 2009
It does!
Your home will attract a special kind of buyer that is looking for a golf front home, and ofcourse who loves to golf. You will be able to get a higher price for your home, but it still might not be as much as you would like. You will have to have an agent run comps in your neighborhood to see how much the properties are closing for. You need to make sure your home is the creme of the crop. Fully upgraded, and move in ready. If you need to be referred to a local agent please give me a call or send an email.
I will make sure you get the best service available.
Thank you
Chantella
702-630-5618
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