How much is my house worth?

usaski1usaski1 Posts: 687 Crazy Baller
edited December 2010 in Other Stuff
Okay, just hypothetically speaking, of course, How much is my home worth, right now, in this market? Home specs: 3/4 acre lot at Aquaplex. (Austin, TX) Boat slip, 2163 SF. 30x30 garage. (potentally big enough for a small rv, I have a 10x10 door at one garage stall) Hot tub. Concrete Floors, all 2163 sf are concrete, no carpet in house. granite counters. front and back covered poarches. 3 bed 2, bath, with movie room (could be office, or 4th bed) inside laundry room. Whoa, that kinda reads like a real estate ad... Heres a pic...
Mark Turner -- Water skiing changed my life forever.

Comments

  • jdarwinjdarwin Posts: 1,379 ★★★Triple Panda Award Recipient ★★★
    Do yourself a favor, hire a professional real estate agent.  It doesn't matter what this board thinks.  If it doesn't appraise, no one can purchase (finance).  Have a realtor do a comp report - then you'll know for certain.
    Joe Darwin
  • BoneHeadBoneHead Posts: 5,847
    I'll give you $100 and we can close tomorrow. :)


    Seriously, follow JD's advice and get a real estate agent to do a comp report, and pay $300 for an appraisal. It used to be that the fact that you were on a ski lake commanded a premium. Now days, you'd probably get an average square foot value plus the value of the lake lot and slip. In the burbs of Houston your house would probably get $80-100 per square foot plus the value of the land and slip at $70k. In Austin area, it's anyone guess. 
    Shane "Crash" Hill

  • Your house is worth whetever someone will pay for it....  In today's depressed real estate market, it seems that no matter how nice a house is, the location, etc. it's the Buyer's that are 100% in control today and they have A LOT of choices.  Appraisals are good, but in the end, it's about finding a buyer.
  • usaski1usaski1 Posts: 687 Crazy Baller
    edited December 2010
    Good advice all. Im just not sure I was ready to blow money on this at the moment for an appraisal.  And you guys are free! :-)  Im thinking $350... I dont know.. Im pretty sure Im going to loose money if I sell.. almost whenever I sell... I have $390 in it... Note: I didnt say I was going to sell!  


     


     
    Mark Turner -- Water skiing changed my life forever.
  • Chef23Chef23 Posts: 5,350 Mega Baller
    Use zillow or something like that to find comps in the area. Another option that works well is to call a couple of real estate agents and tell them you are thinking of selling and ask them what they would list it for and a marketing plan. Don't lie to them tell them you are thinking about it not that you are definitely going to sell and that if you decide to sell you will consider using them.
    Mark Shaffer
  • Old MS AccoutOld MS Accout Posts: 2,117 Baller
    Living next to MAD has to take at least 100K off the top.


    I would sell before the Ballers Bash because it may never be the same.   
  • h2odawg79h2odawg79 Posts: 599 Baller
    I am an Agent/Broker and most of the above advice is right on. But, getting an appraisal would be a waste of your $$$. In any market, the market will only bear what the market will bear and an appraisal done by the Homeowner will have NO bearing on what a Bank will actually loan, (They will do their own.) or what a buyer is actually willing to pay.


    I would 1st find someone (agent) that you can trust right there in your local community to deal with. Tell them what you are considering and why and they should be able to look at your local market, your financial obligations, time frame and motives to set a realistic listing price. Proper Marketing is key. 


    Bottom line; it really is worth the most that someone will give you. Someone with deep pockets "Might" give you more then a lending institution is willing to loan.


    The whole market is relative, you may not sell for what you could have 4 yrs. ago. But, what ever you buy next will most likely be deeply discounted as well... (trade off...)


    Any Good agent in your area should be interested in helping you out even if you may not sell now. We're all about building relationships, helping out and making new contacts...


    Good Luck!
    HOO HAW! thankya very much
  • h2odawg79h2odawg79 Posts: 599 Baller
    Another thought, if you own it out right you might want to consider owner financing. Or if you have some equity you could do partial financing and become a 2nd. These kinds of options might allow you to sell it quicker and/or @ a higher sales price...


    There are many buyers out there at @ this time who will not qualify for very much with conventional financing. These present times require a look outside the box somtimes just to make anything happen... 
    HOO HAW! thankya very much
  • usaski1usaski1 Posts: 687 Crazy Baller
    I wish I owned it out right! 


    Interesting, I do have a large ammount of equity in it, (200k) but I dont feel comfortable taking the risk of someone elses debt. If you cant get conventional financing, Im not sure I want to be your bail out. 30 year financing is pretty easy, (for me, but not for everyone, I undrstand) I got 2 loans in the last 6 years with no problems..
    Mark Turner -- Water skiing changed my life forever.
  • h2odawg79h2odawg79 Posts: 599 Baller
    "If you cant get conventional financing, Im not sure I want to be your bail out".


    Understandable. But, within this last yr. things have tightened up drastically and will probably stay that way for sometime to come. Good credit or even Great credit will not qualify someone in and by itself. Buyers must now also show  proven and stable income. (2yrs of tax returns) Some people have far less income in the last yr. or so. While others are self employed and show very little taxable income on their returns and even though they may be pretty well off, they canot qualify for  conv. programs. Yet. they otherwise have a great credit rating, plenty of $$$ and would probably be a good risk.


    If you could find someone that needed your help with some financing, you could negotiate their down pmt. 25K- 100k or? and if they slip up, you can foreclose on your note and keep the 25-100k plus all the interest pmt's that they made during the process...   


    You don't have to finance them for 30 yrs. you could write the contract with a short call of 2-5 yrs. (Balloon)


    Just some creative idea's to help free you up, if a move or down sizing is desirable sooner then later.


    You have a unique property and will indeed take unique buyers. This can be a dbl. edged sword. That's why I would go ahead and find a trust worthy, local Realtor, with Private lake hm. exp. and see where that leads you.


    It's a normal practice to interview potential agents. So, check out 2-3 and then allow the one that is the most on the Buoy (Ball) to run you some comps. and work on a marketing strategy that works for your personal needs and situation...   
    HOO HAW! thankya very much
  • usaski1usaski1 Posts: 687 Crazy Baller
    Agent #1 said $386k, and a timeframe of 8 months to sell, and to list in March.  He also said he wouldnt go below $350... I've made no decisions...


     
    Mark Turner -- Water skiing changed my life forever.
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