[Mrs. Robinson]

Originally Posted by graciegirl

If a home sold for 100K less three years ago than it is listed for today, even figuring in improvements and 20K bond paid, ............Or 200K less..........I would have some hesitancy as a buyer.

Why would you be hesitant as a buyer three years later, when assuming you know the improvements have value and knowing the bond is paid off?
You make no mention to the current market value, which is the real clue to what the price should be.
And with knowing all the pertinent information regarding the property which is within the realm of being well-priced, you would be hesitant?

[zmarkp]

I paid over market purely for location. Very happy where I am and doubt I'll ever move again.

[dewilson58]

Originally Posted by zmarkp

I paid over market purely for location. Very happy where I am and doubt I'll ever move again.

You did not over pay............With an arm's length transaction, you made Market Value by definition.

Congrats on your home!!

[Allegiance]

Originally Posted by zmarkp

I paid over market purely for location. Very happy where I am and doubt I'll ever move again.

Location, location, location. Sometimes it's priceless.

Congratulations.

[l2ridehd]

What someone paid is nice to know, but has very little to do with current market value. If they paid more than what it on the market for, does that mean you will offer more? I doubt it.

I have flipped a few homes over the years. Once I bought a lake cottage for 125K on June 15. I spent about 10K to fix a serious problem with a set of stairs going down to the lake. Home set on a high bluff overlooking the lake. On September 1 I sold the home for 250K. I had a buyer who really wanted this place. But they refused to pay market value because they found out what I bought it for. I met them a few years later and they were so sorry they had not bought that cottage. Said it was their biggest regret in real estate. Think about the cottage in the movie "On Golden Pond" This was a replica of that place on a nearby lake.

Market value is market value is market value. Has nothing to do with purchase price. Maybe good information to have but don't base your purchase decision on it. You might lose the perfect home because you are influenced by what the current owner paid.

[Allegiance]

Originally Posted by l2ridehd

What someone paid is nice to know, but has very little to do with current market value. If they paid more than what it on the market for, does that mean you will offer more? I doubt it.

I have flipped a few homes over the years. Once I bought a lake cottage for 125K on June 15. I spent about 10K to fix a serious problem with a set of stairs going down to the lake. Home set on a high bluff overlooking the lake. On September 1 I sold the home for 250K. I had a buyer who really wanted this place. But they refused to pay market value because they found out what I bought it for. I met them a few years later and they were so sorry they had not bought that cottage. Said it was their biggest regret in real estate. Think about the cottage in the movie "On Golden Pond" This was a replica of that place on a nearby lake.

Market value is market value is market value. Has nothing to do with purchase price. Maybe good information to have but don't base your purchase decision on it. You might lose the perfect home because you are influenced by what the current owner paid.

Very true. Also, Sometimes the price paid on record is not an arms length transaction, for various reasons.

[kstew43]

If you are paying cash, price is really irrelevant, if you really want it pay whatever they are asking.....

But, if you are paying with a mortgage, you are subject to a appraisal, and the bank will not finance more than the home is worth, unless you come up with the difference in cash.

just a little information.

[l2ridehd]

Originally Posted by kstew43

If you are paying cash, price is really irrelevant, if you really want it pay whatever they are asking.....

But, if you are paying with a mortgage, you are subject to a appraisal, and the bank will not finance more than the home is worth, unless you come up with the difference in cash.

just a little information.

And in most cases the banks appraisal will be at or very close to market value. At least it should be.

[graciegirl]

We fell in love with this place and bought our first home in Hadley. The only time we ever bought real estate emotionally, frivolously and without careful and long consideration.

Excellent choice.

Four years later, we shifted our life from snowbird to year 'rounder and bought our next house here.

Excellent choice.

This place and it's people fit us fine. We have found many, many, folks here who were raised like us and still have the same attitudes and values and sense of fun.

It isn't for everyone. But it is for us.

[EPutnam1863]

Originally Posted by Mleeja

Uh...where do you think Zillow gets its information? Probably from the SumterPA website. It shows all of the information you have listed.

They get most of their info from county property records and transfer records. It amazes me how few people know that they can see property records of others simply by going to the county website.

[EPutnam1863]

Originally Posted by l2ridehd

And in most cases the banks appraisal will be at or very close to market value. At least it should be.

Correct. The appraiser tries not to screw up the sale, so he is careful not to under-appraise.

[EPutnam1863]

Originally Posted by dewilson58

You did not over pay............With an arm's length transaction, you made Market Value by definition.

Congrats on your home!!

I think he meant he paid more than the asking price.

[EPutnam1863]

Our realtor had what was called an office tour. All the agents in his office came through and came up with what they thought we should ask for.

[Wiotte]

Originally Posted by EPutnam1863

Our realtor had what was called an office tour. All the agents in his office came through and came up with what they thought we should ask for.

Realtors typically refer to this as a caravan.


Sent from my iPhone using Tapatalk

[EPutnam1863]

Originally Posted by Miles42

like a home make an offer. as long as you don' t lowball it could be a starting point.

This reminds me of one offer that was such a lowball offer ($200,000 less) that it made us angry enough to fire our realtor. That town had such a glut of houses for sale that buyers come in, thinking they could steal properties.