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  #21  
Old 11-27-2017, 04:24 PM
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Originally Posted by Madelaine Amee View Post
OK ... you can determine the value of the property to you, but it is still not going to make someone sell you his home if he wants his price and if you don't pay it, believe me someone will! To me, complete waste of time.
Sounds like you’re saying someone will pay a seller’s price regardless of what that price might be? Really??!!??

  #22  
Old 11-27-2017, 04:45 PM
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Quote:
Originally Posted by Madelaine Amee View Post
OK ... you can determine the value of the property to you, but it is still not going to make someone sell you his home if he wants his price and if you don't pay it, believe me someone will! To me, complete waste of time.
Are you serious? Doing a market analysis is a complete waste of time? I have purchased a lot of properties and have never paid the asking price. Knowing what the seller paid is very valuable information to determine how much to offer for it. This is also the basis used by every real estate agent who determines how much to list the property for. It is also important to know how much other houses on the same street sold for which is also available on the Sumter web site. Also, how long has the seller been trying to sell the property and why they are selling it are important things to know.
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  #23  
Old 11-27-2017, 04:47 PM
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Sounds like you’re saying someone will pay a seller’s price regardless of what that price might be? Really??!!??
No, not quite ................ If a home is priced according to the going rate in the neighborhood the house will sell when the right buyer comes along. Also, I may have a different perspective on this - We moved to TV from the Boston area. When we originally moved to the suburbs of Boston you could pick up a house for peanuts, but as the area became a high tech corridor from the suburbs to Boston and on to NY City, the price of homes skyrocketed. We moved just twice and both times we sold for above asking value and within a matter of days of the house going on the market. When I am carried feet first out of this one my son's can do what they want with it.

I have friends in California in a beautiful area just outside of San Francisco; they moved there about 35 yrs ago and paid in the low $20,000s for their home, he cannot afford to move now because his house is valued at $1.6M, and so are the other homes in the surrounding area. So, once again, what does it matter what the house sold for last time - its what it is valued at now not then?
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  #24  
Old 11-27-2017, 04:51 PM
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People, People, People............again:



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  #25  
Old 11-27-2017, 04:57 PM
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Quote:
Originally Posted by Madelaine Amee View Post
No, not quite ................ If a home is priced according to the going rate in the neighborhood the house will sell when the right buyer comes along. Also, I may have a different perspective on this - We moved to TV from the Boston area. When we originally moved to the suburbs of Boston you could pick up a house for peanuts, but as the area became a high tech corridor from the suburbs to Boston and on to NY City, the price of homes skyrocketed. We moved just twice and both times we sold for above asking value and within a matter of days of the house going on the market. When I am carried feet first out of this one my son's can do what they want with it.

I have friends in California in a beautiful area just outside of San Francisco; they moved there about 35 yrs ago and paid in the low $20,000s for their home, he cannot afford to move now because his house is valued at $1.6M, and so are the other homes in the surrounding area. So, once again, what does it matter what the house sold for last time - its what it is valued at now not then?
Houses in The Villages are not skyrocketing in value and there are a lot of quick turnovers. If the seller just bought a house this year, it is extremely important to know how much they paid for it. They may be trying to flip the house and get the buyer to cover their real estate commission. The real estate commission is supposed to be paid by the seller, but some sellers seem to think that the buyer should pay that cost. As a buyer, I am not willing to do that. Also, many sellers bought their house in 2005 or 2006 when there was a real estate bubble. Be careful not to overpay for these properties because some people think they should recover for a bad timed purchase.
  #26  
Old 11-27-2017, 05:18 PM
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Are you serious? Doing a market analysis is a complete waste of time? I have purchased a lot of properties and have never paid the asking price.

From this we can conclude you have never purchased a very desirable property that had multiple offers at or above the asking price.

Knowing what the seller paid is very valuable information to determine how much to offers for it. This is also the basis used by every real estate agent who determines how much to list the property for.

Wrong, competent Realtors/Appraisers do not compute market price by what owner paid, they look at current comparables, upgrades done to home, lot and view etc. Price paid by owner has nothing to do with comparative market analysis.

It is also important to know how much other houses on the same street sold for which is also available on the Sumter web site. Also, how long has the seller been trying to sell the property and why they are selling it are important things to know.

Prices paid for similar properties in the area are important, but not the end of story. The same exact floorplan next door might have sold for x amount, but the property for sale might have $100k in desirable upgrades. You are not going to buy them for the same price. Reason seller is selling is irrelevant to market price. Do you think price should be lower if sellers wife got cancer and he no longer needs bigger home?

I am going to take a wild guess here, and bet that when you are the seller all this goes out the window.

Last edited by GoodLife; 11-27-2017 at 05:27 PM.
  #27  
Old 11-27-2017, 05:40 PM
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Originally Posted by GoodLife View Post
Are you serious? Doing a market analysis is a complete waste of time? I have purchased a lot of properties and have never paid the asking price.

From this we can conclude you have never purchased a very desirable property that had multiple offers at or above the asking price.

Knowing what the seller paid is very valuable information to determine how much to offers for it. This is also the basis used by every real estate agent who determines how much to list the property for.

Wrong, competent Realtors/Appraisers do not compute market price by what owner paid, they look at current comparables, upgrades done to home, lot and view etc. Price paid by owner has nothing to do with comparative market analysis.

It is also important to know how much other houses on the same street sold for which is also available on the Sumter web site. Also, how long has the seller been trying to sell the property and why they are selling it are important things to know.

Prices paid for similar properties in the area are important, but not the end of story. The same exact floorplan next door might have sold for x amount, but the property for sale might have $100k in desirable upgrades. You are not going to buy them for the same price. Reason seller is selling is irrelevant to market price. Do you think price should be lower if sellers wife got cancer and he no longer needs bigger home?

I am going to take a wild guess here, and bet that when you are the seller all this goes out the window.
Yes, I have never paid asking price because I don't think it is a good idea to buy a house in a seller's market where there are multiple offers.

Agents price houses based on current comparables, but that analysis can include the house being sold if the seller has not lived in it for a long time.

Most experts will tell you not to buy the most expensive house on the street, so it is important to know what the other houses on the street sold for. I have seen some houses in The Villages that are priced $200K above any house on the street because of too many upgrades that are overvalued by the seller.

You are correct that why the seller is selling does not affect comparable market value. I don't mean to be insensitive regarding your cancer comment, but when a seller needs to sell for any reason, they are more likely to accept a lower offer. That is just the way the market works, and knowledge is power.

And, yes, when you are a seller, you try to get a high price, and when you are a buyer, you try to get a low price. This thread is about using the Sumter County public information to buy a house, not to sell one.
  #28  
Old 11-27-2017, 06:15 PM
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I only once paid the asking price on a house. I had been looking in the neighborhood for a year and knew what houses there were selling for. I got in an hour or two after it was listed and three hours later had a signed purchase contract. The next day two cash offers came in from other agents but the listing agent through whom I was buying held onto my deal as she was getting both sides of the commission. It was the best deal I have ever obtained on a house. I bought it in 1996 at the bottom of the market in SoCal. It is now worth 4- 5 times what I paid.

When new areas are released in The Villages and other developments the situation is similar for the best/view lots. As GG expressed in another thread using a Latin phrase the early bird gets the worm.
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Last edited by manaboutown; 11-27-2017 at 06:21 PM.
  #29  
Old 11-27-2017, 06:18 PM
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Yes, I have never paid asking price because I don't think it is a good idea to buy a house in a seller's market where there are multiple offers.

So, you like to buy in "buyers markets" right? Markets are not monolithic. Within The Villages there are homes that are hot, and sell quickly for asking price or more. Other sit for months, on these you can offer less but as usual you get what you pay for. Homes that sell quickly are the same ones that appreciate more, and are easily sold in the future.

Agents price houses based on current comparables, but that analysis can include the house being sold if the seller has not lived in it for a long time

Time of ownership has nothing to do with current value or price.

but when a seller needs to sell for any reason, they are more likely to accept a lower offer. That is just the way the market works, and knowledge is power.

LOL. Sellers always sell for a reason, they want the money! A very large percentage of homes in The Villages are bought with cash, so I would say there are not many who are desperate to sell, unless their home has been sitting for a long time, in which case it's probably not a desirable property and a lowball offer may work.

And, yes, when you are a seller, you try to get a high price, and when you are a buyer, you try to get a low price. This thread is about using the Sumter County public information to buy a house, not to sell one

Buying and selling are two parts of the same equation. I am just responding to your posts. I rest my case for now.
  #30  
Old 11-27-2017, 06:27 PM
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Quote:
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You can find the same info on Zillow, in fact it is better because it will show all the sales prices paid since home was built, plus tax history. Just type in full address for property and scroll down and click on price/tax history and you will see everything.
Uh...where do you think Zillow gets its information? Probably from the SumterPA website. It shows all of the information you have listed.
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