Resale home prices (asking) are sky rocketing

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Old 03-08-2015, 11:10 AM
TrudyM's Avatar
TrudyM TrudyM is offline
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Location: Bought Tamarind Grove, Mercer Island Wa, previously NH,FLA,Hi,CT,CA,GA, Hubby from Hawaii
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In the end it is what a given house is worth to you.

I think when we were shopping we ran into three types of listing.

1. I am selling for a good reason ie death illness need to move close to kids etc. and will take a reasonable offer.

2. I am listing and will relocate to the newer area because they are new and shiny or I wish I had bought one with a _______. (fill in the blank) and want to cover cost of new place and all I want to do to it.

3. I bought 13 months ago and can now sell without giving the villages the extra profit and will list for as high as I can and still get lookers (If you track you will see these listings come on in the winter and drop off in the summer and then come back)

In all the cases people are usually adding the cost of their improvements the real estate 6% commission and about to my calculations about 25K to 75K.

I did a calculation based on cost to replicate new and add improvements, deducted for depreciation of appliances etc. and offered that price. I included a sheet with my calculation with the offer. I don't know if their realtor showed it to them but at least he had it. Ended up pretty close to that but not at what they had been asking. I felt that way I could sleep nights knowing that I hadn't overpaid.
My opinion is worth what it costs that and $3.75 will get you a cup of coffee
Old 03-10-2015, 08:14 AM
dave from deland dave from deland is offline
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Originally Posted by Happydaz View Post
When you look at the price of a new house you are really seeing the price of a bare bones residence. After moving in many people spend $20,000 to $80,000+ on improvements to their house. Projects such as new floors, crown moulding, driveway stones or designs, glassed in lanais, attic stairs, extra landscaping, etc.. all add up to thousands of dollars. So when people go to sell their house they often add all these improvements to the price they paid for it originally. So if you paid $290,000 in 2013 for your stretched, Gardenia designer home and then added $60,000 in major improvements you would price your home at $350,000. After paying a realtors commission you actually would lose money on the house, but this market is not strong enough to recoup all your monies, in my opinion. The prices I see do not reflect much upside over the last year and a half. You can still find a new, bare bones Gardenia in the $290,000 price range. The used market actually seems soft and home owners are not getting the price they think is right (cost plus improvements) I know people who have taken their year and a half old homes off the market because no one will give them an offer they want.
You also have to figure in if the bond is paid on a used home.
Old 03-10-2015, 08:24 AM
Chatbrat Chatbrat is offline
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I love the people who keep waiting--hope they got a contact with God-time is more important than $$--member:"Man makes plans & God laughs"
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