Does this make sense?

i house on a street ask for 239k and the house next door is comparable specs and lot size, etc... goes for 329k?

i fell in love (and broke in to ) a house today and found out it was too much.

Story is were looking the 239k house when we saw a this other house. i never saw it because we never looked at that price range.
about the breaking in part...the door was open so DW and I just a peaked and loved it. Came home and looked up the house.. turns out its sooo much money. 329k house, the owner was doing a lot of work...all updated kictchen appliances, new counter top, etc...

back to the point... can a house be that much more when normally, houses on the same block are worth near the same?

thanks

I guess it all depends on the condition of the house....my parents sold their house for $100,000 more than someone was having trouble getting two doors down.
Their house is a little larger and in much better condition

is there 2 different realestate co's?
one co may estimate the value higher than the other.

also...is there any repairs on the 1st house...such as new windows, electical upgrade, roof, new fence.
possibly a crack in the foundation....all these things cost a considerable amount of money

does house # 2 have central air?
does house # 2 have a new boiler?

i didnt see house #1 (239k)

we will look into it...i just figured houses are pretty much close to each other. 329k house looks freshly updated.. escpically the kichten. seem like all new appliances and countertops and cabinets..

i hope we can work it down in price

when we were looking there were a few instances like that for us too
it had to do with whether or not there were new windows and updated work done to the house
some houses are all original which you will have to put money into
but what else would you do with your money anyway...you fix up your house right so go for the cheaper house....you can always fix it up as you go along

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Posted by MCDO15

back to the point... can a house be that much more when normally, houses on the same block are worth near the same?

thanks

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ABSOLUTELY. although the floor plan and lot size might be identical, the upgrades and condition can add thousands to the price tag. either price in this market is a rarity and IMO a steal.

do you like the location, sd, neighborhood?

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Posted by nov04LIbride

Wow, where are the houses? We haven't seen anything under $300 (and those that are $300 are dumps!).

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funny you mention dumps... the 239k house is listed in mls and lreally has a ton of garbage in thier backyard. somtihing is up with the owners cause the house is 'off the market' realtor told me they have multple offers but they havnt shown it to anybody yet.

yes.. the house next door was in investor house they came in and turned it around.
so the price is justified

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Posted by MCDO15

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Posted by nov04LIbride

Wow, where are the houses? We haven't seen anything under $300 (and those that are $300 are dumps!).

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funny you mention dumps... the 239k house is listed in mls and lreally has a ton of garbage in thier backyard. somtihing is up with the owners cause the house is 'off the market' realtor told me they have multple offers but they havnt shown it to anybody yet.

yes.. the house next door was in investor house they came in and turned it around.
so the price is justified

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i am confused, what was the point of this 'does this make sense thread?'

it seems that you fully understand why the houses were priced differently. orginally i thought you were asking for an explanation as to why there was such a price discrepancy but now........ well, i am lost. not to mentioned, it wasn't the easiest read.

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Posted by skew

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Posted by MCDO15

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Posted by nov04LIbride

Wow, where are the houses? We haven't seen anything under $300 (and those that are $300 are dumps!).

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funny you mention dumps... the 239k house is listed in mls and lreally has a ton of garbage in thier backyard. somtihing is up with the owners cause the house is 'off the market' realtor told me they have multple offers but they havnt shown it to anybody yet.

yes.. the house next door was in investor house they came in and turned it around.
so the price is justified

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i am confused, what was the point of this 'does this make sense thread?'

it seems that you fully understand why the houses were priced differently. orginally i thought you were asking for an explanation as to why there was such a price discrepancy but now........ well, i am lost. not to mentioned, it wasn't the easiest read.

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sorry to confuse ya

i start over

i saw the house listed for 239k ( i never called, was just doing a driveby)
we get thier and saw the condition of it. it wasnt bad. then we saw the backyard cause the fence was kinda clear.

then

we saw a sign next door. house is empty so we got close up views of the house. peaked in the windows, etc... went around back. i push the door and it was open. so we went in, checked it out and said we loved it.

when i got home, thats when i started making calls to find out how much the other house was (the 329k) house. that is what brought me here cause generally, i would think similar houses would sell close in price.

realtor (1 for each house) from the two places finally call back and give me the low down on the houses.

239k house, the owners are odd, have junk in backyard, house might not be up to date, smaller then the others.

329k investor came in and is flipping it. all new kitcken (very nice might i add) and more space then the first. maybe water damage in basement.

now that people explained stuff to me...i know alot of money went into the 329k house and the price is better justifed. i waiting to learn more about the house and maybe see how much he brought it for to see how much he is trying to profit. maybe i can sneak in but i doubt it. so if you like a 'VERY GOOD AREA' in bay shore..you should see this house

i hope this explains everything

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Posted by MCDO15

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Posted by skew

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Posted by MCDO15

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Posted by nov04LIbride

Wow, where are the houses? We haven't seen anything under $300 (and those that are $300 are dumps!).

---

funny you mention dumps... the 239k house is listed in mls and lreally has a ton of garbage in thier backyard. somtihing is up with the owners cause the house is 'off the market' realtor told me they have multple offers but they havnt shown it to anybody yet.

yes.. the house next door was in investor house they came in and turned it around.
so the price is justified

---

i am confused, what was the point of this 'does this make sense thread?'

it seems that you fully understand why the houses were priced differently. orginally i thought you were asking for an explanation as to why there was such a price discrepancy but now........ well, i am lost. not to mentioned, it wasn't the easiest read.

---

sorry to confuse ya

i start over

i saw the house listed for 239k ( i never called, was just doing a driveby)
we get thier and saw the condition of it. it wasnt bad. then we saw the backyard cause the fence was kinda clear.

then

we saw a sign next door. house is empty so we got close up views of the house. peaked in the windows, etc... went around back. i push the door and it was open. so we went in, checked it out and said we loved it.

when i got home, thats when i started making calls to find out how much the other house was (the 329k) house. that is what brought me here cause generally, i would think similar houses would sell close in price.

realtor (1 for each house) from the two places finally call back and give me the low down on the houses.

239k house, the owners are odd, have junk in backyard, house might not be up to date, smaller then the others.

329k investor came in and is flipping it. all new kitcken (very nice might i add) and more space then the first. maybe water damage in basement.

now that people explained stuff to me...i know alot of money went into the 329k house and the price is better justifed. i waiting to learn more about the house and maybe see how much he brought it for to see how much he is trying to profit. maybe i can sneak in but i doubt it. so if you like a 'VERY GOOD AREA' in bay shore..you should see this house

i hope this explains everything

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i get it now. just found your posts a little hard to follow. i do find it a bit odd and ballsy that you took it upon yourself to walk into house #2 uninvited.

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Posted by skew

i get it now. just found your posts a little hard to follow. i do find it a bit odd and ballsy that you took it upon yourself to walk into house #2 uninvited.

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well...they shouldn't of left the door open

it was empty..nobody was living in it and we must of been in and out in 5 mins.

sorry for being confusing but thats what i do best accroding to DW

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Posted by melijane

I'm seeing a lot of confusion here as to how value is arrived at. I work as a wholesale bank rep(I work for a bank and try to get mortgage deals from brokers) Listing price DOES NOT MATTER. (Except in a cash deal) Any time a mortgage is involved the lender will require an appraisal. The most common method of appraising is the comparative value. This means the appraiser will take pics of your house plus three others(within a 1-2 mile radius) that have sold in the last six months. There are formulas to digure out what your house(potential house) is worth compared to others in the neighborhood. A new kitchen and bathrooms may get you 30,000 more value than a similar house without that but 100,000?! That will never happen.

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well unfortunately, it is not the appraiser that sets the prices, it is the buyers and sellers. appraisers base the market value on what has sold, which again is driven by the market.

i called the realtor to get the 329k house. and found it online after getting back from doing driveby's. thtas why i was just confused about the vaules. i could be wrong but prehaps the 239 house is in really bad shape (i never went in this house, just seen) and the owner of 329k house put alot of work into it
making the avg maybe 289k.

who knows... waiting for 329k person to call back and if i'm really intrested, i can see what is left on there mortage from a person that works in mortages... not sure if its legal or not but

329k house

239k house

if this helps...