Real estate agent #2 visited our house today. Overall, she seemed to like our house. What was a little tough for us to swallow was the potential list price. Basically, we found out that we probably paid way to much for our house. When we bought it in 1993, we paid 81.5K. We have probably put at least 25K in improvements. She indicated that she would probably list it now in the low 90's to low 100's. We were thinking 110K.
EEP!
She had a lot of good stats and comparables to back it up. There is a house up the street that is similar to ours. It has been on the market since October. It's down to 95K. No one knows why it's not selling. It appears very nice.
On the plus side, REA #2 did like all of the improvements we made. The suggestions for improvement were already on our "to-do" list. She encouraged us to go ahead an list, seeing as the market is starting to pick up, thanks to the economic stimulus package housing credit.
I really liked this agent. She was honest and made no apologies for it. Sometimes it's what you need to hear. She was well informed about what is going on with the market in Lake Effect Snow Central. She was happy that we were so focused on making changes and that the changes were in progress. I think she would do right by us.
Husband and I are digesting everything she said. I am looking at this with a "glass half full" mindset. We can't changed what happened when we bought the house. We have a very nice house now, and we will still bank a good chunk of change in the end.
Still, it's a jagged little pill to swallow when you hear something you don't want to hear.
About Me
- Seeking Solace
- I am a college professor who is fumbling through the chaos of academia, rheumatoid arthritis, working on my PhD and just being a 40 something woman. I used to be a lawyer, which made me a snarky little person. I have a wonderful Husband and a German Shepherd named Junior. They help keep me sane.
Paws to Consider
My Sister's Keeper
5 comments:
It's difficult to argue with the realities of the housing market right now, especially when you have a good comparable right down the street. I'm glad that there was some positivity to find in the situation, however!
The thing to wonder about is what are housing prices in your new area?
I'm assuming you've been good about paying down your mortage... since you're sensible and have given me good financial advice, I think it's a safe assumption...
So, if you can sell your house for X and buy a house in the new place for X-Y, then you're in good shape... if it takes X + Y to get a similar place, then it gets more tricky.
It sounds like you all are on the right track. Are you all seeing another real estate agent before you decide which to go with?
Thanks everyone.
ITPF: Housing prices have remained steady where I live. We did not have all the heinousness that is going on with housing market. In fact, housing is pretty inexpensive. It's the taxes that are a real bitch.
We have about !5K left on our mortgage, thanks to extra principal payments and a refinance in 2003. So, when it is all said and done, we will walk away with a nice chunk of change.
Sounds like although you got information you weren't really wanting to hear that you have the prefect attitude about it in the end.
I hope it sells quickly and you can be on your way to starting fresh and new.
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