Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Location Location Location is it true and if so to what point?
Would love any insite on this idea. I have alway been told the 3 L's are the most important in realestate. Our current neighborhood is very popular and well located with the average sale time being 30 days. Not much goes on the market in this neighborhood and currently there is only one very overpriced home listed. there has been a lot of showing for that home just from what I have personally seen so the price must not put people off much? We have the smallest home in the neighborhood in a sea of 2 stories and ranches we have a split level. I dont know if zillow is considered a good source for values but it has us listed as being worth $168 in a neighborhood with an average of $222. I dont plan to list the home for anything close to that even though it has a lot going for it even in the neighborhood. it is located in one of the only culd-de-sacs. the fully white vinyl 6 foot lattice topped fence ($15,000) covers the oversize back yard that is 1/3 acre. $5000 stainless steel head sprinkler system. It has no neighbors looking in as it is set away from both homes (also not typical) backs up to 400 acres of farm land and sides to government protected land that will never be developed. Because of all this land we have regular sitings of deer, geese, pheasant, owls, hawks, fox, ect. The home is roughly 1700 sqf including the finished lower level.The garage is huge and finished with drywall/ceiling. It has a brand new 30 year roof and granite countertops with a beautiful deep sink and designer faucet. Large master bedroom with tray vault, walk in closet and large full master bath. There is not a shred of carpet in the house as our son had bad allergies when he was a baby and we ripped it all out and installed pergo even on the stairs. People ooh and aww when they see it and say how pretty it is. I admit I will miss it at our new home. We are also located down the street from the only private neighborhood park that connects to the walking trails and tennis courts. Anyway all this was to say the home has a lot going for it but I am not sure I believe the prices in this economy? we would be satisfied to sell it for 140...
Re: Location Location Location is it true and if so to what point?
I don't put much stock in Zillow, there are too many factors that it doesn't factor in. Have you spoken to a real estate agent about pricing your home? That's probably your best bet for getting an accurate price. The fair market value is really what a buyer is willing to pay. Your house sounds like it has a lot going for it so you might be surprised.
Location is everything because it's the one thing about a house you can NEVER change. School district, the "feel" of the neighborhood, proximity to areas that people need to get to, etc. We saw a house online that was AMAZING and priced around $350K which is very affordable for a 3000+ sq foot four bedroom in our area. It's in a crappy school district though and they can't sell it. That same house in the school district we're looking would easily run over $500K. It's a 10 minute drive between them.
I would LOVE to back up to open space and the homes that we've seen that do often come at a premium.
Don't be fooled by the "buyers market". While a lot of places are still recovering or continuing to have price declines, there are plenty of areas where real estate is doing very well and you might be in one of them.
This. We recently sold our house and it sounds very similar yours...smaller at 1500 sqft, one of the smallest in our old neighborhood, 1/3 of an acre and it sold in 4 weeks. GL, it sounds like you have a great starter home to sell.
I think with what you listed, you will be able to sell on the higher end of the comps in the area. I don't think you would be able to go any higher then that.
I wish Zillow was a good indicator, but it's not. Our soon to be rental property appraised for way less then what Zillow estimates.
Totally agree with this. Zillow is very inaccurate. You should contact a REA.
Ditto, talk to a realtor. I doubt you'll get all the money back for some of those expensive upgrades. But it should help sell your house more quickly.
Frankly, DH and I would not even look at split levels. A good deal of buyers feel that way, and you just have to accept it and know that going in. Split levels sell in this market for almost $100K below colonials/traditional floor plans.
I agree with not paying too much attention to zillow - I've seen the estimates and compared to what houses are actually going for in my area, and they are usually pretty far off.
As for your location question - yes. It is the biggest factor for us. DH would prefer to live outside the city, myself in. Our compromise is to find a place with a lot of open space right outside. We will definitely pay more to have parks, walking trails, etc. nearby, and prefer not to be completely smashed next to our neighbors. Your house sounds nice - although while I like hard wood floors, I prefer at least a couple carpeted areas so my baby has soft surfaces to fall on as he gets more mobile...but I think for most having those floors would be a plus.
If you find a good realtor they can suggest a good price.
I don't really care for them. They're usually smaller than what we want and I can't really pinpoint exactly what else that I don't like about them, but it is my least favorite layout.
We're considering one now because of the price and potential, but normally we aren't crazy about them. They can just go wrong in so many ways. We saw one the other day that was like a maze. They also feel kind of small and don't have the "flow" and openness that are in right now.
I think you have to keep in mind that there are different kinds of splits - they are not all the same floor plan. We saw some that just felt totally claustrophic, the lower level had low ceilings, upper level was basically in the main level, etc.
We close on a house in a week that is technically a split tri level with sub basement, but the floor plan is way different. Vaulted ceiling and open (once we knock out a wall) LR, DR, and kitchen. All the bedrooms are down a long hallway and feel separate from the main living area. The only big downside is we just have a partial basement.
Anyways, I think it's always good to see what your options are before crossing any one style off your list. I knew I didn't like raised ranches but I sitll went to see one before confirming that decision
Growing up, plenty of my friends lived in split levels, so I've seen a number of layouts. I don't like them.
Every split level I've seen has had a bunch of steps leading to the front door. We get a lot of ice and freezing rain where I live, and that just seems like a disaster waiting to happen.
Also, I don't like how most of the layouts I've seen have such a small entry area. Once you get through the door, you're forced to immediately go either up or down stairs.
The only one I've liked is my aunt's. The main floor has the kitchen, living room and dining room. The lower level has the garage, half bath and family room, and the upper level has the bedrooms and two bathrooms.
"I wish I could have sparkly tits every single day of my life." --MUNI
I think all of that makes sense. I guess most of the ones we've seen have been pretty open floor plans, typically with a kitchen that looks down into the family room. I guess I didn't realize how many other layouts there were. Thanks for the responses!
OP, it doesn't sound like you're getting much help in the way of price listing. If I were you, I'd go ahead and list for maybe ten thousand above your break even point and see what happens from there. Maybe you'll get lucky!
Yes, the first three rules of Real Estate have always been, and will always be, LOCATION LOCATION LOCATION!
It sounds like you are in a great location and have a lot of amenities in your home. If you are considering selling, talk with a local Realtor about the local market and prices.
No, Zillow is not a reliable source in my opinion. A local Realtor would be able to give you a great deal of insight into the true market values.
Why does location matter? And to what point? Well, a 1700 SF home on a 1/4 acre lot in my market (Silicon Valley), with the amenities you mentioned, would be listed for $1.6m and may sell for $1.8m. A few towns to south (20 mins away) you could find a 1700 SF for $700k because the schools aren't as good etc. So yes, location is everything.
Hope this helps. Best of luck!
Lighthouse State Beach, Santa Cruz.