Q: Hi there! I?m wondering how to fairly price my waterfront home in the Charlotte, NC area. We live in a large 400-home community where the average home is priced from 130,000 to 190,000. We happen to live on one of about ten lots situated on a 14-acre kettle lake with forever green views, that?s stocked with bass and abundant with ducks, geese and other wildlife. Our lot offers panoramic water views from every rear window. We?ve worked hard since building new in 2005 to add dozens of upgrades, from granite, hardwoods, tile and a double master shower on the inside to a brick patio, pergola, screened porch and full kitchen with fireplace on the outside. My question is: when a house is on the larger size of average, has extensive upgrades and sits on a super premium lot, how much of that really matters in a down market? How much can a seller reasonably expect when surrounded by foreclosures? None of the homes on the lake have been put up for sale yet, so there are no true ?comps? to guide me. Thanks!
?Bryn, Charlotte, NC
A: I recently had a similar situation with a home here in the Orlando area in Apopka. Complicating matters was the fact that nothing had sold on any of the small lakes in the area in quite some time. Also, every recent sale in the neighborhood had been either a foreclosure or short sale, and all had been in poor condition. The home I listed had a new roof, new A/C, new siding and flooring, and was spotless. The recent sales in the area had been topping out at $90,000. I started with those sales, and tried to come up with realistic market values for the condition issues. Then I looked in a broader area at other small lakes to try to establish a market premium for the lake frontage. In the end, we put the home on the market for $120,000. We actually received two full price offers within a month of going to market. When the home was appraised it came in $3,000 low, but the buyer and seller agreed to meet in the middle to close the sale.
David Welch is a Realtor? with RE/MAX 200 Realty in Winter Park, FL.
A: I am not from your area; however, I can tell you that in a down market your up-grades will only make your home easier to sell, not increase the amount you can sell it at. The problem is that you will not get back what you have put in to your home.
You can probably sell it at close to $225,000 because of location and upgrades, but more than likely it will be at market value for the area. I would contact a local Real Estate agent and ask them to do a CMA for you. That will give you a ball park figure to work with when trying to market your home.
Teresa Parker is a Realtor? with Coldwell Banker Bain in Kent, WA.
A: There?s an old saying in real estate that still rings true today, ?a home is worth what a buyer is willing to pay.? Your house sounds amazing and it seems that even in this market, there may be a demand for this type of home, especially if there are currently no other waterfront properties for sale. An experienced (local) Realtor may be the answer in helping you price your home. At the end of the day, ?supply and demand? is what will determine what your home is worth today.
Maria Jeantet is a Realtor? with Coldwell Banker C & C Properties in Redding, CA
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Source: http://rock-n-rollrealestateagent.com/how-do-i-price-my-waterfront-home/
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