Related to the property appraisal thread (Austin: sales, foreclosure, selling a home)

[CarnivalGal]

How can I get the sales prices of houses in my area other than paying a realtor? I know some have sold for far less than their listing price.

[Moonlady]

The sales price is not a matter of public record in Texas, so that information is hard to come by. It used to be that you could order a report from TCAD that gave you that information, but I don't know if that's true any more - you might check with them and see. Other than that, maybe a realtor on here can give you a better idea.

[austin-steve]

Originally Posted by mm57553

How can I get the sales prices of houses in my area other than paying a realtor? I know some have sold for far less than their listing price.

I don't think a Realtor is going to charge you for a CMA. Find one who sells a lot in your neighborhood.

The trick on doing tax appraisal CMAs is that the value is as of Jan 1, 2009 for the upcoming appraisal year. Therefore, the CMA should not include only sales in about the last 67 months of 2008. So if you have a Realtor perform a CMA for a tax protest hearing in June, you'll need to know that as the Realtor may not.

Steve

[aaauger]

Austin-steve: What does CMA stand for? I'm assuming that a CMA is the same as comps. We asked the KW realtor who sold us our house for comps about 5 years ago when our appraisal jumped considerably. She implied that we were out of line for asking.

[austin-steve]

Originally Posted by aaauger

Austin-steve: What does CMA stand for? I'm assuming that a CMA is the same as comps. We asked the KW realtor who sold us our house for comps about 5 years ago when our appraisal jumped considerably. She implied that we were out of line for asking.

She's probably not in business anymore with that attitude. We contact every past client annually to ask if they want a free CMA (Comparative Market Analysis) as both a courtesy and also a way to stay in touch and make sure they remember us. It takes less than 15 minutes to prepare one.

PM me with your email address and I'll work one up for you.

Steve

[aaauger]

Thanks Steve. And no, she won't be getting a call when we decide to sell our house.

[CarnivalGal]

Does it take a lot of time for a realtor to do? The realtor we used to sell our old house and buy this one was AWESOME. We have no plans on buying or selling again - like ever - but I have sent her referrals (she sold my mom's house last year). I'm thinking if I just email her, she would probably do it and just email me back. She's a pretty smart cookie, so I'm assuming she would know what info would help me the most.

The problem I find is that realtors run ALL of Steiner Ranch (where I live) and get an average price per square foot. Problem with that is it assumes that my house is worth as much per square foot as the brand new homes with granite, stainless, etc., and the houses on the golf course. For example, they just built 13 new homes right behind me that are selling for about $700,000. My house is about the same size but is worth maybe half that - literally. My house is older (11 years). If you run just houses on my section of Steiner, the average price is much lower.

I just don't want to impose on her, KWIM?

[austin-steve]

The problem I find is that realtors run ALL of Steiner Ranch (where I live) and get an average price per square foot. Problem with that is it assumes that my house is worth as much per square foot as the brand new homes with granite, stainless, etc., and the houses on the golf course.

Unfortunately, you are right - about a lot of Realtors not knowing some simple rules about comparing homes. In Steiner, you have several factors.

First, you have to set the correct year range. Homes built in 2003 should not have homes built in 1995 in the CMA, and vice versa. Also, if the home is an interior lot and the CMA includes homes that back to a greenbelt and/or have a view, then you can end up with a bogus CMA. In Steiner you also have to eliminate the new sales because it's not a true resale indicator. You want to look at true resales.

Finally, I run 2 story homes against 2 story sales, and the same with 1 story. as long as there are enough comps to do so.

Does it take a lot of time for a realtor to do?

No, not really, but it's easy to screw it up and come up with the wrong value. The less homogeneous the neighborhood and the homes, the longer it can take and the harder it is the come up with a narrow price range.

Steve

[AGA]

Unfortunately, you are right - about a lot of Realtors not knowing some simple rules about comparing homes. In Steiner, you have several factors.

First, you have to set the correct year range. Homes built in 2003 should not have homes built in 1995 in the CMA, and vice versa. Also, if the home is an interior lot and the CMA includes homes that back to a greenbelt and/or have a view, then you can end up with a bogus CMA. In Steiner you also have to eliminate the new sales because it's not a true resale indicator. You want to look at true resales.

Finally, I run 2 story homes against 2 story sales, and the same with 1 story. as long as there are enough comps to do so.

As a former RE appraiser, I find it disheartening that realtors would not know those simple, common sense details!
YIKES!

[LindaAustinTx]

You just have not found the right Realtor, my service is Free, until a property is bought or sold. Buyers and Seller's think differently about homes. A seller needs to think like a buyer again. What is your house value to a Buyer? That's the real key. Buyers are more educated now, the Seller & Realtor must be as up to date as they are.

Here is a good place to start to get an idea of what your house might be worth. And your neighbors house too.

http://austin.housealmanac.com/searchStreet.htm

If your buying or selling a home you should know the market around where your house is or where your looking to buy. Know what real Comps are. Comps that are Sold in the last 3-6 months are the real comps, that's info is changing daily. The appraisals are coming in low right now. The foreclosure comps are in with the SOLD comps and that brings your value down too. Is your home less than 2 years old? Builders still building in the same area? This is the time of year Builders are dumping homes at $15,000-$20,000 below what you paid for the same house. I just had one builder tell me to bring my buyers to him he could come off his price $75,000-$100,000. What does that do to the neighbors who bought 6 months ago?

Those comps are in the SOLD mix too. What time of year do you plan on Selling? After school is out may be too late, for your home to sell. Many people think the Summer is the "Hot" time to sell a home, but the real fact is here in Austin more homes are SOLD in April and May then any time of the year. That has been a true fact the last 4 years. Buyers start looking at homes 4-6 months out of really wanting to move. The best buyers think that the better deals are in April & May before the best homes are picked over. They want to be in their NEW home by the time school is out.

Worth of a home on papers is just that, it does not tell you how the home that sold looked inside and out. Did it need any work? Had it been updated? Or did it sell below balance owed? Listed comps help you to know what the Market might think is value. How many days has a home been on the market? But you have to also know what the asking prices of your competition is too. See why their homes are worth more or less than yours. Many homes on the same street can have a $50,000 more or less price difference, but were around the same price when built. Why is that? What a home is really worth is what a buyer is willing to pay for it. I had some one offer FULL price on a home this week. Guess what, the appraisal came in $15,000 less. Back to negotiating again.

Just a thought,
Linda Tx