How to judge a fair price when buying a residence from 500 miles away? (Asheville: sales, real estate)
Western North CarolinaThe Mountain Region including Asheville
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When I retire, we are interested in moving to the WNC area, due to climate and scenery. (We have visited before). We are not trying to time the market, and we could – with a bridge loan - buy a house before selling our current residence. Unfortunately, renting in the area beforehand is not an option.
We plan to visit soon to look at whatever is available in the $500-$800K range. We cannot go over $800K. An Asheville-based real estate agent has e-mailed us listings for five houses that meet our criteria (in fact, one of the better prospects is in the lower end of the range).
Across the board, asking prices are much higher than Zillow estimates. Now, I am sure we could all write essays on how off-base Zillow can be, but I find it hard to ignore such a consistent pattern. Plus, two of the listings had significant reductions recently.
List: Zillow:
$760K $631K (Fletcher)
$825K $751K (Brevard)
$565K $550K (Arden)
$699K $597K (note: The list price was “cut by $76K” in January). (Hendersonville)
$498K $421K (note: list price “cut by $34K” in February). (Fletcher)
While the agent we are working with comes well recommended, we have worked with a lot of agents in the past, and they are very reluctant to advise on how much to offer (I always get a lot of hem-haw and twisting of faces when I ask). Maybe they are governed by some regulation. Can anyone suggest ways to go about determining the “right” price?
I don't see how you can judge a fair price from 500 miles away. Even coming up for a short visit does not portray the lifestyle but may help you identify neighborhood deterrents to your being happy in the house and judging it fairly.
Is that in the next few months or, the 'next several years'?
Can anyone suggest ways to go about determining the “right” price?
Imo, several trips 'on location(s)', lots of looking and rolling around neighborhoods or areas of interest, lots of computer viewing time looking at several RE sites, (or a couple very good MLS sites), drilling down on house listings/pics, etc., and several more visits to the areas you have narrowed down.
Why not also look at some 'outlying areas', in addition to A'ville, et al?
Does anyone else see the huge difference between the Z-estimate and the asking price, plus the two price reductions, as an indication that perhaps a buyer ought to offer 10 or 20% lower than asking price? Maybe I have answered my own question! :-) I am trying to avoid the negative emotions that questions concerning house price trends usually seem to generate. (Aw heck, it's hard to talk openly about real estate without annoying somebody).
I like the WNC climate, a lot. Neither a hot summer nor a snow person. Love to hike. Don't need to have lots of people about, but do need to be able to make friends.
MD, what would be some of the "outlying areas" to which you refer?
Can anyone suggest ways to go about determining the “right” price?
I admit that Zillow will underestimate the added value of a mountain or water view. However, I would look up the price history of the house in county records. That is sometimes available in the Realtor.com or Zillow.com listings, or you may have to dig through a county "GIS" system. For example, Buncombe County's GIS is here: Buncombe County :: County Services - Departments - Land Records - Internet Access to GIS
The price the current owner paid and when it was purchased will give you an idea of how much the seller really wants. You might see that they paid way too much in 2006, and they are trying to avoid losses. OTOH, you might see that they are trying to make an outrageous profit.
I am not familiar with the Asheville market, but in some areas, owners will take less than they paid to get out.
IMHO....find yourself a trustworthy Buyer's agent who represents YOU not the seller. I knew I had a GREAT agent when I asked her for her opinion on making an initial offer and it was lower than what I would have offered! Good luck!
or you may have to dig through a county "GIS" system.
OK, this approach isn't perfect. Part of the GIS is down. Also the sales data isn't helpful when the house was custom built by the owners, as the first one in Fletcher is. The last house in Fletcher is also apparently new construction, and does not have a sales history.
I agree with the PP about a buyer's agent in this situation.
Wow, goldenage1, you figured out which homes these were just from the data I provided? Very analytical, I must say
Quote:
Originally Posted by goldenage1
OK, this approach isn't perfect. Part of the GIS is down. Also the sales data isn't helpful when the house was custom built by the owners, as the first one in Fletcher is. The last house in Fletcher is also apparently new construction, and does not have a sales history.
The price the current owner paid and when it was purchased will give you an idea of how much the seller really wants. You might see that they paid way too much in 2006, and they are trying to avoid losses. OTOH, you might see that they are trying to make an outrageous profit.
Re: "MD, what would be some of the "outlying areas" to which you refer?"
You mentioned Fletcher, Brevard and Arden and a couple of A'ville houses in your initial post.
All fine areas, but there are literally dozens of towns surrounding 'Asheville area', within 30-35 miles of Asheville. Most have little down towns ranging from ok to vibrant; most have a big box store or two close by, most have all the usual things.
I was not trying to steer you away from the 3-4 areas you ref'd in your OP, but there are many other towns/areas in 'Asheville area', and dozens more in the 'western NC' area, imo.
Just wanted to remind you/other readers that 'western NC', or even 'Asheville area' is not just a couple, three place names.
GL, mD
Last edited by motordavid; 03-25-2012 at 06:36 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
