[5-DayForum] home valuation in MA

brentday at althor.net brentday at althor.net
Fri Aug 3 11:56:25 EDT 2007 

Hi guys,

Let me try the valuation another way and get your opinions.

Ignoring Zillow, and going just on recent home sales in the last
4 months:


4bed 1.5 bath
2100 sf
Lot 3844 sf
Year: 1880
$235,000

3bed 1.5 bath
2200 sf
Lot 28,767 sf
Year: 1870
$305,000

3bed 1.5 bath
1400 sf
Lot 10,890 sf
Year: 1900
$215,000

3 bed 2 bath
2200 sf
Lot: 12,632 sf
Year: 1860
$232,000

3 bed 2 bath
2100 sf
lot 13,300 sf
year: 1880
$300,000


My Home
-------
4 Bed. 1.5 Bath
2000 sf
Lot 26,126 sf (.6 acre)
waterfront
Year: 1860
$???????


Any ideas?

Thanks so much!

-Brent
On Fri, Aug 03, 2007 at 11:24:49AM -0400, brentday at althor.net wrote:
> 
> Hi Bill,
> 
> I'll do a search on zillow.  Glad to have your opinion.
> 
> For what its worth, in the last couple months there have
> been home sales in my town for 3bed 1.5 bath that
> went for $300k and $305k.  Zillow just updated my
> home today and lists it at $247k (not including
> the improvements made).
> 
> Perhaps I'm looking at it too much.  We're prepared
> to take much less than 250k as an offer, we're just
> trying to understand how to initially value it.
> 
> State wide homesales for this year are -3%.  Spencer
> is listed as +6% however.
> 
> This all is new to me...I might as well be reading
> tea leaves.
> 
> Anybody else have an opinion?
> 
> Thanks,
> -Brent 
> 
> 
> On Fri, Aug 03, 2007 at 11:12:34AM -0400, Bill Effros wrote:
> > Brent,
> > 
> > I just read your responses, and I also think you're starting to high.  
> > Look up some of my comments about Zillow.  As far as I'm concerned it's 
> > so far off at this point as to be useless.
> > 
> > I doubt your home is worth $250,000.
> > 
> > I would start it at $99,500.  If it's worth $250,000 you'll still get 
> > $250,000.  But if it's only worth $200,000, you'll still get 25 calls by 
> > Friday night if you advertise in the right places.
> > 
> > 1.5 bathrooms for four bedrooms on a $250,000 house is a problem.  Most 
> > people will need more bathrooms.  Adding them will cost a substantial 
> > amount of money.  Especially in these times, when there are so many 
> > homes available, and sellers are just this side of desperation.
> > 
> > Rereading my response, I might start at $74,500.
> > 
> > Bill Effros
> > 
> > brentday at althor.net wrote:
> > >Hi Bill,
> > >
> > >Wow, I guess I must have mis-understood the reasoning. 
> > >
> > >We live in a small town (Spencer), next to a large
> > >city (Worcester).
> > >
> > >Hmm, I guess maybe I should also advertise in the town
> > >weekly paper.
> > >
> > >I think I'm gonna go re-read your book and see where I went
> > >wrong.
> > >
> > >Thanks for the correction!
> > >
> > >-Brent
> > >
> > >On Fri, Aug 03, 2007 at 10:11:04AM -0400, Bill Effros wrote:
> > >  
> > >>Brent,
> > >>
> > >>I just got to the bottom of your e-mail.  As noted previously, we don't 
> > >>know what your town is, at least we don't know if we've only read this 
> > >>e-mail.  Your advertising strategy sounds like the reverse of what I 
> > >>would recommend.  The exact people you want to reach are those in town.  
> > >>Even the ones who are just nosing around.  If they like what they see, 
> > >>even if they are not themselves the real buyers, they will send the real 
> > >>buyers along.  The people around town know your home is worth much more 
> > >>than you've asked.
> > >>
> > >>Bill Effros
> > >>
> > >>
> > >>
> > >>brentday at althor.net wrote:
> > >>    
> > >>>Hello 5-Day Forum!
> > >>>
> > >>>I'm going to be running my 5day sale next week
> > >>>and was hoping you'd be kind enough to give me
> > >>>your advice.
> > >>>
> > >>>I'll be more than happy to share my experience
> > >>>of the sale during and after the process
> > >>>with everyone.  I have also contacted other
> > >>>people in my state who have run a 5day sale
> > >>>and will report on what their methods and
> > >>>successes were.
> > >>>
> > >>>Since I'm running the sale next week, I need
> > >>>to submit the advertising soon.  I'd like
> > >>>your feedback.  This is in Massachusetts.
> > >>>
> > >>>Our tentative ad:
> > >>>
> > >>>MYTOWN                  BY OWNER
> > >>>  Waterfront. 4 Bed. 1.5 Bath
> > >>>  Well maintained. Active wildlife.
> > >>>  $124,500 or Best Offer
> > >>>  Inspection Sat-Sun 10-5
> > >>>  Will be sold Sunday Night to
> > >>>HIGHEST BIDDER   (555) 123-4567
> > >>>
> > >>>We will be advertising:
> > >>>Boston Globe
> > >>>Telegram and Gazette
> > >>>Craigslist
> > >>>ForSaleByOwner.com
> > >>>Owners.com
> > >>>[and a couple other free internet ones]
> > >>>
> > >>>I have read recently in the forums about the "Flyer" option.  A
> > >>>full page flyer copy of the adcopy included in the papers.  It seemed
> > >>>to get a real good response.
> > >>>
> > >>>The flyer option for the Telegram&Gazette is $85 per 1000 copies.  The
> > >>>newspapers total circulation is 160,000, with a discount at about $9000
> > >>>for a full run.  Obviously that is too much...so I wonder if doing a 
> > >>>couple
> > >>>thousand is worth it or if that might skew my results.
> > >>>
> > >>>Another option, is that the T&G puts out a Home Magazine every wednesday
> > >>>(this timing seems rather fortutitous).  A quarter page ad is about $300.
> > >>>I could pick the half of the city nearest my home or further away (there
> > >>>is a west and east version).
> > >>>
> > >>>Lastly, the Boston Globe has an Open House feature every friday.  Your 
> > >>>ad is
> > >>>also featured in a grid with all other open houses.  The person on the
> > >>>phone wasn't clear what could be included in that ad, but it did seem
> > >>>price and minimal data (rooms,baths) would be.  I'll get tomorrow's
> > >>>paper and see what it looks like.  This is only an extra $30 on top of
> > >>>the regular classifieds listing.
> > >>>
> > >>>So please let me know what you think of these other advertising 
> > >>>options.  I most sincerely appreciate it.
> > >>>
> > >>>The only other thing I would note at this point is that I am avoiding 
> > >>>advertising in-town.  I'm trying to hit the major real estate papers but
> > >>>want to avoid skewing my 25 callers with people in town that want to
> > >>>"see whats happening", but have zero intention on buying.
> > >>>
> > >>>Thanks so much,
> > >>>
> > >>>Regards,
> > >>>Brent B.
> > >>>
> > >>>_______________________________________________
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> > >>>5-DayForum at mailman.howtosellyourhomein5days.com
> > >>>http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
> > >>>
> > >>>  
> > >>>      
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> > >>    
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