Monday, August 15, 2011
How can I estimate the marketable value of my home?
I inherited a 2500 sq ft brick Victorian house in a small village in upstate New York. My parents paid $35,000 for it in 1975. It's just to large for me to maintain adequately, being an almost 60 year old woman living alone. I've been ripped off by numerous contractors who take my money and I either never hear from them again or they do shoddy work. The summer of 2008 I decided to place it on the market. I spoke to several real estate agents, some wouldn't even take it citing that with the housing market the way it is, they could only take the most valuable and saleable houses right now. The style, size and poor condition of my house made it more of a liability to them. One even told me that I probably would be lucky to get what my parents paid for it since it would have to be gutted and re-built because of the outdated heating system, rotten subflooring, and the damage caused by the numerous cats may mother kept. The realtor that finally agreed to handle it slapped a $195,000 price on it. Only four people looked at it and I think most were either looky-loos or flippers who were hoping to get for much less. In either case I never heard further form anyone. In November, by mutual consent with the relator, I removed it from the market. I am living it and I don't think it's in as bad shape as some realtors say, although I admit it could use some updates in regard to the furnace and appliances. It is essed at $162,000. It would make a great B&B in out historic little community for someone that wanted to put some work equity into it. I may want to try again, but would like some opinions as to what price range would be reasonable and I'm not a victim of agents who put too high a price on it preparing for a long wait but a larger commission or ones that lowball it and are just looking to make a quick sale.
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