Our house was appraised at $795 k, comparables are listed in the $650k range, how far do we go down in price?

Question

it sits on 5 flat acres, huge shop, above ground pool. Beautiful place on the edge of town in Vancouver Washington

Answer 1

Comparables mean just that, your house is up against them.  Did a Realtor or appraiser give you the 795,000 ?  Sometimes Realtors will list high, to get the listing,  then you get offers for less.

Answer 2

Ask your appraiser why it was appraised at $795K when the comparables are listed at $650K.  Did he base it on previous sales instead of listed sales?

Answer 3

If it was appraised at $795k and the comps are $650k, then your home is better than what is selling around the neighborhood. It doesn't mean your home will drop to $650k.

If you mean that your home was appraised months ago for the $795k, that's differentnt story.  Then it means that your value has dropped $150k.

Answer 4

this is yahoo answers not the classified section of the newspaper.

Answer 5

why are you selling? how far down can you afford to go and still make a decent profit?

Answer 6

Depends on how soon you want to sell.  If you need to move you will probably have to price it below the comps to get buyers through in this market.

Answer 7

This is a tricky question. The problem is that your home is the most expensive in the neighborhood, which can be a downfall when selling. It may just take longer to sell. Someone is really going to have to love it to pay more than other comps. If you are in a hurry to sell then you might want to come down. Although pools are great they can also be an issue when selling. 1 out of 5 people who are looking for a home want a pool, the others don't. It is expensive to maintain and not a great idea if you have young children, so, keep that in mind.

Answer 8

Join the club.  I was in this situation 3 months ago.  The asking prices are now $550,000.  Prices are in free-fall and no one knows when it will end.. /

Answer 9

doesn't matter what you have, if the comparables are listed at $650K, and you want to sell it in a reasonable amount of time, you have to list it for less.  If not, then a buyer will just buy the comparable house

Answer 10

The market is very soft right now, maybe $700K