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Bought duplex in Riverwest (Milw) for kids to go to UWM. Want to sell but don't know value?

Riverwest (53212) is an area that has great potential and some not so great. This duplex is the RARE one block that is EAST of Humbolt before deadending at the Miwlaukee River which has been built up with paths and other features. How can I promote it to get what it is worth (or at least what I paid for it which was VERY fair three years ago @ 140K? Sara (928) 240-4253
  • April 07 2011 - Milwaukee
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Answers (5)

Hi Sara,

Getting an appraisal is a great idea. It is a third party opinion you and your future buyer can "take to the bank" so to say -- and if you sell your home in a quick enough time frame you can save that buyer the expense of getting another appraisal, which helps "sweeten" your deal.

However, If you do not want to spend the money on an appraisal ($350-500) you can use this program that not only shows you what is for sale, but what is sold in the marketplace. Once the information is set you will see average days on market, when sold, and how the market is doing not only in the general area, but also in your immediate area (for example...east of Humboldt properties!). You can also sort by week or month sales activity. The report is generated automatically off of MLS so you will get correct, real time information (sometimes zillow, and other competing websites do not have the most up-to-date or correct information).

Here is the link, Enjoy! http://www.homeinsight.com/Widget/default.asp?X32HDLCTHHS8 
  • April 07 2011
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Profile picture for hpvanc
If there is any question about whether you can achieve the price you need, get a 3rd party appraisal.  There is really no sense putting it on the market at a price that a buyer can't get a mortgage and close, since cash buyers are far less likely to offer more than it is worth, no matter how much promotion you do.
  • April 07 2011
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The situation is the Milwaukee area is that values have gone way down. Lots of foreclosures in that area. The buyer has to be able to get a loan on your duplex and the value has to be there. That is what is going on the foreclosures are the ones selling and bring done the values all over Milwaukee. You might think about hold on to it and renting it out.
Wish I could give you better news.
Debby Homestead realty
my web site
  • April 07 2011
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Call for a free market report showing active and sold units in the area of similar properties.  I just completed one for a multi-family unit on 1st and Center.  You can contact me through my profile.  
  • April 07 2011
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Thanks for your question.  I would have to say use Zillow's reviews section to pick a Realtor from your area to come out and do a CMA (comparative market analysis).

Good luck, hope this helps.
  • April 07 2011
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