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House Value?

If a house sold in 2002 for $312,000 (currently listed at $444,000) what would it realistically be selling for in today's market?  Zillow indicates it's worth $425,000 but of course that doesn't necessarily mean it will sell for that price.  Most of the time they sell for less than that figure. I've read somewhere that the houses are selling at 2002/2003 prices but not sure if that is true or not.  
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October 15 2011 - Friday Harbor
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Answers (6)

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Every market is different and even every neighborhood within a market. Making such a broad statement about homes in general being at one level or another would be unrealistic. The best thing to do is have a local agent run a market analysis for you in your particular area. We're still seeing the majority of sales in the 1st time homebuyer category with lots of foreclosures & short sales selling. This puts homes in the "move up" buyer range in a bit of a stagnant state. If most of the homes selling at lower price categories are vacant, there isn't anyone to move up to that more expensive home which makes that category more stagnant. So if homes in 1st time buyer territory are at say 2002 prices, that may put move up category homes at 1999 prices. But again, a market analysis by an agent experienced in your area is your best bet.
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October 15 2011
Every market is different, meaning city comps, and etc.  In todays market a house is only worth what a seller will sell it for, a buyer will pay for it and most importantly what a lender/bank will loan on it.  This is done by an apprasier and that apprasial is what the house is worth in today's market.  There is so much change in the market here in Tucson, AZ an apprasial is lo longer considered accurate or up to date even 6 months later.

Zillow.com is a nice free resource, but it is really more of a ballpark.  They leave too many things out of the equation.  You can contact a local Realtor and ask for a CMA, based on recent comps in your subdivision or area of town.  Or you can pay for an apprasial.  Best of luck.
Spirit
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October 17 2011
I'm sure your realtor was vague because she must be neutral when it comes to telling what price the seller will take since she's also representing the seller. You might ask if she will be a dual agent (representing you both) or only represent the seller.  You can click on the link below at the WA State Legislature to read the actual WA state law (RCW 18.86.060) regarding how an agent is required to answer those types of questions in a dual agent situation  http://apps.leg.wa.gov/RCW/default.aspx?cite=18.86.060
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October 17 2011
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I liked your answer so much I printed it.  It really does make a lot of sense on how you explained the market.  When I looked at the price range we are in, the houses are just not moving AT ALL just like you said.  It seems the ones listed $200,000 and lower are moving much better.  I did ask my realtor but the answer she gave was kind of vague.  Maybe it's because she is also the listing agent on the house.  Her answer was that they are pretty flexible which doesn't say very much.  I'm sure she will do a market analysis when we meet her next month and I will get more specifics of the area.  Thanks again for the answer.  I appreciate it.
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October 16 2011
Each market is different your local realtor can give you the best answer.
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October 16 2011
From what I've seen in my area it seems that houses are like you say selling for around 2002/2003 prices. However if you want to know what a house is worth you should talk to a local real estate agent and ask them to find out what the house is most likely really worth.
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October 15 2011
 
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