- Joined
- Dec 2, 2017
- Messages
- 409
Well, as a Realtor, I can say that it DOES become a comparable property, which sets the tone for local values for at least 6 months. Most appraisers will pull at least 3 local comps if appraising a house, striving to find similar homes that have sold with the following specs:
Same rough size, similar build if possible, within 1/2 mile, within last 6 months, same general condition, etc. As with all other things, this will vary a lot.
Having said that, immediate needs or existing conditions can cause a low sale, which may not be the fault of the seller (job loss, divorce, death).
Since you're not selling, it shouldn't affect you much, and won't affect long-term. If you bought it for half-price, could you sell it for roughly full value?
If Yes, then we all recognize that the underlying value is still there, and buyers will accept that. When I flip houses, no one thinks they're going to get it at MY purchase price.
Same rough size, similar build if possible, within 1/2 mile, within last 6 months, same general condition, etc. As with all other things, this will vary a lot.
Having said that, immediate needs or existing conditions can cause a low sale, which may not be the fault of the seller (job loss, divorce, death).
Since you're not selling, it shouldn't affect you much, and won't affect long-term. If you bought it for half-price, could you sell it for roughly full value?
If Yes, then we all recognize that the underlying value is still there, and buyers will accept that. When I flip houses, no one thinks they're going to get it at MY purchase price.
