Submitted by [deleted] t3_ytzv8o in Connecticut
Hi all, I’m looking at a house in a small community in Westbrook CT that’s listed at 950. I’m looking for some objective feedback on the area and valuation. It’s around 5k square feet. Feel free to dm me!
Are you local to this area?
I am
Do you want to be near the water? That's an absolutely beautiful house, but the location isn't all that close to the ocean, relatively speaking, for Westbrook. At that price point, many want and can easily be within steps to the ocean. However, that home closer to the beach would be 2-3x that purchase price.
Another question to ask your realtor - did they do any updates in the last year to justify doubling the asking price from when it sold in February 2021? The listing doesn't mention this and judging by the kitchen, I'm assuming the answer is no. The market is way up, sure, but nearly doubling asking price in ~20 months, without significant upgrades, seems extreme.
My thoughts exactly. But the house next door sold for comparable price. It’s very strange that this house sold for so much less 1.5 years ago.
That’s not strange at all. The housing market is skyrocketing right now. I sold a house two years ago and it’s back on the market for 500k more than I sold it for with zero reno
I thought this market was going down now due to rates. Not sure where it is.
Noooo rates are going up making construction expensive limiting the supply.
ugh. but more expensive for buyers of homes as well. complicated stuff.
Values are going down now, from the peak a couple months back, sure. Rates have dipped back below 7%.
Home prices fell in September on a month-to-month basis for the third month in a row, though the decline wasn’t as steep as in July and August. While prices usually drop from summer to fall due to the seasonal slowdown, they fell much more sharply than usual in 2022.
Prices are now down 2.6% since the end of June, which is the first three-month drop since late 2018 and the steepest such drop since the financial crisis of early 2009.
Interesting. I’m thinking maybe a 5 to 10 per cent drop is possible but I’m buying long term so prob ok. Still if rates go way down prices may reverse.
It's relative though. If you sold your home for 2M and it's now selling for 2.5M, that's not surprising. If you sold for 500K and it's now selling for 1M, without any reno, that is unusual, for CT at least. The average home value has not doubled in 20 months, more in the range of 20-40%.
No need to be on water
Don’t you have a realtor? A big part of their job is to do a market analysis to tell you what a reasonable offer would be. The current market is strange because some nice things are still really hot and drawing well over asking, while some more run down places are sitting for weeks or months in a way that wasn’t happening this time last year.
Zillow has a feature where you can search recently sold homes, so you could also flick through a handful in that area to see what they were going for.
Thx. I have a realtor but they get paid on purchase so hardly objective advice. The comps seem to support the price.
When purchasing, your realtor works for you. If you don’t feel you’re getting objective advice, you need to get a new agent.
They all just want commish commish commish. If you know an honest agent I’ll use him/her
Not sure if he works in your area but here you go: https://www.remax.com/real-estate-agents/tony-salerno-westport-ct/101927968
I tell clients all the time not to buy houses, it’s a relationship business any realtor that just wants commission now isn’t in it for the long haul. I’d rather my client be happy I was honest and have them refer more business to me down the line.
For comps I provide the list of comps I find to my client so we can discuss and arrive at the value together. Happy to run comps and give you an idea of what I think on the house you are looking at though.
Wow, I bet you're a delight as a client. Much better to get the opinions of anonymous strangers🙄
I agree.
Yeah, you seem like quite a piece of work.
I’m a piece of work? You make it a practice to insult strangers you don’t even know or understand? Maybe you should ask more questions before you insult people. You’re the piece of work.
You're the one on here smack talking all Realtors, maybe YOU should stop insulting an entire profession.
YOU should wake up. Most are terrible and just out to suck suck suck out a commish, of course there are some good but they are rare in my experience. I will not stop insulting this "profession" until I see improvement. You know how to tell if a broker is lying and just selling the shit out of some piece of shit overpriced dump to suck a commish? their lips are moving.
And there it is, you sound like an incredibly toxic and difficult person. Of course you're telling me to stop insulting you. while insisting on insulting an entire profession. I feel for any Realtor who has to deal with your endless negativity
[deleted]
> I have a realtor but they get paid on purchase so hardly objective advice.
pointless job
Look up sold properties on a price per square foot basis. That’s the easiest way to get an idea of what the house is worth.
I did that and it shows the house might be underpriced! Weird market where house goes up 60% in 2 years. Ugh.
If your comfortable with it, then do it. No reason to try and time the market. Keep in mind though, the price appreciation happened when rates were around 3% now there 6.5% +
Is it Pilot’s point? Is there a link to the house here that I’m missing?
Just added
My cousins live practically next door, it's a very nice area. Can't comment on price since the market is so messed up right now but if I were you I'd buy that house and be very happy with it.
Just a guy in Clinton and not a professional. It would be fine if it was a turnkey house but this isn’t. I think the recent sale will hold it back. People have been wary of listings like that. I don’t see 5500 square feet in that listing. I wouldn’t trip over myself to get to that. Let them cut the price in a couple weeks.
Appreciate the feedback. I think I’ll do that. See what happens.
Milwaukeebear t1_iw6usrv wrote
No way to know without seeing the house and where it is.