How do you estimate the true value of a newly built house?


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(SAMMY FINKELMAN) writes:

How do you estimate the true value of a newly built house?

In a tract development, what the builder is charging for em is the
best barometer. Less the "I don't get to pick all my own features and
be the first owner" correction factor.

--
Todd H.
http://www.toddh.net/

On Sat, 17 Dec 2005 23:25:18 -0400, (SAMMY
FINKELMAN) wrote:

How do you estimate the true value of a newly built house?

Value to whom?

"FINKELMAN) wrote:
How do you estimate the true value of a newly built house? "


Same way you do any other house, by looking at comparable sales of
similar homes in the same neighborhood.

"SAMMY FINKELMAN" wrote in message
...

How do you estimate the true value of a newly built house?

What do you think is the difference between "true value"
and an actual selling price? Economists (and some
tax assessors) usually use the latter.

--
Don Phillipson
Carlsbad Springs
(Ottawa, Canada)

"Todd H." wrote in message ...
(SAMMY FINKELMAN) writes:

How do you estimate the true value of a newly built house?

In a tract development, what the builder is charging for em is the
best barometer. Less the "I don't get to pick all my own features and
be the first owner" correction factor.
===
When we built our house, the appraisal came in 30% higher upon completion
than
the amount we paid the builder. We had instant equity and didn't have to pay
PMI.
===

"SAMMY FINKELMAN" wrote...
How do you estimate the true value of a newly built house?

Ask an insurance agent to run an appraisal for policy purposes.

Get a kit from an insurance company and estimate it yourself.

Ask the county clerk for the tax assessment (which should be broken down into
land and "improvement" values).

Ask a realtor for an estimate.

John Weiss (at dot) wrote:
"SAMMY FINKELMAN" wrote...
How do you estimate the true value of a newly built house?



I have a newly completed home in a rureal area of N fla. Is come time
to get a permenat mortage to pay off the balance of our construction
loan we paid 1/2 of during construction When the apraiser from our
bank came out he said" youve got alot going on out here" and " there
are no comps in this area" True our house is about the bigest in the
neighborhood. but there must be a way to evaluate it fairly. How would
they asess a fair market value with no other like propertys to go by?
Maybe only a handfull in the entire counyt? Thanks.

"Ask an insurance agent to run an appraisal for policy purposes. "

Not a very good approach, as for that purpose, they aren't looking for
accuracy, just ball parking it.


"Get a kit from an insurance company and estimate it yourself."

Even worse idea

"Ask the county clerk for the tax assessment (which should be broken
down into
land and "improvement" values). "

Totally useless, as assessments for tax purposes have little relation
to current market reality. My home here in NJ would easily sell for
well over 50% more than the current assessed value.


"Ask a realtor for an estimate. "

That or hiring an appraiser is the only valid approach. An estimate
based on comparable sales will tell you what it is worth.

One person:

1 "Ask a realtor for an estimate. "

Another:

2 That or hiring an appraiser is the only valid approach. An estimate
2 based on comparable sales will tell you what it is worth.

When when you apply for a mortgage, it gets appraised. Would that be any
good - because I've heard of situations where everybody involved gets
it all wrong. How early in the mortgage orocess does it get appraised?

Third person:

3 In a tract development, what the builder is charging for em is the
3 best barometer. Less the "I don't get to pick all my own features
3 and be the first owner" correction factor.

Is it important to find out how long ago the first house was built and
how much unbuilt area remains?

Fourth person:

4 When we built our house, the appraisal came in 30% higher upon
4 completion than the amount we paid the builder. We had instant equity
4 and didn't have to pay PMI. ===

That would be when you build it yourself. Would taht mean, that, on
average, a developer makes a 30% profit per house? Or maybe more than
30% nd you didn't do as well.


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"SAMMY FINKELMAN" wrote in message
...
One person:
............................

4 When we built our house, the appraisal came in 30% higher upon
4 completion than the amount we paid the builder. We had instant equity
4 and didn't have to pay PMI. ===

That would be when you build it yourself. Would taht mean, that, on
average, a developer makes a 30% profit per house? Or maybe more than
30% nd you didn't do as well.
====
Haven't a clue. I don't know enough about the market to draw any
macro conclusions from our micro experience.
====
====

"When when you apply for a mortgage, it gets appraised. Would that be
any
good - because I've heard of situations where everybody involved gets
it all wrong. How early in the mortgage orocess does it get appraised?
"

The mortgage appraisal is done very quickly to ballpark it. Many
mortgage appraisers just drive up to the house and never even go in.
So, it's a quick approximate value. If you get a competent real estate
agent or appraiser that takes some time and uses comparable sales,
there may be a range of close values, but it shouldn't be all wrong.
For a mortgage, it should be appraised within a couple weeks of your
application.

"Is it important to find out how long ago the first house was built and

how much unbuilt area remains? "

The only thing that matters is RECENT COMPARABLE SALES. That is why
the poster suggested that in a development that is still being built,
current sales for the same model from the builder is the best guide.

On Mon, 19 Dec 2005 12:41:40 -0400, someone wrote:

That would be when you build it yourself. Would taht mean, that, on
average, a developer makes a 30% profit per house?

You can hardly figure an average from what ONE PERSON said.

You are an idiot but that's okay, I've got some land that I'd like to
sell you....


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