How are they going around the 40/42 area here? I mean, are they coming in rather low or is it still okay? I was told by a friend that some of the homes in Broadmor are appraising for a $100K less. Is this true or just another rumor? Reason I'm asking is we are trying to finish our home for a refi. Homes around us back when we checked a few months ago were selling for $98 a sq. ft. Do they base it on what the homes around your neighborhood are selling for? Ours is not new construction. I'd love any insight you all may have about appraisers and how things are going lately with them. Are they looking mostly at square footage/ land/ upgrades?? Sorry for all the questions but getting a bit worried about the appraisal seen. I know the market here still seems strong. Media tends to play more of a part than actual happenings but that's another thread--LOL. Basically, just need to now if things are still a-okay w/ appraisals around this area or if they too are scared of the market lately. Thanks in advance. We live in the 40/42 area off of Cornwallis. stephanie--mom to 7
Sorry for the delay! Here is a CMA on the neighborhood. As you can see, only 10 homes have sold since Jan. 1. The average price per square foot is $99, but no garage or concrete drive. The average size is 1255 square feet. There are only 5 on the market right now. Average price per square foot is $104 with average square feet of 1293. The average with garages and/or concrete driveways ranges from $104 to $115. This was sent to me on the 24th of this month. You know where I live and my house and property. Hope this helps.
Thanks a bunch! I know after a certain amount that sq. footage costs probably go down. We have 3100 sq. ft. on an acre w/ attached finished garage. No concrete drive though. Who knows. Just keeping fingers crossed that itis not ridiculously low, know what I mean? Thanks for the stats, it does help get a visual. So guess the $98/ sq. ft. is not far off. Know it won't appraise for that(wishful thinking--LOL) but sounds like it wont' be crazy low either. Thanks and anyone else who has a site w/ #'s or something of that nature, let me know. stephanie--mom to 7
We live in the 40/42 Cornwallis area as well and back in Nov. 07 our appraised for $117.00/SF. We do have a garage, concrete drive, privacy fence and in ground pool.
From what I have seen things are still okay, especially as far as appraisals are concerned. Appraisals are mainly based sq ft, exterior finish, interior finishes, and the neighborhood. As long as you are not the "Biggest & Best" house in the neighborhood you will probably be fine. I am interested to find out who told you that a home appraised for $100k less in Broadmoor, I find that hard to believe.
Unless it was over inflated about that much in the first place. I could understand if that was the case by maybe 30-40k, but 100k is a lot!
