My House is Worth What?

Posted by Mrs Money on January 14th, 2010

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Well, we had the true test today. Our realtor came by and checked out the house. I pretended I was on TLC or HGTV as we walked through the house, talking about what improvements we’ve made in each room and how much better the house looks from when we bought it almost three years ago. He was pretty impressed with the way the house looks, and seemed pretty optimistic he could sell it for us and we would do well.

After he checked out every room, I asked him what he would list the house at.  He said he’d list it around $14,000 more than we paid for it three years ago.  He’d get the 6% commission fee, appliances, cost of materials, but not the labor back for us.  He seemed pretty confident that worst case scenario we’d walk out of here “whole”.

I am leery.  I know that the market is not fantastic but on the other hand, we are in a good price point for first time home buyers, the house looks really good, and it’s in a really desirable location.  It just seems like what he said would be too good to be true.

To be honest, the thought of selling my house, the house that I’ve poured blood, sweat, and tears (MANY tears!) into is finally becoming home to me. It’s mine. The thought of selling it really makes me sad.

Not to mention that we’d be moving to Michigan and who knows what would happen. The unemployment rate up there is so high, the real estate market sucks, and it’s a depressed area.  What if we moved up there and Mr. Money lost his job or something happened?  That would be horrible.

I have no idea what we’re going to do yet.  I think we need to sit down, make a list of pros and cons, and try to come up with a conclusion.  I’d hate to lose money on the house because we’ve paid so much in interest, appliances, and to fix it up.

What do you think- should I stay or should I go?  Should I trust the realtor more?

image from Susie

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14 Responses to “My House is Worth What?”


  1. Sounds like a real time of transition for you. Do you really want to move? I think that’s the real question, rather than whether you should trust the realtor.

    I would trust the realtor – or get another realtor (or 2) to come by and make the same type of evaluation. See which one you feel the best connection with, the one who best understands your objectives. Even if you list the house, you can take it off the market if you decide you don’t want to move. Or you can see what offers come in. Having it listed doesn’t cost you anything (other than the effort to keep it looking pretty :))

    [Reply]

    Mrs Money Reply:

    ami- That is a great point. I think Mr. Money and I need to sit down and think about what our goals are. This is a huge decision, and we need to make it jointly.

    I think I’ll have someone else come out and take a look too. He’s the one that we bought the house with, and I really like him but it definitely can’t hurt to have a second opinion. I’m glad that having it listed won’t cost us anything. I love that!

    [Reply]

  2. Kacie says:

    This is just an opinion from the peanut gallery, as I have never had a mortgage and I have no idea what it truly entails.

    To me, I think you have to let go of the money issue.

    It’s not like you’re expected to lose $10 or $20k or more on the house.

    You’ll probably break even or maybe be out a few grand.

    That’s not much in the grand scheme of life. If you had rented for two years, you’d probably be in a similar position financially as you would be if you sold now.

    So rather than worry about losing a little bit of money, view it as an opportuntity to sell your house and have a clean slate.

    You could rent for awhile, especially if your income went down if you moved to MI. You could build up some more savings and pay off your debt. And you could buy a house again in the future.

    The biggest issue to me is: Do you want to move closer to family? And make it a “yes” or “no” answer. And then figure out a way to act on it.

    [Reply]

    Mrs Money Reply:

    Kacie- I think you’ve got a good point. Mr. Money was saying that is it worth being unhappy to save money? I think I’ve got to get over the “what ifs”. Nothing’s killed us yet, right? ;)

    Thanks for helping me. I appreciate it!

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  3. Catherine says:

    I think if you really don’t feel certain about the realtor’s answer, you should get a second opinion! There are plenty of relator’s out there now looking for your business, so take advantage of that. It’s never a bad thing to make more contacts, either.

    [Reply]

    Mrs Money Reply:

    Catherine- I think I’m going to get a second opinion. I think that would be nice to see if he’s just trying to get us to sell the house with him by telling me what I want to hear, or if he’s telling the truth. :)

    [Reply]

  4. Kate says:

    I’ve always thought it would be hard to find a balance between making improvements to make a house your own and while still keeping in mind potential resale value.

    I’d say get a second opinion – what’s the downside, really?

    And is it an option to rent your current house for a while? Until you are certain things will work out for you in Michigan?

    [Reply]

    Mrs Money Reply:

    Kate- It totally is! For instance, I wanted granite counters in the kitchen and we definitely wouldn’t get our money back from those. We didn’t do it though!

    I really like the idea of renting the house. Then if things didn’t work out we could always move back. Thanks for the idea!

    [Reply]

  5. Money Funk says:

    LOL. I laughed when i saw the pic representing the title.

    The same happened to our house. Needless to say, my husband was a bit upset.

    I have to agree…get a second. What’s the harm? Have you thought about using Help-U-Sell to list the home (omitting the realtor)?

    [Reply]

    Mrs Money Reply:

    Money Funk- Glad I could make you LOL ;) I strive to please!

    We thought about trying to sell it ourselves but we were nervous about that. I think we should do a little more research into that! It could save us a lot of money. :)

    [Reply]

  6. Get another realtor’s opinion, or sell it yourself.

    John DeFlumeri Jr

    [Reply]

    Mrs Money Reply:

    John- That’s what I’m thinking too!

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  7. Little House says:

    I’m not a home owner, so I’m definitely not the person to give advice. But I agree with you that it sounds kind of scary. I know that right now Michigan has some great deals on homes because their economy is so depressed. But that’s scary too. Like you said, it is probably a really good idea to make a list of pros and cons.

    Do you have a back up plan? For instance, let’s say you do move and your husband loses his job. Do you have a plan to fall back on? Or, do you have a large emergency fund that you could live off of for a while? These things might help. Good Luck!

    [Reply]

    Mrs Money Reply:

    Little House- I appreciate any adive I get. Honestly? The thought of moving up there and hubby losing his job scares me the most. We do have an emergency fund but with him having a good, stable job that he loves right now I feel silly for considering it.

    [Reply]



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