Panic
The buyer of our current home didn't want to pay for a full appraisal and had a drive-by one done. I used to be a licensed real estate appraiser, and always hated having to do drive-bys, because all you can see is that the house is standing. If you have a neighborhood of cookie cutter homes, it's not too difficult to get a decent idea of what a house is worth, especially if the house is in a fairly new development.
Our current house is 70 years old, and is about half again as large as most homes in our area (at a whopping 1500 SF) - our lot is also half again as large as most lots around here (we have +/- 12000 SF of land - most lots are 8000 or fewer SF). The condition of the house is awesome - we renovated the house when we moved in, aside from the kitchen (which has handmade cabinets that are in amazing shape - they're NOT original to the house) and the larger bathroom, which has its original 70 year old everything (plumbers freak out when they see the toilet, as it's rare). All new systems, appliances, fixtures. You cannot tell this from driving by the house.
We also have 800 SF of workshop, which in SoCal is rare -- it's like having a basement, and amazing for storage. And a 2 car garage.
So we're at the top of the market here in our little town, we're twelve minutes from the ocean, and we have a huge avocado tree that produces more fruit than we can eat (I think I'll miss the tree the most. Nothing like having fresh avocados available 9 months of the year - for free!).
The appraisal came in about 60K lower than it needs to be. I wanted to cry, because I'm so set on getting out of this place and into Bend. Cry with me for a few moments, won't you?
Okay, now that we have that out of the way, the (I hope) good news is that we had a different appraiser come by and do a walk-through yesterday. I hope he can find the right comps - they're out there (
Zillow has nailed most valuations in our area, and we're selling for less than they think we're worth - we priced under what we felt our real value was because we wanted a quick sale - and getting a contract in 14 days in this slow market shows that we did price our place well). Fingers crossed.
posted by Little Things at
2:06 PM
11 Comments:
Bend? Are you sure you want to go to Bend now?
Yup, we're sure we want to come to Bend now, even with the oh-so-lovely bubble going on there. We plan to stay.
(And to the anonymous poster who felt the need to say stupid stuff, nobody needs that. You don't get to kill my joy.)
First of all, we don't want you here. But if you have to come, rent for six months. You'll be able to get a better (substantially better) deal in the dead of winter. The market is just going to continue it's downward spiral... and make a lowball offer. I've lived here my whole life, trust me on this one.
I'm sorry to hear that there are people who don't want us in town. It makes me sad that you'd rather see homes sitting on the market than being purchased.
We do realize that we could have saved money by holding out and renting for a while. But we have children in school who need to be in a stable environment, we have zero desire to move twice, and we found a house we like very much in a neighborhood where everyone knows each other.
We did make a lowball offer on our house, and are very pleased it was accepted.
Anon, I hope that you'll see that we don't want to destroy Bend - we hope to be there a long time, and look forward to becoming part of your great town.
Hey, came across your blog linked to another blog. Ironically, we are currently renting about 6 doors down from you on a "planetary" road. Don't want to reveal the name obviously.
Great neighborhood...you have nice neighbors on both sides and lots of young kids in the area. Not sure what age yours are, but a ton of preschoolers (at least 7) plus elementary (at least 5 within 6 houses. Your location with the mini-court is enviable.
If you have any questions, let me know...
We just moved here in Dec and are closing on our house on Aug 31st. Yes, would spend less in 6-12 months. But, we need to settle down.
Thanks - I'll look forward to meeting you when we both close on our places! Since you know which house is ours, please come by and say hi once we're there!
Zippy is 4, and Burger is 14 - I love that Zippy will have tons of kids to play with, and Burger is hoping to be able to find babysitting jobs.
Looking forward to meeting you!
Cool...4-yr-old boy next door and 3 houses down. Plus, a 5-yr-old boy on your other side.
There are a few teens around...my neighbors each have a teen girl.
Enjoy the craziness!!!
We are actually moving to a neighborhood on the other side of the school...but will be in both houses until the end of Sept.
Please come say "hi" anyway! It's good that you're staying in the same general area.
I'm presuming you are bringing your means of support with you. I say this because Bend will be winding down. I moved to Portland from Santa Cruz in 1994, myself - I would not consider any place smaller than PDX or Seattle, as I work in the electronics industry. Bend pricing has been about the same as Portland for a long time, but the employment base is far smaller, and shrinking. Oregon's economy runs six months behind the nation's, and there's an old saying around Bend: When Portland catches a cold, Bend gets pneumonia. If you're still undaunted, the best to you. I have dear friends in Bend, whom I'll be visiting. I personally couldn't live there while working, because the short summers would drive me crazy (Portland is rainy, but far warmer).
You will be moving into a place about to enter turmoil. The besst of luck to you.
Yes, I'm bringing my job with me. I've worked from home for the past five years, and expect that I will continue to do so for the forseeable future.
LT, Looking forward to meeting you IRL when you get settled in. Sorry about the trolls, that is unfortunate. Welcome to Bend, from a native Oregonian! :)
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