HGTV What's It Worth--What A Joke

[Elliott]

What its worth?? Savannah, Georgia. Purchased house 2005,
$359,000 + $30K Remodel. HO wants $430K.
Mr. Lister says I'd list it for $425K. And he says, "You made
$32,000." What about the 5% or 6% commission and closing
costs, and don't forget paying for 3% of the buyers closing
costs. Guess what you didn't make $32K, you made zip,
and the realtor made $15K. Hope they don't have to bring
money to close.

Expert lister says, a pocket door to the bath ads $10-12K (WOW!) and
$5K in landscaping brings back $12K (really?).

 

[PropertyEconomics]

What its worth?? Savannah, Georgia. Purchased house 2005,
$359,000 + $30K Remodel. HO wants $430K.
Mr. Lister says I'd list it for $425K. And he says, "You made
$32,000." What about the 5% or 6% commission and closing
costs, and don't forget paying for 3% of the buyers closing
costs. Guess what you didn't make $32K, you made zip,
and the realtor made $15K. Hope they don't have to bring
money to close.

Expert lister says, a pocket door to the bath ads $10-12K (WOW!) and
$5K in landscaping brings back $12K (really?).

At $389,000 in actual costs, 8% in commissions/fees, and a $425,000 selling price .. looks to me like they net $2,000. A nice return on $389,000 of risk. :Eyecrazy:

 

[Rufus]

Maybe I should buy a dozen of those. I could be broke before the end of the year when you consider holding time before selling.

 

[Blueprint]

I love when the numbers come in less than expected just to see thier reactions. Some are quite shocked to accept reality.

 

[Blueprint]

Some of these shows on HGTV are so old though. I still see shows that were developed in 04 and 05 when prices where skyrocketing yet are now plummeting.

 

[timd354]

What its worth?? Savannah, Georgia. Purchased house 2005,
$359,000 + $30K Remodel. HO wants $430K.
Mr. Lister says I'd list it for $425K. And he says, "You made
$32,000." What about the 5% or 6% commission and closing
costs, and don't forget paying for 3% of the buyers closing
costs. Guess what you didn't make $32K, you made zip,
and the realtor made $15K. Hope they don't have to bring
money to close.

Expert lister says, a pocket door to the bath ads $10-12K (WOW!) and
$5K in landscaping brings back $12K (really?).

You cynical, mean appraiser!!!

 

[Wendy]

My husband loves to put those shows on and watch me get all spun up. Drives me crazy!

 

[William K]

My Wife does the same thing.
I go crazy over the "Real Estate Expert" ,I'd list it for $425K.

I want to just slap the producers and say " just because one idiot will list it for that doesn't mean it will sell for that amount or that it's value is that amount!"m2:m2:

 

[Dan/Fla]

I would really like some appraiser from that market to add a comment to this Thread if and when it sales, what it actually sold for.

Or some one who is from another area where they sale one of these homes.

I saw the show once after my step daughter saw it and thought I would like it. But instead like Elliott I thought it was joke..

But then again my wife will not go to the local Home and Patio shows with me, or will walk away. Like when I heard the comment a Window guy at last show whom told a customer to his Booth. That the person will increase the value of the House $2 for every $1 he spends on new windows.

 

[sammiboii]

Of course we appraisers are wrong. Everyone else is right. Almost everyone we see, is bombarded with information from sales people who will earn commission on that sale, or from the TV who makes more money if they have higher ratings on those "RETARDED" shows. You don't really expect a Hyundai salesman to tell you the car you're buying is a cheaper product than Toyota and that in the long run you will see a greater depreciation rate?

The sooner our clients clients understand that we are there simply to report what is happening in the marketplace, and that our "commission" is a minor percentage in comparison to what they're mortgage broker and realtor are saying, maybe then they'll believe us.

I had a guy tell me "How can you only give me $20,000 for a pool. I just spent $60,000 and the guy told me its worth $100,000?" What do you tell that moron, that it's an overimprovement for the area? That a 1,500 sq ft house in Cape Coral built in 1982 doesn't need marble floors and an olympic size pool? Of course I told him the truth, but in doing so guess what, I didn't know what I was talking about and he'd be calling another appraiser.

I was glad it was out of my hands.