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My House is Worth What?


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#31

butheircousins

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Posted Oct 28, 2007 @ 7:57 PM

I actually like Kendra. Even though she is the host and expert in real estate she doesn't try to show up the real estat expert who is doing the walk through. I don't even think there is that much talking to get annoyed with anyway. Of course, the quotes that are given really don't mean especially in today's real estate market, but I do like the show and always get a kick when they show the different houses in the suburbs of Philadelphia. I am alwasy amazed at how my house needs serious work. Some of the kitchens and bathrooms are really nice. I have come to the conclusion that I am too cheap. All in all, I really like Kendra and the show. I guess I am totally in the mintoriy on this.

#32

thatsforsure

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Posted Oct 29, 2007 @ 11:08 AM

He bought his place in 1996. I was amazed, though, that he only paid $176,000 (or something similar; I can't remember) back then, because I thought that real estate prices in California were really high. Maybe there had been some huge escalation between then and now.


Actually, that was the perfect time to buy a house, especially a first house, in California or otherwise. The market started skyrocketing about 2 years later. My friends sold their Orange County house in 1996 at a loss (they had paid $214 and had to sell for under $200 several years later). Same house was selling for $700K a couple of years ago. Lucky person who bought it for under $200k. Timing is everything. Of course now the pendulum is swinging back, but will probably never even go close to the original purchase price.

#33

butheircousins

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Posted Oct 29, 2007 @ 12:38 PM

I saw some real estate expert (aren't they all) on CNN and she said she didn't see the market turning around for another two years. I hope this doesn't affect all the design/real estate shows on HGTV. What would they do without these shows?

#34

Blazedog

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Posted Oct 29, 2007 @ 12:44 PM

I saw some real estate expert (aren't they all) on CNN and she said she didn't see the market turning around for another two years. I hope this doesn't affect all the design/real estate shows on HGTV. What would they do without these shows?


I think most viewers engage in schadenfreude and actually prefer those flippers who fall on their arses.

The specific show doesn't seem to be dependent on a bull housing market since theoretically it tells people what their home is worth at a specific time -- and then they have the choice to sell or stay.

Specific decorating shows etc. might be helped since people are forced to stay in their current homes longer than they might.

#35

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Posted Oct 29, 2007 @ 1:43 PM

I hope this doesn't affect all the design/real estate shows on HGTV. What would they do without these shows?


My dream is that they actually start showing some Home and Garden shows that actually show decorating and gardening tips and techniques. But I have a feeling that isn't going to happen.

#36

Alyce

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Posted Nov 5, 2007 @ 6:07 PM

Did anyone see the one w/the lady who had a house in New Hampshire? She was doing an addition -- mudroom, bathroom and carport. She was getting the appraisal because she wanted to be able to sell her house and make enough to buy a new one for $200,000 and also buy a brand new car -- giving her daughter her old car.

I was on the phone & missed seeing what . . . . . . . . her house was worth. Can anyone fill me in? Thanks!

#37

EmbiggenedSoul

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Posted Nov 5, 2007 @ 6:21 PM

Huh. I did not know that Kendra was on the Apprentice. I stopped watching that show after Omarosa was on. Despite my complaints about the show, I watch it every time it's on, so butheircousins, I guess I like it too, it's just SO..............DRAMATIC! :)

Alyce, I can't exactly remember what her house was worth, but I think it was about $5k or $10k less than she had been hoping for, so she was up in the air on whether she'd get the car or not. It wasn't under by a lot, I just can't remember the exact number.

Edited by EmbiggenedSoul, Nov 5, 2007 @ 6:23 PM.


#38

OSM Mom

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Posted Nov 5, 2007 @ 6:35 PM

Did anyone see the one w/the lady who had a house in New Hampshire? She was doing an addition -- mudroom, bathroom and carport. She was getting the appraisal because she wanted to be able to sell her house and make enough to buy a new one for $200,000 and also buy a brand new car -- giving her daughter her old car.

I was on the phone & missed seeing what . . . . . . . . her house was worth. Can anyone fill me in? Thanks!


I don't remember the exact amount, but it was less that she wanted/needed/was expecting. She made some comment to the effect that her daughter probably wouldn't be getting the car.

#39

Alyce

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Posted Nov 6, 2007 @ 10:39 AM

Thank you! I hate when I miss the realtor's estimate! (Not that it is written in stone or anything!) Just wanted to have a ballpark idea! LOVE to have this place to be able to come and ask when I miss the ending! I really appreciate you guys!

#40

Paula in Playa

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Posted Nov 6, 2007 @ 12:54 PM

I know there was a different host when this show first when on the air, but obviously she was forgettable!

Can't stand Kendra's voice and her childish way of dressy. Also, during the DRAMATIC pauses she stands there like a cow.

Fun to see the houses, though, and snark on the decorating.

But the biggest thing that annoys me about the people on the show was alluded to earlier. People have either one kid or want another and HAVE to have a bigger house. Why? Why does a family of four need 10K SF????

#41

Caillou Shampoo

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Posted Nov 6, 2007 @ 1:20 PM

I know! [/Monica Geller] One of last night's houses was a big farmhouse in Mass. that was completely remodeled and gorgeous, but everyone seemed to think it was too small. Do kids really need a bedroom + a family room + a playroom? (And in this case, a huge yard as well.)

#42

thatsforsure

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Posted Nov 26, 2007 @ 2:41 PM

Yes, because the three bedroom houses we all grew up in (with 6 and up kids) made us lacking in self-esteem and whatever other psychobabble they are feeding us to convince us that our kids need 60 thousand times more stuff and space than we had. What are their kids going to do when they grow up, live in gilded palaces? I guess each generation needs to outdo the last, but eventually there won't be room for all the mansions.

Aaanyway, I was getting a little bored with this show since the people always seemed to meet or exceed their expectations, but yesterday's ep had two out of three people way below their hoped-for value. Who knew that an in-groung swimming pool is a downgrade and that a one-story house is an upgrade? I learn so much from this show.

One thing I'm learning from all these HGTV shows is how stupid some people are about the silliest upgrades. Particularly the stainless steel appliances. Hello....you can have them installed yourself with practially no inconvenience, but it seems like people are willing to pay any price just to have them already there. Not to mention the granite countertops. What happens when this fad passes, too?

#43

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Posted Nov 27, 2007 @ 1:54 PM

I saw an episode last night with a house in Las Vegas. The realtor described the Las Vegas nightmare as "flat". Well, all right. That is a bit generous compared to what I've heard elsewhere, but okay. Then on the walkthrough she did the unthinkable. In the kitchen she praised the homeowner for his granite countertops, trashed his pine cabinets, and totally ignored the fact that he didn't have stainless steel appliances! I was shocked, I tell you. Shocked! How on earth is he ever going to unload a house that doesn't have stainless steel appliances?

<Still shaking my head in disbelief>

#44

skibunny1

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Posted Nov 27, 2007 @ 10:44 PM

I used to watch this show but we gave it up. She is not a real host and it shows. Her voice makes me want to turn the channel and every dumb thing out of her mouth sounds rehearsed! HGTV sure has some really untalented people but she must be near the bottom, even for Homely Girl TV.

#45

blondie69

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Posted Nov 27, 2007 @ 10:56 PM

I could not agree more about her voice. The fact that she said "you CAN'T live with 5 people and only 1 bathroom", bitch my family did for almost 15 years.

#46

loudfan

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Posted Nov 29, 2007 @ 2:33 AM

You could do a MHiWW drinking game and take a sip every time a realtor mentions stainless steel appliances, granite countertops, or the fact that a master suite MUST have its own bathroom -- you'd be drunk by the end of the 30 minutes. I personally don't like the look of stainless steel appliances and just bought a house without them (gasp! -- it does have granite countertops, though). In a few years, won't stainless steel look as dated as harvest gold '70s appliances do now? After all, the industry has to keep us buying the newest thing...

#47

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Posted Nov 29, 2007 @ 6:56 AM

Just a word of warning to those who haven't figured it out yet- Your house is only worth what a person is willing to pay for it. Meaning- a Realtor's guess is only that, a guess in the current market and not what you WILL get for your house. Example, two years ago we had our house appraised at 170,000, which is the average going price on homes in my small town. Seven months ago, we put our house on the market at 169,900. Presently, our price is 145,450. And we haven't sold it yet. And this is after we renovated every single room in the house (new paint, refinished original hardwood floors, new lighting fixtures, etc). SO! On the show, I get a kick out of how the Realtor tells the homeowners to go ahead and put X number of dollars on upgrades because they will surely recoup their investment and then some. OR, 'yeah, put it on the market and you will get the big bucks you are seeking. Sure, that may work sometimes. But sometimes it won't because of the market going south.

#48

henrysmom

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Posted Nov 29, 2007 @ 9:42 AM

Just a word of warning to those who haven't figured it out yet- Your house is only worth what a person is willing to pay for it.


I'm still kind of amused by the last episode I saw, where the guy in Vegas was told his house is worth 1.2 million. Since Vegas is one of the markets that crashed big time, I have to wonder what his reaction to the "estimate" is now. I'm guessing if he priced it that high, its still sitting unsold.

#49

chickieloveknit

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Posted Dec 3, 2007 @ 2:27 PM

I hate Kendra as the host. What were they thinking?

I am a big fan of this show but I cannot understand who thought this twink would make a good host? What are her qualifications? There is no purpose to even having a host with this format.

or the fact that a master suite MUST have its own bathroom

One of the realtors last night stated it as absolute fact that no one would buy a home in which the master bedroom did not have an attached bath to make it a "master suite". Excuse me?! Not only do I imagine there are many people who could suffer through such inhumane living conditions, there are some of us that can only afford such meager accomodations. The horror.

#50

Blazedog

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Posted Dec 3, 2007 @ 2:50 PM

I am a big fan of this show but I cannot understand who thought this twink would make a good host? What are her qualifications? There is no purpose to even having a host with this format.


I am not a Kendra expert but I think she had quite a successful real estate business in Florida before she went on The Apprentice. She then opted to do real estate for Trump when she won. I think she is back to doing real estate. That is about the limit of my knowledge but she would seem to be more qualified in the field than Suzanne of HH>

or the fact that a master suite MUST have its own bathroom
One of the realtors last night stated it as absolute fact that no one would buy a home in which the master bedroom did not have an attached bath to make it a "master suite". Excuse me?! Not only do I imagine there are many people who could suffer through such inhumane living conditions, there are some of us that can only afford such meager accomodations. The horror.


I think that it is relative to the price level of a house and/or geographic location -- i.e. a condo in Manhattan is much less likely to have an attached master suite until you are at the million dollar level -- or at least the lack therewith wouldn't automatically exclude for consideration.

The appraisers are always pretty careful to compare to houses for the same amount of money -- or new construction where the owner is expecting to get the same price as newer construction in the area.

The reality is that when looking for a house, people are comparing it to what they could get for the same amount of money -- and then trading off unless money is no object -- short commute important? -- one generally gives up space and might not have a master bath. Want to live in an older area -- might not have a master bath or the master bath might be considered small by modern standard -- i.e. lots of homes built in the 1970's have a shower rather than the kind of palatial master bath being built.

But it seems as though the cookie cutter developments in Las Vegas, Florida, various outer suburbs, Riverside County in Los Angeles all have these very standard layouts in which there is a large to palatial master bath and one would have difficulty selling in those markets without one.

Edited by Blazedog, Dec 3, 2007 @ 2:51 PM.


#51

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Posted Dec 3, 2007 @ 3:13 PM

Yesterday I watched the episode about a woman who had purchased a Baltimore rowhouse several years ago. She had done minimal work to it (painted interior, ripped out carpet and refinished the wood floors) and was into the house for $128,000. It needed some serious updates (kitchen and bath work) and once again she was counting on the "equity" to allow her to do the improvements. The agent said she would list the house at $260,000 and Kendra gave a rah-rah speach about how, as a first-time home owner, the HO had made smart choices that had increased the home's value by $132,000. So much bullshit. Paint and refinished hardwood floors do not double a homes value. A real estate market going through the roof does that.

Which leads me finally to my point. The show does not acknowledge the impact of the current market on the list prices, nor does it take into account the downward trend we are now experiencing. When some of these shows were taped, the market was high. I wonder how many of the HOs got second mortgages based on their appearences on the show and now regret it. Actually, that would be an interesting follow-up- how many of these folks really DO add the baths/update the kitchens or any other recommended price-jackers the agents discuss?

#52

Blazedog

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Posted Dec 3, 2007 @ 3:54 PM

Yesterday I watched the episode about a woman who had purchased a Baltimore rowhouse several years ago. She had done minimal work to it (painted interior, ripped out carpet and refinished the wood floors) and was into the house for $128,000. It needed some serious updates (kitchen and bath work) and once again she was counting on the "equity" to allow her to do the improvements. The agent said she would list the house at $260,000 and Kendra gave a rah-rah speach about how, as a first-time home owner, the HO had made smart choices that had increased the home's value by $132,000. So much bullshit. Paint and refinished hardwood floors do not double a homes value. A real estate market going through the roof does that.

Which leads me finally to my point. The show does not acknowledge the impact of the current market on the list prices, nor does it take into account the downward trend we are now experiencing. When some of these shows were taped, the market was high. I wonder how many of the HOs got second mortgages based on their appearences on the show and now regret it. Actually, that would be an interesting follow-up- how many of these folks really DO add the baths/update the kitchens or any other recommended price-jackers the agents discuss?


You do make valid points -- at the end of the day a house is worth what a buyer is willing to pay for it but (absent an aberrant) market, a real estate professional can provide an estimate of what a house is worth -- after all, there are people who earn a living appraising houses for various purposes. Leaving aside issues of competence or larceny -- there is an estimated market value of a house which has x features.

Within each market, there are estimates of what various improvements are worth -- so I guess it's semantics in terms of whether an improvement has "added" x value or whether all things being equal a house without a feature is worth x dollars less -- keeping in mind that beyond the actual cost of improvements, many people don't want to deal with major improvements. Therefore kitchens historically (assuming not out of line with the neighborhood) return 100% of one's investment). I have never put "paint" in the category of capital improvements but I would assume that a house with cracked walls, bad wallpaper and needing paint would get that much less on the marketplace.

Your other point regarding tapping equity for improvements is one that I have difficulty with as well -- the idea of seeing your home as a piggy bank rather than building equity is insane. I don't understand the reasoning of jumping up and down with jubilation because one can now borrow money and wipe out equity. I assume this kind of thinking is gone with the wind though since the end of the era of cheap mortgages with teaser rates and the housing bubble.

What I don't understand is how someone who needs the equity in order to put in a new bathroom feels they are in an economic position to pay higher mortgage payments -- what happened to saving for an expenditure LOL/

#53

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Posted Dec 3, 2007 @ 4:46 PM

The realtor on one recent episode told a 20-something woman that her granite was too dark and the arrow went down! Down for dark granite! If that's the case what is HGTV doing? They are leading everyone off a merry, expensive, granite-strewn cliff. I just found that interesting as with all my House Hunters viewing, plus the other that tours homes at various price points, I'd never heard that before. I have a feeling people's heads were exploding all over the country.

#54

lmwilker

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Posted Dec 3, 2007 @ 4:50 PM

But it seems as though the cookie cutter developments in Las Vegas, Florida, various outer suburbs, Riverside County in Los Angeles all have these very standard layouts in which there is a large to palatial master bath and one would have difficulty selling in those markets without one.


I saw the episode where the Realtor flatly told the couple that no one would want to look at the house without a "Master Suite" but the thing was it was a beautiful older home (100+ years I think) with a perfectly good shared second floor bathroom right outside off the hallway. I thought it was ridiculous.

#55

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Posted Dec 3, 2007 @ 6:07 PM

My husband, who is in banking, made the comment that in today's housing market, the exact week the episode was shot is relevant to the viewers' interest. Where exactly on the market curve did this promise of money occur?

#56

loudfan

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Posted Dec 3, 2007 @ 6:08 PM

Yesterday I watched the episode about a woman who had purchased a Baltimore rowhouse several years ago. She had done minimal work to it (painted interior, ripped out carpet and refinished the wood floors) and was into the house for $128,000.

I lived in Baltimore for many, many years and a lot of the close-to-downtown neighborhoods like hers have gotten MUCH hotter recently, especially with younger buyers. I am not surprised that people who bought into the neighborhood early on have seen large rises in their homes' values. The Realtor also suggested removing the formstone covering the house -- that was pretty amusing to me because formstone was applied to countless Baltimore rowhouses in the 40s and 50s and was apparently considered a status symbol back then -- it's just the opposite today. However, formstone removal can be fraught with pitfalls as you don't know what you're going to find underneath. Some of the original brickwork was porous and of poor quality. If she decides to go ahead with the work it could wind up costing a ton of money. It might be better to leave the formstone as a symbol of Baltimore's architectural heritage!

#57

gilgi

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Posted Dec 3, 2007 @ 9:39 PM

Just a word of warning to those who haven't figured it out yet- Your house is only worth what a person is willing to pay for it. Meaning- a Realtor's guess is only that, a guess in the current market and not what you WILL get for your house.


Seriously. I loved an episode which featured a realtor in Phoenix who said with a straight face in 2007 that while some markets had had a downturn, Phoenix was still booming and was immune to the real estate crash due to all the people moving in. The reality: next to Southern California, Phoenix is one of the absolute hot spots of the current bubble crash. I don't know if this was the case for all of 2007, but certainly it seems like it has been, and certainly since the Spring.

It is in the interests of realtors to make it look like their market is doing well. They might come up with a more realistic appraisal if they were actually putting the house on the market, but this show is just a fantasy world, so they quote some figure that is as high as they can without sounding totally nuts. So frustrating.

#58

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Posted Dec 4, 2007 @ 10:04 AM

I think this show is about as unreal as House Hunters. The homeowners (and they can't truly be this gullible, can they?) seem to think that if the realtor says he/she would put the house on the market at 450K, then that is actually money in their pocket. Even before the real estate market crashed and burned, that was never true. Yes, you might have all the bells and whistles that are apprently necessary in life in America nowdays--the man room, the granite, the master suite, the stainless steel appliances. But that doesn't necessarily mean that you are going to get a buyer for your house.

I kind of wish they would do a crossover show with this and Buy Me. I'd love to see how happy these people are once they realize that setting a price doesn't necessarily mean you get that price.

#59

Blazedog

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Posted Dec 4, 2007 @ 11:52 AM

I think this show is about as unreal as House Hunters. The homeowners (and they can't truly be this gullible, can they?) seem to think that if the realtor says he/she would put the house on the market at 450K, then that is actually money in their pocket. Even before the real estate market crashed and burned, that was never true. Yes, you might have all the bells and whistles that are apprently necessary in life in America nowdays--the man room, the granite, the master suite, the stainless steel appliances. But that doesn't necessarily mean that you are going to get a buyer for your house.


I have no idea whether every HO on the show is indeed gullible enough to think that an estimate is money in their pocket -- leaving aside issues of whether one really wants to tap out ALL the equity in what is many people's principal asset.

However, as a representative sample of homeowners for the past few years, I would say it is an accurate depiction as many people viewed the equity as a piggy bank and a home loan requires some sort of appraisal to satisfy the bank. I am leaving out any issues of whether the appraiser has been picked because of his "generous" estimates -- ask any realtor about this practice which in some extreme cases was actually fraudulent as opposed to "generous."

People bought, borrowed and improved based on an aberrant bubble in the housing market. I had friends who refinanced several years ago and felt "rich" because they had no mortgage payments for a few months since they had ALREADY pre-paid in the closing costs LOL.

And not very different from people who lease cars so they can drive more car than they can afford or tell the car salesperson they can afford X dollars per month and wind up with a 7 year car loan which puts them upside down on their car's equity.

#60

TrippingJ

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Posted Dec 4, 2007 @ 1:23 PM

My favorite part of this show is when the appraised value is lower than what they were anticipating.
Seriously, a house should never be used as cash cow. If you are making your decisions on remodeling or buying a new home and need your current house to be worth so much, you're setting yourself up for failure.

As many of you have pointed out, today's real estate market is much different from a year or two ago. People today are waiting for a deal and want to get the lowest price possible. I can't even tell you hoe many advertisements I see for homes today that scream, "priced well below recent appraisal".

The realtor on one recent episode told a 20-something woman that her granite was too dark and the arrow went down! Down for dark granite! If that's the case what is HGTV doing? They are leading everyone off a merry, expensive, granite-strewn cliff. I just found that interesting as with all my House Hunters viewing, plus the other that tours homes at various price points, I'd never heard that before. I have a feeling people's heads were exploding all over the country.


Seriously. I saw another one where the realtor said the bathroom wasn't updated because it had Corian instead of Granite. I have Granite in the powder room in my house and it's not as great as Corian. It looks nice, but the undermount sink used with Granite is extremely hard to keep clean. Not to mention that Granite is more porous than Corian.