I know this will be highly unscientific, but I'm just looking to get a ballpark figure here. I own a 3/2 standalone SFH in University Park, and the tenant is interested in buying. Can anyone give me an idea of what market prices have done there over the past 3 years, or point me toward a local pro that could assist? They just floated the inquiry today, so I have a lot more digging to do if they are serious, but if they come back with a number I'd like to know if they are in the right ballpark.
@Patrick Bushman , are they suggesting a lease with buy-option? Or Seller financing? Or, you could just have it listed, with their offer considered with all others?
Or, you could just say no?
ie. How would selling it (by any method) help you invest better? Cheers...
[Note: Any local Realtor should be able to give you the (sold comps) ballpark value].
Thanks for your response. I've only heard the news through my property manager, so nothing formal is on the table. I think they have a lease-option in mind. My wife and I had been discussing selling this particular property anyway, and reinvesting in something closer to home, so if the numbers work I'm interested - especially if we can pull out some modest appreciation and avoid realtor fees at the same time.
in my experience prices have been going up. Not sure in university park but here in Joliet the have. I’d say if u plan to unload. This would be the ideal time. Prices are I think a little higher than the last cycle. ( atleast what people are asking for). I’d say good time before we peek out árbol this cycle. I’d say put it on the market either with a realtor. Or on here on the market place. Talk to local investors. I’m sure you could get a decen price right now. And invest closer to home on end the prices drop. Then again if u sell taxes on the sale. Might be better off seller finance or lease to own get ur monely little at a time each year.
Depends on where in UP but in general there has been very low appreciation. I have a SFR there as well but I'm in a low poverty area by the university and golf course. Shoot me a message with your address - I pulled a thorough market report from neighborhood scout for my area before purchasing. I'd be happy to share it with you. Even if we are in different areas in University Park there should be a lot of good info there.
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