Expert: Toni Yates - 11/26/2007

Question
I have a 2 br/1 ba 1100-1200 sqft condo near dowtown Norfolk in a popular
residential neighborhood called Ghent.  While I lived there I redid the
bathroom and kitchen.  It is very convenient (a 3 to 5 min walk) to a grocery
store and most of the best restaurants, bars, and coffee shops in Norfolk.  A
condo just like mine (in my building) went for 275k three years ago. Could I
expect 290K now? Who pays buyer/seller costs?  How much do those run?

Answer
Hi Mimi-
There are two ways to determine the market value of your home- one is an appraisal (which should run in the neighborhood of $300-400 in your area) by a certified residential appraiser. The other is to have a realtor (or realtors)do a comparative market value analysis (providing comps to support their valuation), usually at no cost to you, on the possibility of listing it with them. You may be very pleasantly surprised!I'm afraid Norfolk is not my area of expertise but I'm sure you have many "local experts." Usually, each party pays their own closing costs but they are completely negotiable. In a buyers' market, buyers often ask for all or a portion of their closing costs to be paid by the seller up to a limit which can be identified by their lender (based on limits of seller contributions. Your realtor can also help you determine the closing costs customary in your area and provide you with a "net to seller" worksheet- again, all at no obligation to you should you decide not to sell. Hope this helps, Toni