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Old 05-19-2014, 03:19 PM
 
6 posts, read 5,523 times
Reputation: 10

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Hello! The boyfriend and I are looking to buy a home in the Green Mountain area of Lakewood (budget up to $430K). We've seen a couple of homes higher up the ridge that appear a bit overpriced, given nearby comps and days on the market (longer than a week or two, if priced correctly, and one can assume as much in the crazy Colorado market).

Thoughts about home value in that area? The houses are somewhat outdated and require some revamping, however minimal. We don't want to find ourselves in a few years with a home sticking for months on the market should we resale, or put updates into the home and price ourselves out of the market. Thanks.
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Old 05-19-2014, 03:25 PM
 
Location: The Berk in Denver, CO USA
13,947 posts, read 20,196,196 times
Reputation: 22565
Default What?!

Quote:
Originally Posted by JodieMarie View Post
We don't want to find ourselves in a few years with a home sticking for months on the market should we resale, or put updates into the home and price ourselves out of the market.
Given that you should buy a house with an intention to live in it for 5-7+ years, your concerns are silly.
What will the market be like in 7 years? If you know, then you are amazing.

Do you like the location?
Do you like the immediate neighborhood?
Do you like the house?
Is it reasonably priced?

Then buy it.

Last edited by davebarnes; 05-19-2014 at 04:10 PM..
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Old 05-19-2014, 03:46 PM
 
Location: 5280 above liquid
356 posts, read 513,653 times
Reputation: 383
Quote:
Originally Posted by davebarnes View Post
Given that you should buy a house with an intention to live in it for 5-7+ years, your concerns are silly.
What will the market be like in 7 years? If you know, then you are amazing.

Do you like the location?
Do you like the immediate neighborhood?
Do you like the house?
Is it reasonably priced?

Then buy it.
Probably one of the smartest things written on this board in a long time regarding real estate. Kudos to you DB.

What happened to the days of people buying a home with the intention of actually living in said home for the long term because they need shelter?
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Old 05-19-2014, 04:37 PM
Status: "Celebrating 30 years as a Broker" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,310,762 times
Reputation: 7085
You should always buy with selling it in mind. No one has a crystal ball and can tell you what the market will be like in the future.

Go for reasonable for the area in your remodel. If you go overboard with the renovations, you may not get 100% return on your investment. So what. You got to live there and enjoy the heck out of it.

I once sold a home with a bowling alley (2 lanes) in the basement. I thought it was a hoot, and most homebuyers said it would work not for them. The people I sold it to now have two kids with full bowling scholarships to some college in Kentucky. Good for them!
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Old 05-19-2014, 07:45 PM
 
Location: Colorado
546 posts, read 1,485,986 times
Reputation: 702
We bought here (Littleton) last Spring just when the market was getting really crazy. Our house has some things about it that we really love, mainly the over sized yard and it is an older house that has been completely updated. We were nervous about having to "outbid" others to get it because at the time we felt we paid too much when looking at comps in the neighborhood. We REALLY loved the house though and want it to be the one we stay in until our kids are raised (10 plus years). Fast forward one year...the houses in our neighborhood (the few that have come up for sale) are flying off the market, even the ones that need tons of work. It was definitely worth it to follow our instincts and just go for it---I think things over here are even crazier than the time when we bought and we didn't think that was possible. Even if we did "overpay" it was worth it to get a well taken care of house that meets the needs of our family. I do think it seems like some people are putting their homes on for really high prices but the crazy thing is people seem to be buying them anyway!
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Old 05-20-2014, 11:09 PM
 
6 posts, read 5,523 times
Reputation: 10
"You should always buy with selling it in mind."

Indeed. Or else you end up selling your home to some sod like me who pays only slightly more than you did 7 years ago.
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Old 05-21-2014, 06:16 AM
 
Location: The Berk in Denver, CO USA
13,947 posts, read 20,196,196 times
Reputation: 22565
Default Disagree

Quote:
Originally Posted by 2bindenver View Post
You should always buy with selling it in mind.
I disagree.
We bought a new build 1/2 duplex 3 years with ZERO thought about "selling".
We plan to live here 20+ years.
You cannot predict markets 20+ years in advance.

A house is NOT an investment, it is a place to live in and enjoy life.
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Old 05-21-2014, 09:31 AM
 
Location: 5280 above liquid
356 posts, read 513,653 times
Reputation: 383
Quote:
Originally Posted by davebarnes View Post
I disagree.
We bought a new build 1/2 duplex 3 years with ZERO thought about "selling".
We plan to live here 20+ years.
You cannot predict markets 20+ years in advance.

A house is NOT an investment, it is a place to live in and enjoy life.
Once again- great reply DB. You can't even predict a market 2 years in advance.

Of course you'll hear "you should plan to buy with selling in mind" from realtors, brokers and lenders because if everyone stayed put in their homes for 20+ years their wallets would take a huge hit...
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Old 05-21-2014, 10:47 AM
Status: "Celebrating 30 years as a Broker" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,310,762 times
Reputation: 7085
All Realtors in Colorado are brokers.

If you do not make a smart investment when you buy, how can you hope to make up for it when you sell?

It's the same as having a will. You do have a will, right?
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