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How would you know the value of a house if it was a spot built cul-de-sac and no others on the street have sold? There is not a comparable street as this street-20 houses-was built on a bigger scale and all has original owners in it (from 1996). Thanks-
How would you know the value of a house if it was a spot built cul-de-sac and no others on the street have sold? There is not a comparable street as this street-20 houses-was built on a bigger scale and all has original owners in it (from 1996). Thanks-
Take the amount that the original owners paid in 1996 and enter it into my appreciation estimator.
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How would you know the value of a house if it was a spot built cul-de-sac and no others on the street have sold? There is not a comparable street as this street-20 houses-was built on a bigger scale and all has original owners in it (from 1996). Thanks-
Has the builder built any similar homes, but not in the same town? If so, you can check those out and then adjust for the area. Be very wary of paying above the neighborhood value for a home, even if it is much nicer then those around it. Neighborhoods put caps on home prices. I would be very cautious about the situation you are describing. Remember, a few years from now, the homes won't be new anymore, then they won't be worth any more then the surrounding neighborhood.
Who are you talking to? It's true that, historically over time, home prices do increase. They do, however, fluctuate in the short term. Housing tends to go in about ten year cycles. We are going to see a downward trend for a couple of years, but not down to the 1990 level. Then they will start rising again, probably over where we are now. Real estate is always a good long term investment. The people who get hurt are those who have to sell and, for whatever reason, can not wait it out.
I had trouble with the calculation generator someone posted for me. The block is not brand new (11 yrs old vs. neighboring streets 30 yrs old) but the houses are much bigger. Thanks for all the replies so far.
Who are you talking to? It's true that, historically over time, home prices do increase. They do, however, fluctuate in the short term. Housing tends to go in about ten year cycles. We are going to see a downward trend for a couple of years, but not down to the 1990 level. Then they will start rising again, probably over where we are now. Real estate is always a good long term investment. The people who get hurt are those who have to sell and, for whatever reason, can not wait it out.
I was referring to what you said about new houses after they aren't new anymore; but now that you brought it up, this is not a normal market cycle.
I had trouble with the calculation generator someone posted for me. The block is not brand new (11 yrs old vs. neighboring streets 30 yrs old) but the houses are much bigger. Thanks for all the replies so far.
A downturn, yes. A recession? I don't think so. I don't think either of us can predict the future. I am simply talking about the historical trend. Remember, it was the same conditions back in the 80's that led to the banking crisis and the creation of the Resolution Trust Corporation. This is all just part of the cycle. I've gotta go, but if you guys are still discussing this tommorrow, I'll be glad to join in again. I really don't think its the end of the world. It never is.
It originally sold for $650 in 1996-they are asking $1.5- There has been one on the block on the market for 2 million dollars (give me a break) and it has been sitting for a year. The one that is sitting is a more traditional looking home-the one I am looking at is that centemporary style they built in the 80's-90's-sloped roofs, skylights,mica. We would want it for the location but it would take a lot of money to make it the way we would like it and I don't want way outprice what it is worth.
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