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Old 04-21-2019, 03:42 PM
 
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Hello,

DH might be relocating our family for his job from the place that absolutely love to Richmond. Hence, this will be a temporary move because in 5 years I already know I would want to move back. Having said that the next house we buy will be a purely transactional as it is by no means our forever house. We want to pay that house off and save, save, save on the side to come back and buy our next house cash. The homes where we are from are more expensive (higher appreciation also) so we need to be prepared to buy at a higher price. Our current house might sell for $700k but I understand homes in Richmond are less expensive. We want to make a smart choice and buy in the best location for resale purposes. Our child will be going to private school and I work from home full time.
We have looked in the Glen Allen and Short Pump area, where I recently read on this forum that the 23059 is best. What about the Wyndham area? Do master plan communities carry a better appreciation? We will be looking for a home between $350-700k range, where our home wonít be the biggest one in the neighborhood and it will be easy to sale because itís in an average home price market. I am looking for a highly sought after neighborhood where the homes fly off the market. Any thoughts/recommendations?
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Old 04-21-2019, 06:29 PM
 
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We just bought a house in Richmond (Henrico county) in the Maebeury/Tuckahoe school district and the house we bought had 3 other offers on it the day it went on the market. We looked at quite a few houses and the older, less renovated homes, seem to stay on the market a bit longer. Also the homes on busy streets or thoroughfares stay on the market longer too. We looked at Wyndham and the Glen Allen/Shortpump areas too, but wanted to be nearer the University, and not too far from the center of Richmond. Our realtor really likes Wyndham and was encouraging us to look there, but we did not like the subdivision types of neighborhoods as much.
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Old 04-22-2019, 09:23 AM
 
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Stratford Hills seems like a harder place to buy a house in -- market is hot with multiple offers on houses that last only a few days.
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Old 04-22-2019, 01:31 PM
 
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Quote:
Originally Posted by adriftinthebay View Post
Stratford Hills seems like a harder place to buy a house in -- market is hot with multiple offers on houses that last only a few days.
Really? The homes for sale in that area are at a much lower price than the median price range in Richmond.

What about the Twin Hickory neighborhood?
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Old 04-23-2019, 08:25 PM
 
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Originally Posted by Snshn1001 View Post
Really? The homes for sale in that area are at a much lower price than the median price range in Richmond.

What about the Twin Hickory neighborhood?

Totally different places - my kids friends are all buying in the Stratford Hills area - they are 20s ish - Twin Hickory is pushing older with kids
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Old 04-24-2019, 11:35 AM
 
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Originally Posted by Snshn1001 View Post
Really? The homes for sale in that area are at a much lower price than the median price range in Richmond.

What about the Twin Hickory neighborhood?
Twin Hickory / Wyndham / other neighborhoods around that are standard-issue suburbia. Buyers are looking for brand-new houses, location isn't really a factor, and you'll probably get price depreciation over the short-run (five years or so). You need to be in the city / in a place where people care about location to get appreciation over that short a time horizon, I'd think. Ultimately though I'm not sure I'd speculate on housing like that - for what you're looking to do, I'd buy a house where you are, rent it out, and rent in Richmond. That way you have a place to come back to and you don't need to worry about diverging local housing market trends.
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Old 04-28-2019, 05:15 PM
 
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Originally Posted by ny_guy View Post
Twin Hickory / Wyndham / other neighborhoods around that are standard-issue suburbia. Buyers are looking for brand-new houses, location isn't really a factor, and you'll probably get price depreciation over the short-run (five years or so). You need to be in the city / in a place where people care about location to get appreciation over that short a time horizon, I'd think. Ultimately though I'm not sure I'd speculate on housing like that - for what you're looking to do, I'd buy a house where you are, rent it out, and rent in Richmond. That way you have a place to come back to and you don't need to worry about diverging local housing market trends.
Iíve noticed that homes donít appreciate much over there. In fact, I ran into a few homes where the change in price in 10 years for close to nothing or just a few thousand dollars. Thatís crazy to me given where I live the market is so good. DHís friend bought a house in Midlothian for $650k and the previous owner bought it 12 years earlier for $651k!! If I add the insurance, property taxes, HIA, maintenance and repairs that come over time, I am really leaning to rent since itís likely that in 5-6 years we will end up spending a lot more than the equity we will get out. The current house where we leave in our home state appreciated $170k in 4 years.
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Old 04-28-2019, 06:08 PM
 
127 posts, read 115,878 times
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Quote:
Originally Posted by Snshn1001 View Post
Iíve noticed that homes donít appreciate much over there. In fact, I ran into a few homes where the change in price in 10 years for close to nothing or just a few thousand dollars. Thatís crazy to me given where I live the market is so good. DHís friend bought a house in Midlothian for $650k and the previous owner bought it 12 years earlier for $651k!! If I add the insurance, property taxes, HIA, maintenance and repairs that come over time, I am really leaning to rent since itís likely that in 5-6 years we will end up spending a lot more than the equity we will get out. The current house where we leave in our home state appreciated $170k in 4 years.
Well, they're not running out of land in the distant suburbs around here, so there's no real price pressure in those areas that would cause prices to increase. And traffic isn't that bad overall, and everything out in those suburbs requires driving, so one subdivision (in Midlothian/Short Pump) isn't all that different than any other subdivision in terms of convenience. So people just go for the newest houses. Hence little price appreciation.

My house in the city is up more than yours over the past four years, so that phenomenon is happening here, just not in the suburbs (I'm in the Museum District - look at the Fan/Museum District/parts of the north side and maybe parts of the south side like bon air for that kind of appreciation, at least over the last several years). The city is where people care about location and where the boundaries can't expand, so since demand exceeds supply, the prices have been increasing. No idea whether that will continue over the next several years, but I'd bet it will; there continue to be more people moving into the city and there continues to be more to do here, causing it to be an increasingly desirable place to live.
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Old 04-29-2019, 04:33 AM
 
318 posts, read 268,386 times
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Quote:
Originally Posted by ny_guy View Post
Twin Hickory / Wyndham / other neighborhoods around that are standard-issue suburbia. Buyers are looking for brand-new houses, location isn't really a factor, and you'll probably get price depreciation over the short-run (five years or so). You need to be in the city / in a place where people care about location to get appreciation over that short a time horizon, I'd think. Ultimately though I'm not sure I'd speculate on housing like that - for what you're looking to do, I'd buy a house where you are, rent it out, and rent in Richmond. That way you have a place to come back to and you don't need to worry about diverging local housing market trends.

I agree with the bolded statement here. Younger (read: millennial and recent college grads) want to live in cities, in walkable neighborhoods. If you want short term gains in a growing city (as Richmond is) then buy in a trendy city area like the museum district or the Fan.
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Old 04-29-2019, 12:10 PM
 
Location: Where my bills arrive
8,066 posts, read 9,496,710 times
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Quote:
Originally Posted by Snshn1001 View Post
Iíve noticed that homes donít appreciate much over there. In fact, I ran into a few homes where the change in price in 10 years for close to nothing or just a few thousand dollars. Thatís crazy to me given where I live the market is so good. DHís friend bought a house in Midlothian for $650k and the previous owner bought it 12 years earlier for $651k!! If I add the insurance, property taxes, HIA, maintenance and repairs that come over time, I am really leaning to rent since itís likely that in 5-6 years we will end up spending a lot more than the equity we will get out. The current house where we leave in our home state appreciated $170k in 4 years.
Realize that during that 10 year window that you speak of 8 of those 10 years were the economic downturn which flattened many home values.
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