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Old 06-10-2008, 07:17 PM
13 posts, read 43,090 times
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Does anyone know how I can find out how much Puyallup housing has actually gone down? I'm a little confused. I hear all this talk of houses going down in value. Me and my husband bought our duplex for 365,000 last summer. It was worth $400,000(appraised that spring) We got our house appraised again not long ago because we refinanced to have our loan in our names without my husbands parents names(they helped us buy it in the beginning) and it had gained around $50,000. So I thought the price of houses was going down not up? Can anyone explain this? Did we just have a bad appraiser or something???? I'd like to know whether our house is really worth that much more than when we bought it.
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Old 06-11-2008, 07:18 AM
Location: Nine Mile Falls/Spokane, WA
983 posts, read 4,224,113 times
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Did you have a Realtor help you with the purchase of the duplex? He/she would be able to answer your questions about the market value of homes in your area. If you don't have your own Realtor, ask someone for a recommendation and then explain that you just want to get a general idea of current market value for your duplex. A good Realtor will offer you information in the hopes that one day you will recommend them to someone else, or use them in the future when you need to buy or sell. There are still areas in WA that are holding steady and/or appreciating in property values so it's possible that your property has increased from when you purchased it last year. I am not familiar with that area....perhaps there are other agents on here who can give a better idea of the current market in Puyallup.
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Old 06-11-2008, 09:28 AM
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From what I understand, Puyallup in general has gone down. but appraisal is not an exact science, and when an appraiser looks at comps, he/she would be looking at duplexes nearby of similar vintage and size, and maybe there just aren't a lot of them around, so maybe the appraiser found another duplex that sold for quite a bit more and influenced the most recent appraiser.
Another theory: Rents have been going up, so perhaps rental property is now commanding a higher premium than it did over single family houses.
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