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Old 11-05-2012, 06:08 AM
 
Location: Powell, Oh
1,846 posts, read 4,504,195 times
Reputation: 1074

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I am hoping that I can get some opinions from some of you on the board, and maybe some hard facts from a realtor or two.

Here is my situation. I may or may not stay in Huntsville once my son graduates from high school or college. He is in 6th grade now, so we have some time to decide.

I really like the Blossomwood area, and also homes off McClung, Eustis, Randolph, California, etc. I like the charm of the homes, and the location. The problem is that we already own a home. We live in the Mt Carmel area (for those of you that don't know, it is in Huntsville, but across Chapman Mountain...basically just east of downtown across the hill off of HWY 72). We live in a newer home, and I know that the areas I am looking at we will have to get a smaller home for an equivalent price.

So here are the things going around my head:

1. If I sell my house (and pay the $15K or so in fees), and move to the areas I mentioned, then I am possibly looking at selling two houses in 10 years or so.

2. If I stay put and just ride it out where I am, will my house appreciate as much as the others?

3. Which house will appreciate more, assuming that they both cost the same right now? For example, let's say you have a $250K house in both areas, and don't remodel over the course of the 10 years. At the end, will they both still be worth the same; or would the one in the areas mentioned be worth more just because of location. Let's say the one in the Mt Carmel area might be worth $300K and the one in Blossomwood or off Eustis may be worth $350K. That difference would help out with the cost of moving, etc.

4. It may sound silly, but I would probably save gas by moving. My son goes to school in that area, my wife works in that area, and I work not too far from there; so rather than paying $300/month for gas, we may only spend $100.

5. I know that you can't reliably speculate on real estate, but was just wanting an idea or average if I would be better off staying put or buying in the other area. My wife likes our house; but would move for the right place. Or at least if I promised to do a few upgrades when we moved (granite, wood floors..or refinish the wood floors, etc...you know, girly things).

I appreciate any advice and feedback!
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Old 11-05-2012, 07:41 PM
 
Location: Madison, AL
3,298 posts, read 5,799,328 times
Reputation: 2666
Let me pull out my crystal ball...... Just kidding!

As far as appreciation goes, that is pretty darn near impossible to determine, especially in an area like New Market/Mt Carmel will so much growth/new construction. Right now, sales are slow and there is a TON of inventory. 10 years...who knows?

I will tell you IMO you will see a greater % in regards to appreciation in the Blossomwood area. Its a never fail for investment purposes as home prices there have remained strong even as other areas fall. Specifically where you are looking is more in the historic districts and there is always going to be a market for that type of home. Definitely better potential for appreciation than Mt Carmel. Some homes on Eustis, Randolph, Clinton, Greene, Williams, etc command the highest price per square foot in the area.
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