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near north hills, 40% more after three years (on paper anyway), but all the tear downs in my neighborhood are at least 1500 sqft more than my house, which makes my house look like a bargain. We consider ourselves lucky.
I have been in my house a little less than a year. I could probably sell it for close to what I paid but not more.
I don't really care.
I'm in the house to stay (barring anything happening that couldn't be managed to) and I have a strong equity position. I have more home than I ever thought I could have, and I have no ambitions to buy anything bigger or nicer. I have a fixed mortgage that I can handle at favorable terms.
I'm done.
I think the question is answered when it comes time to actually sell your home. Then the true value is revealed.
Agreed... In my 'hood, comps are all over the place. I would think with the upgrades I've completed, I would recoup my expenses and the purchase price of the house. But, who really knows until I list it on the market.
Agreed... In my 'hood, comps are all over the place. I would think with the upgrades I've completed, I would recoup my expenses and the purchase price of the house. But, who really knows until I list it on the market.
It's not the list price, it's the sale price. People in my 'hood appear to be pretty optimistic about the value of their homes. We'll see how it pans out when they sell.
Your house, my house, the Biltmore Estate house, is ONLY worth what someone is willing to pay for them! No more and no less. Trying to estimate what your house will sell for in any given time frame is like rolling a 7 on a single die. Yea, seeing what homes sold for near and far from you is beneficial and necessary but saying your home is worth more or less than the comp sheet is irrelevant IMO UNLESS you just sold it and at that point you know what it is truly worth.
I have seen homes sell for far more than I thought or IMO should have and ones that sold for far less, having me and their current owners shaking their heads. Some side-2-side and other up & down! The relative factor on price is also TIME. One can sell quick at a low price or long at a high price or visa-versa. One just never knows.
Its all predicated on the Buyers will. The best way to enhance a 'Buyer's willing-ness' is with a good real estate agent. They can bring the right pre-qualified Buyers to your personal castle! Kind of like the modern day Pip-Piper's, they are! This is not a sales pitch for a agent just tried and true facts!
Of coarse I too have visions of my home being worth 10x my 401k savings (pre-crash that is) but being I'm not planning on moving anytime soon, having it worth the value of a dry roof over my head that keeps us warm and cool is OKAY with me!
While it's great news that some are reporting increases in their home values, don't bank on it staying that way or even being true. People are beginning to realize the actual values of home, and with homes in some areas at astronomical prices (>600k) it'll settle out over time. You have to remember, we don't live in NY or LA, property here is abundant. To bank on the concept that your house values will continue to increase is hoping for a disaster. Just secure your mortgage and pay it off as you would any other debt--you will be thankful later on.
I am pretty confident that *our* home, for *now* will continue to increase in value because of the low price point (less than 200K) in Cary and the large size of the lot (again, for Cary standards). While I would agree that houses in the 500-600K price range will probably even out, there is definitely a shortage of sub 200K homes in the area.
But...I'm not selling it anytime soon, so it doesn't really matter!
It's not the list price, it's the sale price. People in my 'hood appear to be pretty optimistic about the value of their homes. We'll see how it pans out when they sell.
Exactly.... Despite any appraised value, someone is only worth what someone is willing to pay for it.
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People in my 'hood appear to be pretty optimistic about the value of their homes. We'll see how it pans out when they sell.
