Quote:
Originally Posted by BPRICE1234
It appears that the used/pre-owned homes cost more than new. I understand that making a house your home takes money.
My question is home appreciation almost guaranteed in TV? We are looking in Denham/Dabney area but really want Eastport when it gets closer to being finished.
Should I take the discounted price and bank on a decent return when I sell in 3 years? I see so many listed and they don't seem to move that fast on the pre-owned.
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The best way to answer this question is to research yourself. Choose a few homes you like on VLS and MLS then carefully watch. This week, I saw a preowned home a family member likes listed for $625,000. A few days later, I saw the same model on the same street listed for $540,000. The difference is NOT the home upgrades. The cheaper actually has more and better improvements. The reason the second home arrived much cheaper on the market is because it had been on VLS for six months with no interest. Now, it is on MLS at a much lower cost. The more expensive home is brand new to MLS. There is no indication it was up for sale prior.
Home prices are CRAZY! Anyone who doesn't research before buying or purchases with the idea of making a huge profit in a year, obviously, has not taken the time to study the CURRENT market. It is much different than a few years ago. Many are unable to sell or are taking a loss to get out.
Some posters will come on this thread and tell you my information is incorrect. My response is: watch VLS and MLS carefully for a month or so. Maybe the style of home you are looking for shows resale profits are GREAT. However, many homes will reveal the opposite. A giant inventory did not occur because homes are selling. The homes are sitting stagnant. Many must switch from VLS to MLS (vice versa) once their contract expires with their listing agent. It is a BUYERS MARKET. Nothing a seller can do but hope for a sale.