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Just for fun - I don't want to get too personal, so let's leave it at a percentage appreciation since you bought it... How much do you honestly believe the value of your home has increased since you bought it? If you had to get out tooooday!
I'll use the rental home I'm in now as an example:
I was talking with a neighbor yesterday and he mentioned what he thought his house was worth and what he paid for it. People do get friendly. heh
Anyway, I knew what my rental was sitting on the market at because the open house materials were left on the kitchen counter. He lives across the street. =P
Mooresville - good stats for 3000k sq ft... about 3 years old with like zero upgrades. Really good location west of 77... sidewalks... postage stamp lot.
<NOTE> You don't have to do all that "math" =)
Based on that, I'd guess this house has appreciated about 20-25% in 3 years - I assume it sells just under what it was at when I moved in. However, my neighbor thinks his appreciated 40%. o_O
Arboretum area, SE Charlotte.
Moved into current home 9 years ago with 20% down.
Currently have it 50% paid for.
Several times a month we receive notes in the mailbox to buy our home - it is starting to get interesting. Our home is small and modest but extremely charming.
Once they kids get out of college the wife and I will sell our home, wherever we may live at that time.
We will buy an inexpensive condo and a sailing yacht.
The kids can meet us in Dubai, Cape Town, or wherever we happen to be.
We just got our tax re-evaluation. We bought our home in 1975 and the land is now worth $1000 less than what we paid for the land and the house in that year. Our house and land is now worth 350% more than when we bought it. The value has only gone up 31% since the last evaluation. That's the good news.
The bad news is that our taxes are going to be about equal to the house payment we used to make. So much for getting your house paid off.
Highland Creek here. Bought the house in June for $89/sq ft. and comps in the area have been going for $98-$115/sqft., so I'd say I'm probably sitting on 10-20% appreciation. The issue, of course, is always about finding a buyer. No way I could sell my house for $115/sq. ft. in this market!
MIKEY.....RU you reading the replies? Northwest market is not indicative of the entire market. Responding to your words...I'm sorry you got burned. But not everyone has.....most have done well.
Hard to say. We are in the process of adding 950 sq. ft. to our house (finishing an unfinished basement) which will change our house from 3300 finished sq. ft. to 4250 sq. ft. We are also upgrading a lot of things, new appliances, hardwood, new paint, that sort of thing.
Our area has also gone up in the last 3 years we have been here.
With the upgrades and newly finished sq. ft. and the fact that you can no longer buy land in Marvin (we have 2.5 acres) and you need to buy a pre-existing house if you want land, I would say our house has probably gone up 50% to 60%. I am basing this on some comps in my immediate area that have sold within the last year.
We lived in Concord in the same house for 7 years. And in that 7 years, I'd say the house went up about...mmm.....5-10%. Not too astounding. Houses were pretty much holding steady where we were, definitely not declining at least.
We purposely bought into a less expensive neighborhood than we could afford because we knew we weren't going to be staying there right on. We originally planned to sell and get a much nicer home in a different area (as in, we were starting to look at Fort Mill and other places) when we found out we had to move to Brunswick County.
Now the house that we're building there??? Is going to go up astronomically because it's in an area of lots of high end growth. Not a good thing IMO...our taxes will be sky high one day. We are building on acres of land that was passed to us by family so all we had to pay for is the actual building itself. The land value is already shooting way up, but we plan to stay here right on so that doesn't matter, it means not one thing if we'll never sell. No $$ in our pockets.
I wish we'd been more thoughtful of where to buy our first home so we could have had a property that we were actually going to *sell* one day, increase in worth!
Last edited by BlueLily7; 03-22-2008 at 09:32 AM..
Reason: typo
~1880 sqft bought new Sept. 2006. I've seen a 20-25% increase since then, so only 1.5 years! I don't see it going up any more than that, at least not until Westmoreland gets built up and the new exit installed.
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