BobAtGLP, Home Owner in Groton Long Point, CT

My question: If I had a house in Groton Long Point in 2000 that was apraised at $250,000, what would that exact same house be worth today? Thanks.

Asked by BobAtGLP, Groton Long Point, CT Thu Dec 5, 2013

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7
Greg Broadbent’s answer
Hello Bob,
It really does depend. Prices have gone up from 2000 but the age of your house gets older as well. I Live in Mystic so I know how beautiful GLP is. If you are looking for a more specific reply I would be happy to talk to you over the phone. 860-460-6939
Greg
0 votes Thank Flag Link Thu Jan 2, 2014
$235,000 minus the replacement costs for 13 year old appliances. roof at end of live expectancy, carpet walked out, HVAC past prime, exterior paint, interior paint...and on and on ....
---- Bob, you can never dip you toe into the exact same river twice. Get my point?
0 votes Thank Flag Link Sun Dec 8, 2013
The house will have gone up, but you'll have a harder time selling it I think. People aren't looking much at the $300k+ in this economy. That is my personal experience with my house. There are way too many amazing deals in the $199-250 range., and these are homes that would've gone for 300-450k in 2000!
0 votes Thank Flag Link Sun Dec 8, 2013
There are at least two reasons why that's impossible to answer.

First, 2000 is a long, long, long time ago. It's not just property values that change. Communities change. People's tastes change. Where I am (Northern Virginia), I could show you two houses that had appraised for around $250,000 back in 2000. Because of changes in communities, traffic patterns, job sources, housing styles and tastes, etc., one might be worth $450,000. Another could be worth $700,000.

Second, the purpose of the appraisal matters. Bluntly, houses are often appraised higher for refinancing than they are for purchasing. I've seen plenty of homeowners who had their homes appraised for refinancing in 2005 and 2006 who can't believe how little their homes are worth today. The problem is: They weren't worth what they were appraised for in 2005 or 2006. Appraisals for purchases can be inflated, too, but that's somewhat less common and less extreme.

Have a Realtor do a CMA on the property to get a good idea of what that exact house is worth today.

Hope that helps.
0 votes Thank Flag Link Thu Dec 5, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Hi Bob,
Thanks for contacting us, Katie O'Leary (my daughter) and I are a team. My office has been in GLP since 1998. We know the market inside and out. Values are strong, much depends on the condition and location of your home. If you are thinking of renting or selling we would be happy to take a look at your property.
Best Regards,
Gay Gallagher
860-572-4828
0 votes Thank Flag Link Thu Dec 5, 2013
Thanks for the question Bob.
You are in a very good position, as a realtor in Groton Long Point for the past 10 years we have seen huge appreciation in property values. However without more information about your property I would not be able to accurately answer your question. Please feel free to call me to discuss. 860-572-4828 x2 or 860-961-4357. I would welcome the opportunity to help you with any/all of your real estate needs.
Best Regard, Katie O'Leary
0 votes Thank Flag Link Thu Dec 5, 2013
Good Evening Bob,

It is hard to say without some more information on the house, as home prices don't always follow a linear inflation value and the market changes very frequently. To get an accurate figure your best bet would be to have a Realtor complete a market analysis. I would be happy to provide one for you at no cost, If you are interested please feel free to contact me at JeremyWilliams@HeritageSells.net.
0 votes Thank Flag Link Thu Dec 5, 2013
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