Brian Lapolt, Home Buyer in Barkhamsted, CT

I am interested in buying a 3br 2ba house built in 2004 for $180k. What does the future value look like in the next 5-10 years?

Asked by Brian Lapolt, Barkhamsted, CT Fri Nov 2, 2012

It is a "modular" home, not a trailer, not a prefab. Full basement, 1 car garage on 1 acre. The price is great, but I fear that the market may not bounce back in the 5-10 years I plan to stay there for it to be a good investment.

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Things have stabilized some, but should be better in the timeframe your looking at. It doesn't sound too bad for the money. If things go as expected you should be ablle to build some equity over 5 to 10 years.
0 votes Thank Flag Link Fri Nov 2, 2012
Boy after the current events on the East Coast who knows. My crystal ball does think it will be another 3-5 years before trending upward steadily. HOWEVER, prices of homes & especially interest rates make this a great opportunity for Buyers right now! Best of Luck!!
0 votes Thank Flag Link Fri Nov 2, 2012
One must consider inventory in the immediate market area, employment, inflation, mortgage costs, availability of mortgage money for the future buyer, carrying costs, personal need for this specific style of housing in this location, curb appeal and functionality of the subject property, overall efficiency and quality of construction. Since 1996 I have successfully represented the best interests of my clients
0 votes Thank Flag Link Fri Nov 2, 2012
There are no guarantees but it appears that prices have stabilized and in some cases has shown modest increases. If you are trying to "time" the bottom of the market, this may be it, it may not.

If you are financing, the fact that rates are at historical lows means that you payment may never be lower on this home. If you qualify for one of the 100% financing programs available such as VA or guaranteed USDA you could be looking at a mortgage payment of only about $800/mo plus taxes and insurances. You probably could not rent a similar property for less. If you are putting money down that payment would be even lower.

You need a place to live and as long as you are flexible with the time frame you are willing to stay there, not only will this be an reasonable housing payment, it could turn out to be a good investment also.
There is always reason to be cautious about the future, but there is also a reason why you feel it is a great deal now.
0 votes Thank Flag Link Fri Nov 2, 2012
Forgot to mention the area I am in. Stafford Springs, Ct.
0 votes Thank Flag Link Fri Nov 2, 2012
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