Property Q&A in 85259>Question Details

Jakek, Home Owner in 85259

I bought my house in July 2010 for $440,000. A comp house 2 doors down just short sold for $375K. I'm petrified. Should I worry?

Asked by Jakek, 85259 Tue Jun 28, 2011

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Answers

4
Jakek~
You don't need to worry unless you were trying to sell. Since you just bought your home I am sure you will enjoy it for a few years or longer. Market Values will trend and we will see a shift in the market. It is wise to know your comps but not to worry about them until you need to sell. Even if you have a plan to buy again, keep your current home as investment as our rental market is strong.
"The greatest mistake you can make in life is to be continually fearing you will make one."
Elbert Hubbard
You will find a way should you need one. Enjoy your home.
All my best
Laura Myers
AZ Real Estate Consultants
Keller Williams AZ Realty
480-600-6213
0 votes Thank Flag Link Sun Aug 28, 2011
Jakek~
You don't need to worry unless you were trying to sell. Since you just bought your home I am sure you will enjoy it for a few years or longer. Market Values will trend and we will see a shift in the market. It is wise to know your comps but not to worry about them until you need to sell. Even if you have a plan to buy again, keep your current home as investment as our rental market is strong.
"The greatest mistake you can make in life is to be continually fearing you will make one."
Elbert Hubbard
You will find a way should you need one. Enjoy your home.
All my best
Laura Myers
AZ Real Estate Consultants
Keller Williams AZ Realty
480-600-6213
0 votes Thank Flag Link Sun Aug 28, 2011
What kind of condition is the comp in? Same lot size? How do the upgrades compare? Was your home fully upgraded when you purchased or did you need to make repairs? I'm assuming that in your neighborhood there are some properties that outshine others. My advice is to consult with a trusted real estate advisor in six months to see how your neighborhood is faring, it's tough to judge your purchase based on one sold comp.
0 votes Thank Flag Link Sun Aug 7, 2011
Did you buy your home with the intention of holding onto it for awhile? If so, you should be in good shape. We're in a market of fluctuating values. Foreclosures and short sales are bringing values down. However, many buyers and investors are purchasing the low priced properties and fixing them up for resale. In these cases, they are adding value and many are doing so very successfully. My best advice: "Don't worry. Be Happy." Enjoy what is probably a great home and check with me periodically to see how market values are going. Best wishes.
0 votes Thank Flag Link Sun Jul 3, 2011
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