# Trulia Community - Advice from neighbors and local experts

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## Old Town North : Real Estate Advice

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Activity 3
Tue Mar 18, 2014
Our website profiles many of the communities and condos found in Old Town North.
Wed Jan 22, 2014
I have a 1 br condo at Belle View (just south of Old Town) open on Feb 1st. If you're interested let me know. It can be furnished.

Best,

Chris
Sun Dec 30, 2007
The simple answer to this question is that market value is simply what a buyer in willing to pay.

Around here, specifically, we've seen values go up 14-18% for several of the years between 2002 and 2006. We've also seen the markey slide backward 6% in some years. No simply calculation can adequitely substitute for an appraisal and a proper going over in the free market, which is what you have when a property is listed for sale. To use your example specifically, ie: purchase in 2004 for \$240k. Do nothing to improve and increase by 10% for 2005, '06, and '07 = \$319,440. Even if you do that backward to 2002 you only come up to \$386,522. A seller would fire sale the property at \$450k and take \$425k before they'd accept an offer obelow \$400k.

Say that a buyer wanted to hedge their bets, that values might continue to decline: first you'd do an analysis or appraisal to determine the value today, then determine how much you think the market might slide - then make an offer.

Buyers say, "well the seller got it far a song 'X' number of years ago - they're making plenty" all too often. The value of the property is determined by the market, not a set number every year. (although that would certainly make my job easier). Don't forget that demand usually picks up again after the first of the year too.
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