real estate equity: Did You Get A Good Deal Or Lower The Value Of The Home You Bought?
- 03/10/12 10:58 AM
You are excited. You're telling all your friends about the great deal you got on your new home. You bagged the home at $25,000 less than the last neighborhood sale. You're doing the dance of joy. But should you be?Granted everyone loves to get a deal but your deal may not be as great as you think. You didn't really gain $25,000 in instant equity. Why? Because the value of all of the future sales in the neighborhood has been lowered. Appraisers are going to use the sales price of the home you purchased as a comparable for the next sale … (16 comments)
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You are excited. You're telling all your friends about the great deal you got on your new home. You bagged the home at $25,000 less than the last neighborhood sale. You're doing the dance of joy. But should you be?Granted everyone loves to get a deal but your deal may not be as great as you think. You didn't really gain $25,000 in instant equity. Why? Because the value of all of the future sales in the neighborhood has been lowered. Appraisers are going to use the sales price of the home you purchased as a comparable for the next sale … (16 comments)
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