how can a home built in 1978 be est @ 140,000 in 2012

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(0) | asked by: victoria cundiff | share | 69 months ago | Report

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answer by Barbara Stanton    |   Contact Me
While it's true that this seems incredible, it definitely depends location and condition. There are houses that definiely have deteriorated built in 1978. Others have had the carpet udated, new plumbing and electrical fixtures, etc. It's easy to have a tendency to paint all houses with a single brush just considering the year that it was built. But please look further and see if the location, which is usually closer to the workplace in many areas and the quality of consturction, could warrent the price you referred to. Hope that is some help!
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answer by Vickey Wachtel    |   Contact Me
Victoria That's a good question and without knowing a thing about your area I can tell you there are a few reasons why a house that old can be worth so much. High demand for the area, based on location or limited housing. If there is no new contruction in the area and it's close to high volumn work area's then the value of the location forces the house value up. Updated to currant needs and wants can also push the value up. I sold a house a few years ago in an area where they built a new hospital, it was built in the 50's small 3 bedroom on an average size lot probably sold for under $20,000 when it was built and there had not been many upgrades over the years but because of the demand for the location it sold for over $400,000.00. I hope I gave you some idea of what can affect the value of housing, thanks for the question.
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