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Townhouse (duplex, condo) buyers from 2008 may have to wait until 2018 to see their home value return to the original purchase price |
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Yesterday I ran an analysis on single family home values -- which suggested that home buyers from 2006 may have to wait until 2020 to see their home value return to the original purchase price. Today, we're answering a similar question for townhouses.... So, let's say one bought a townhouse in 2008or any of the other "red" years above. What's the thought on a reasonable expectation for a townhouse to at least recover the value to the purchase price (and then, of course, hopefully, higher)?OK, so, first of all -- the values in the middle (red and green) column above are showing the potential current value of your townhouse depending on when in the past 15 years you purchased the home. Basically, those folks who purchased before (2000-2005) the real estate boom have higher home values now than when they purchased their townhouse -- and people who bought between 2006 and 2010 have a lower home value today. Townhouse buyers in recent years (2011-2013) are doing just fine. So, back to the question at hand -- how long it will take townhouses to return to the value that they had when they were purchased. As shown above in the right (grey and yellow) column, we can sort of guess as what that time frame will look like if we assume that home values will increase 3% per year over the next five (etc.) years. This analysis shows that....
And, for the data lovers out there, feel free to peruse lots of market indicators and graphs at HarrisonburgHousingMarket.com. Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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