Did Your Property Lose Value? Buy Another!


Did Your Property Lose Value? Buy Another!
By Scott Rogers • March 31, 2011
In a recent real estate conversation, I was presented with what seemed at first to be a very bold real estate investment strategy. If you bought high, and now the value of your home is lower, buy another home! This CERTAINLY doesn't work in all cases, but it is very interesting to think about how it can work well in some situations. For example, Hunters Ridge.... If you bought a townhouse for $140k a few years ago --- and now realize that it is worth around $70k --- might you improve your situation ($70k underwater) by trying to negotiate a deal to purchase a second townhouse for $60k? You would then have paid $200k for $140k of property, making each property only $30k underwater. To the extent that you are looking at your losses over a long term period, you'll be better off trying to recoup a $30k loss on each property instead of trying to recoup a $70k loss on one property. What do you think? Smart? Bold? Strategic? Foolish? Receive Updates by Email Recent Articles: Will Your Offer Terms Cause The Seller To Say YES Or To Seek Other Offers? The Comfortable Feel Of An Established Neighborhood Might Come With, Surprise, An Older Home That Needs Some Updates Home Sellers And Buyers Will Often Disagree About Needed Updates You Cannot Hear Traffic On A Nearby Road By Looking At Photos Last Call (Just About) For Selling Your Home In 2024! Sometimes An Offer Is So Strong A Seller Will Not Wait For Other Imminent Offers If You Will Be Moving To Sunnyside, VMRC Or Bridgewater Retirement Community, We Should Talk Sooner Than Later Sometimes It Makes Sense To Just Adopt The Timetable The Seller Prefers Fewer And Fewer Resale, Detached, Homes Selling In City Of Harrisonburg The Next Owner Of Your Home Might Love Different Parts Of It For Different Reasons, And That Is OK!
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 01, 2024 (unless otherwise noted).
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