Reply to Advice on MoCo and PG Neighborhoods

Forum Index » Real Estate

Reply to "Advice on MoCo and PG Neighborhoods"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote]Thank you to everyone so far who gave thoughtful advice! In terms of Hyattsville, what do you think is a good benchmark for price per square foot for something that has been completely updated? This is probably too specific a question, but I might as well ask! We saw a house we loved, but it was significantly more expensive than the other houses on the surrounding blocks. However, it was at least 1,000 sq ft larger than them and was a new build. We also thought we might feel awkward being in the nicest house on the block.[/quote]

Chances are you could probably get that house for less than the list price if it is substantially above the neighborhood comps. Builders usually shoot high for any market.

In general its never a good idea to buy the largest, most expensive house on the block. You also do not want to over improve. If you really want a 6K mansion then you need to be in Bethesda or Potomac.

However, here are some other things to look at...

..is this the first house on the block to be a new build? Are there other new builds in progress? Are there similar new builds nearby? Are there lots of remodels? Look at the history of the other houses. Have any other new builds sold lately? Look for flips? Look at price history to see how many houses are rentals, when they last sold? Try to figure out if you are buying in a block that is in transition or if the new build is an outlier.

Other things to look at are signs of young families moving in. Look for basketball hoops, outdoor child toys, those kids at play traffic blocks etc.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics