Real-Estate question!! How much will each of these houses increase in price?

Question

If i bought a house in Southern California for 600,000 and it is double story, 6 bedrooms big, mountain view from backyard, million dollar houses will be built on the hills right beside this house, a new shopping center will be built near this house and the roads will be improved, how much will the price of this house raise in about 3 years?

Answer 1

It might not appreciate at all. There is a surplus of foreclosed mortgages right now and California happens to be one of the worse states for that. The US is in a mortgage crisis right now and that will cause housing values to go down. 3 years will probably not be enough time, in the current climate, for you to see a major appreciation.

Answer 2

Anything is possible. If you bought the house at a true bargain, then its value will increase. However if the price you bought it at is overinflated, then the value may decrease OR increase OR stay the same. The way things are in the housing market right now, although things are slowly starting to move once again, it will be probably 5 to 10 years before things stabilize enough to realize the true value of any particular property. Just keep your eyes and ears open these next few years to see what goes on.

Answer 3

I could just as easily go down as up. And be surrounded by half-built homes and a barren strip mall.

Answer 4

Give me the exact address, and a fee of say.... $250.00, and I'll tell you the answer to the penny.

Three years from now.

Oh, you have to pay for the appraisal in three years, too.

Answer 5

it could go down in price - there are no guarantees in real estate, especially with the way the market has been he last year - you can't compare million dollar homes to yours - they must be different somehow

Answer 6

It will depend on earthquakes, land-slides and brush fires.