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Real Estate - Essay Example

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The person or couple would live initially in a rented apartment and maybe purchase all the furniture which they plan to use in their new home. Once this…
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Download file to see previous pages This exercise has two aims. One is to see whether my house will fetch a goof price in the market so that it can be bought by any of the young people searching for homes. If a good price is offered, then the proceeds of the sale can be used to buy a better house.
My house is a two bed-room one and its floor area is approximately 1700 square feet. The above mentioned aim does not seem to be feasible since land prices across the country have fallen due to the recession that has hit the country. I had contacted a builder on the premise of wanting a new home. He said that the Charlotte market like most places in the country has become a buyer’s market and the prices had crashed since the start of the depression. He also directed me to a website to verify what he had said. It appears that the situation was far from satisfactory to a seller and very satisfactory to buyers. According to the website, the current square foot price as of March 1st, 2009 was only $95 for homes in Charlotte. This had fallen to the current level from a high of nearly $185 in July 2008. (Real Time Market Profile for Charlotte). According to the above figures the value of my home would be as follows
In such a scenario, it will be worthwhile to compare prices if one wants to buy a ready made house or construct one instead. A search with an agent also shows that prices are low. It shows that three bed room houses are available in the market for at only slightly higher price than what was seen in my valuation. Prices of two and three bed room independent houses with similar or higher square feet are available at prices ranging from $165,000 to $169,000. One particularly attractive house with 1,800 square foot and having three bedrooms and two baths was available for 168,000 dollars. This means that the square foot price of the home was about 93 dollars per square foot. This comes to less than the market price as on March 1st ...Download file to see next pagesRead More
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