Anyone have any insight about living in Little Canada? We are looking at a house that’s well above average home price in the zip code, but it seems like there are still new, expensive houses being built, so I’m curious if it is reasonable to expect Little Canada to increase in value over the next 5-7 years. That and I’m wondering about safety.
I can’t speak to Little Canada but my first house was 25% above the rest of the area and there were significant concerns at time of sale as to whether or not the buyers mortgage company would appraise it high enough to allow the sale.
Make sure you have comparables nearby to allow for assessment at time of sale or you could lose out on a ton of cash even if your house is nicer than most around you and worth every nickel.
Even with the house we bought and having experience with the first house we found ourselves short on comparables. Most houses in the 5-10 year old development were same size but the house we bought had more finished space, big deck etc and the assessors had trouble finding comparables. Turns out the builder was putting homes up so fast a finished basement wasn’t an option. Ours was one of the few that was built and had a finished basement. Stupid little things.
Our realtor is estimating that the house is already overpriced based on the comps–as much as 10%. Unfortunately the original buyer bought it new at the height of the market (2006) at over $30k what they’re asking now, so I know part of it is that they want to recoup as much of that as they can. Obviously we wouldn’t overpay, but still. The other part is that the area has a large range of house prices–it’s not just solely a newer (or older) development. So we were just concerned about the range of prices in the area, and just don’t know about the neighborhood.