Past sales history on a property higher than asking price.

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Past sales history on a property higher than asking price.

Daniel Tsikata
Investor · Fairfax, VA · Member since 2019 · 13 posts · 1 vote

I am interested in buying a property but found out that the last time it sold was in 2007 and the amount it sold for is way higher than the amount it's currently listed for. Could this be a bad deal and is it possible that it could depreciate further after some years?

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  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    6y

    It sold right before the market collasped during the great recession. Lots of areas have not yet recovered to that price level. 

    Check other area homes to see if you see a pattern. 

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  • Daniel Tsikata
    OP
    Investor · Fairfax, VA · Member since 2019 · 13 posts · 1 vote
    6y

    @Mary M. Makes sense, that could explain it. Homes in other areas close to where the property is seem to be increasing in value yearly. Thanks for your quick response

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    6y

    As Mary said, prices don't always go up.

    0Reply
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