As we seek to provide our buyers and sellers with higher quality advice on market conditions, we're doing more neighborhood level research. Take a look at the following analysis for appreciation in Heatherwood.
Heatherwood is a family friendly neighborhood of mostly 3 and 4 bedroom houses in Gunbarrel. Most are tri-levels or 2 story in the 2,000 to 3,000 SF range, constructed in the late 1960's to mid 1970's.
From our analysis (above), homeowners in Heatherwood put $50,00 to $60,000 of equity into their pocket last year. It's a thinly traded market (i.e. low volume), but the uniformity of construction says you can put some confidence in that number.
Note that the average negotiated discount tightened last year and the percentage of listings which sold for a premium (more than asking) remained a small component of the overall market.
Buyers
Last year's market saw extraordinary gains. 2015 is off to an even stronger start. From a historic perspective, prices rise quickly during an upswing in the real estate cycle and are sticky on the downside. Nobody can accurately predict the peak but you're also unlikely to see a $50K one year gain sitting on the sidelines and paying rent. Talk to a Realtor who understands the market. Pay close attention to valuation. Don't let the bidding war frenzy drive you to overpay for a less than desirable asset. Some houses are worth a premium. Others are not.
Sellers
Get professional advice before listing your home. This market rewards a comprehensive marketing plan and listing agents who know how to negotiate. Carefully analyze the comps and talk to a Realtor who understands the market. It's very easy to overprice, to mismarket, and end up with long holding periods and/or selling for far less. Two sales in Heatherwood thus far in 2015 illustrate the point. 4742 Chatham sold for a $20,000 discount after more than 4 months on market. 4782 Devonshire sold for almost $50,000 over asking (10% premium) in less than a month.
Guess which one was professionally staged, marketed, and priced right?
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Want to get blog updates via email? Click HERE.
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
