Wow, things are really different this year! While we are always watching the comps like hawks, we really have to have a pattern to give us a clue what is actually happening locally. And we have an interesting pattern that we have not seen in a while now. Between 2012 and 2016 we had upwardly moving pricing. It was so good that in 2017, we had three full years of double digit increases in value, making up for many years of undervalued prices.
Last year we had a “correction”, and we were having increases of about .5% per month or an overall appreciation of our values of about 6% for the year. Recently, we had a hard look at the Winter Quarter and the first months of Spring 2019. It is actually leveling out, and the increases we gained last year in 2018 are moving downward. So pricing better comply with where they were the year before in 2017.
Aileen Way is a beautiful custom home on a large building site. There are custom details that dazzle, including beautiful wood windows, hardwood floors, and more. When the seller began to prepare for sale early in Winter, the comparables were much higher than now. As the market cooled, rather than heating up this Spring, the seller has been reminded that a market is fluid. Being sharp as a tack, the seller agreed that there had to be a plan in place to adjust pricing to the market place. And that is exactly what is happening.
Ready to move forward? Price to the market! We are off and running with a new price that will dazzle. There is NO WAY you could build this home for the new price of $635,000. Call me if you are ready for an upgrade.