The Big Picture To Little Details.
October 21, 2009
There are discrepancies between the greater market, the city, the neighborhood or individual homes.
A home near one our listing in Mesa recently sold or $382,000 in 2 days while homes that are 50% larger in the same neighborhood for or lower amount have been listed, some for over 6 months. That former home had something unique for the neighborhood, a lot that was twice as large as most of them.
I point this out that each and every segment needs a careful individual look. Not only the home itself, but its architectural style, it price range etc. because each of these is a market in itself that follows it's own trends.
None the less any buyer or seller needs to know the trends of the neighborhood, the city, metro area and even state and national sentiment because they make a difference as well. Just look at the national impact of the $8,000 tax credit: it changed the mind set of a lot of people even if it does not directly affect them.
The Biltmore area is a case in point. It is an area rich in diversity of housing stock. Most of the homes are lower priced, or somewhere under $300,000 and these are in their own market and about half the stock is over $300,000 and up to several million dollars. These are also in their own market. The high end is really slow now, though it's picked up a bit, while the low end, especially under $200K is still selling quickly.
The discrepancy is big and often shows opposite results from one segment to the other, but all of it needs to be considered.
The other thing is that there is a distinct difference between investors and home owners. Home owners have emotional attachments to property while investors, for the most part, don't.
