Home values and you!

Here is the cardinal rule for selling real estate, values are dependent on location, location, location.  It can be as specific as a couple of blocks in one direction or another where values can be different.  Meaning, you can look at a home on one side of a major street and have a different value if it’s on the other side of the same street.

As an agent, this can be challenging when you are looking at a comparable market value for a prospective seller, or even buyer for that matter. Especially in the market we are now, where inventory is super low and we don’t have a lot to compare to.

What you hear in the main stream media is that the real estate is HOT!  On fire in some cases.  While this is true in SOME neighborhoods, it may not necessarily be true in all.  I constantly hear from sellers, that the market is so good that my house will sell in 1 day with multiple offers.  Never mind the fact that this seller is out in the middle of no-where location wise.  Slow the horses Mr. Seller!!  What you see in the news may not be what you get in YOUR market.

Take a look a these two valuations below.  Graham is a community is literally next door to S. Hill, Pyallup, yet the stats are different.  First, look at the volume of inventory.  Right off, it’s noted that the Puyallup area offers nearly double the housing options compared to Graham.  Second, Graham is offering less listings coming on market than Puyallup since last month, but pending sales is up in Puyallup but not Graham.  The bottom line, each area is different.  (The area of 89 for Puyallup goes estentially from 160th South to Graham just beyond 176th)

Not only are locations a factor in value, but also the time of year, world markets, stock markets and overall local happenings.  While we watch TV about the current state of affairs from the national level, each city and town has their own state of affairs.  They are all different, and down to the local area will have an impact of housing values.

The bottom line is this, when considering values look at everything on a national level, but dig down to your specific city or town.  Then dig further down to the street you live on.  Everything will impact your value of your home today and needs to assessed to your specific property.  Of course comparing updated vs. not still impacts value, but as you see, with home values you must DIG DEEP!

Considering to sell or looking to buy?  Have questions about your home or the real estate values in your area?  Call me!  I’m here to help!

 

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