Many times people ask me about this neighborhood or that in the Greenville homes market. They want to know how homes are selling there, or how fast they can expect to sell their home there and at what price. Often, they simply want to know what their home will be worth down the road.
In thinking about this, I decided to list out some important considerations that affect neighborhood home values. These are things that you will want to know BEFORE you put an offer in on a home.
1) Schools. This is one of the MOST important things to consider. Whether you have kids in school or not, the schools are an important consideration, because parents with kids are a significant source of potential buyers when you go to sell.
2) Past sales. Here is where a REALTOR like myself can be of some assistance to you. If a neighborhood was built several years ago, learning what the homes were built and originally sold for can be an important piece of information. We can help you with that. Why is it important? Here's an example. An area was built about 6 years ago and very few of the homes have sold since then. This indicates that the neighborhood has a low turnover, satisfied owners, and if prices are rising over the course of that time relative to the overall market, it bodes well for the future value of the home you are considering.
3) Your homes value relative to others in the neighborhood. This is a common and important thing to know. If you are thinking of buying a home that is "overbuilt" or valued much higher than others around it (and there is nothing wrong with that if that is what you want), just know going in that selling it may take a bit longer
4) Future building plans nearby. This is a great question that I rarely get, but I should actually get more often. W are often aware of new developments in the area. They actually can affect home values in established neighborhoods. We are happy to be the source of that useful information to you.
All of these seemingly small items are helpful in determining the current and future values of homes in a specific area. There are a surprisingly large number of other factors as well. We are happy to provide you with information, from all sorts of sources, to help in your home buying process. Information and a thorough knowledge of the local real estate market gives you a sizable advantage in selecting the perfect home. Call us today, we are here to help.