Here’s another property that shows the market is improving. This house was on the market in 2009 for quite some time. It sold for $350k. It was a relocation house, which means the seller was transferred and a relocation company was involved. Those houses always seem to sell for less than market value since most are vacant and many agents hate dealing with relocation companies because they have 27 times the paperwork.
I showed this house to 3 buyers when it was on the market as a relocation house, so I was quite familiar with this property. It is in Beaumont, which is one of Lexington’s most preferred neighborhoods. It sold again less than a year later for $357k. That extra $7k really just shows how most buyers and their agents prefer a non-relocation sale and the difference an occupied house makes compared to one that is vacant.
Now, this is where it gets interesting. I saw this house came back on the market, so I saved it in my cart. Just about every house I have every been in, I save so I can see how accurate I was on what I thought it was worth. When this one went pending in 7 days, I couldn’t wait to see its final sale price. Ready? It sold for $379k. Yeah, that’s 6% appreciation and the house is identical to when I was in it. I don’t even think it has been painted!
That is just where we are with Lexington real estate right now. It is starting with the most preferred neighborhoods and will trickle down to the rest of the market. After several years of telling people their house was worth much less than they hoped, it is refreshing to write posts that are good news!!