Right before dinner last night, I was looking through the closed sales of the day. I stumbled on a sale that got me thinking about how prices have gone up this year. The house I saw was about a 3800 square feet place in Veteran’s Park Elementary that sold for $349,900.
What made that sale jump off the screen to me was the fact that I have been watching values over there for about a year. I had a seller who wanted me to list their house about this time last summer. I told them the house was worth about $325-335k based on the comps. They disagreed, are now on their 3rd agent, and still have not sold because their list price is $20k too high.
Then, late this winter I worked with a family that wanted to be in this school district. When we started looking at houses, the comps were still in the $325-335k range. Then spring brought out the buyers and before we knew it, the comps were mostly in the $335-345k range……and now the most recent comp is practically $350k. That is over 3% appreciation.
In two years or less, those people that didn’t list with me may just get their price 😉
(And I WON’T even mention the house I could have bought in 2011 for $280k that just sold for $337,500 with absolutely no improvements other than new carpet!!)