Whether you live in the Triangle or You're Moving to the Triangle, it can be difficult to know what the market is like. You'll probably receive lots of advice and information from well meaning friends and colleagues. Your perspective may be skewed by the market you're moving from. The very best thing you can do is consult a Real Estate Professional who is in touch with the market and understands the numbers.
When I look at comparables for a client, there is so much I research, analyze and consider. I start with the "BIG picture" and funnel it down to the smallest detail. I consider the market, current inventory, past sales, current competition along with many other factors. Determining the "range of value" for a house isn't quite as simple as one might thing. It isn't all cut and dry. It isn't just a 5 minute, punch a few numbers into a computer program type of process.
Let's start with the "Big Picture" and look at the market sales & statistics for Apex, NC in 2013.
What does this chart tell Home-buyers?
- We can see at what price point the greatest number of home-buyers were buying within the Apex City Limits in 2013.
- You may notice that homes were selling on average for 98% - 102% of final list price. Low offers may cost you the home of your dreams.
- This gives home-buyers an idea of what homes are selling for per sq. ft. in Apex NC.
This Chart can also tell a story to Home Sellers:
- The Average Days on market can give you an idea of How Long you can expect your home to take to sell.
- You can also see at what price per sq. ft. homes in Apex are selling for at different price levels.
- The percent of LP vs. SP can give you an idea of where your home needs to be priced and what you can expect.
What is this chart NOT telling us?
As I mentioned above, there are many factors that go into determining the "range of value" of a home. All homes are not created equal. Below are a few things you cannot know just by looking at a chart.
- This chart doesn't differentiate between custom homes and non-custom homes.
- The chart doesn't show the breakdown of age of homes or new construction homes.
- It doesn't reveal the amenities available in the neighborhoods.
- It doesn't show the lot sizes (1 acre vs. .10 acre)
- It doesn't show the schools a home has been zoned for.
- A consumer can't tell if closing cost were paid on the close of the transaction or if other consideration was given.
- You don't know how many of these were foreclosures or distressed sales.
- You don't know if a home has been updated or if it has old appointments or major mechanicals.
- You don't know what neighborhoods the homes sold in.
You might be wondering, "Why Look at This Chart at All?"
Remember I said, we start with the "BIG picture" and funnel down to the smallest detail.
Consumers want to know what is going on in Apex. People are moving to Apex from all over the country and world. They want to understand our market a little better and this chart creates a "BIG picture". Once a Home Buyer is working with a Real Estate Professional, the professional will help them decipher all the "small details".
We cannot possibly put every home and every detail online. The automated valuation models you find on some websites can be a guide, but, they're just that, a guide.
I hope you find the chart helpful. Please keep in mind, it is just the "BIG picture". Give us a call to help you with the Small Details!
Keller Williams Preferred Realty
By Carla Freund Realty Team
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Contact Carla Freund, Broker, Keller Williams Preferred Realty, Licensed Realtor® in North Carolina at 919-602-8489 to list your property for sale or to purchase a property in Cary, Raleigh, Morrisville, Apex, Fuquay-Varina, Garner, Holly Springs, Pittsboro, Durham, Chapel Hill, Johnston County, and the surrounding areas.
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Disclaimer: The information provided herein is supplied by several sources and is subject to change without notice. The Raleigh - Cary Home Reviews Blog, Keller Williams and Carla Freund does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either expressed or implied. Entries on Raleigh - Cary Home Reviews represent the opinions and ideas of the author(s). Raleigh - Cary Home Reviews Blog does not express the views of Keller Williams, or those of the broker.
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