Posts Tagged ‘pricing your home correctly’

“Sandy Oaks” is an older subdivision, about 14+ years, located along the east side of Celeste Road, just south of Radcliff Road, several miles west of U. S. Interstate Highway 65 and about 20-25 minutes northwest of Mobile, Alabama.

The majority of homes, about 70%, were built between 1997 and 2000. Around 25% of the homes were built between 2001 and 2006.

“Sandy Oaks” primarily has homes ranging from 1,800+- square feet to 3,187+- square feet as reported in the online tax records. Most homes, about 72%, will have gross living areas between 1,800 and 2,500 square feet with 3 bedrooms and 2 full bathrooms. Homes with over 2,500 square feet represent around 23% within “Sandy Oaks” and considered over-built for its neighborhood.

As for Saraland’s home values, it appears that median sale prices for homes (sampling size is around 46+ sales) having 1,650 to 2,250 square feet dropped 17% over a 12-month time period.

Home listings are increasing. Twelve months ago, calculations indicate around 17 active listings compared to around 43 active listings today–two and a half times higher! Having this significant increase in active home listings has increased the housing supply time period from 4.4 months to 12.9 months. This time period represents the absorption rate or, how long it will take a homeowner to sell their home if reasonably priced to sell. It now takes three (3) times longer to sell your home based on the available online MLS (multiple listing service) information!

Sales for 1,650 to 2,250 square feet homes has dropped around 43.5% based on inventory analysis calculations. The information indicated 23 closed home sales twelve (12) months ago compared to 10 home sales in the past three (3) months.

For homeowners in the Saraland, Alabama, the bottom line is, hold tight if you can for a few years and the home market should stabilize and maybe increase some but, don’t expect it to be like it was in the past. If you have to sell, consult a Certified Residential Appraiser first so you will have better insight into the property values surrounding your home. Pricing your home correctly will save you so much time. Remember, you are now competing with many other homeowners who are very motivated as well as appealing “short sale” and “foreclosure” offerings.

Al Cheney is a “Certified Residential Real Property Appraiser” who has over 35 years real estate experience within the Mobile Bay Metro Area, Baldwin County and Mobile County of Alabama. You can write Al Cheney at Albert@CheneyAppraisalServices.com or visit http://www.AlabamaRealEstateAppraisals.com/, http://www.CheneyAppraisalServices.com/ or http://www.CertifiedAppraiserNames.com/.