Sunday, September 4, 2011

Fort Worth Real Estate: How's the market?.....Pay attention.

Everyday I visit with people in shops, having coffee, getting my hair done, or at actual buyer and seller appoinments and there is one major question that they have.  "What is the real estate market doing in our area?"

That question cannot be answered with a few words or a simple word. It requires discussion about the particular area that they are interested in knowing about.  More than even a general area, it requires discussing the description of the homes in an area and sometimes even more details to really know how to approach answering their question.

With 20% of our national economy in real estate, this is an important topic.  This question gets very personal and very local with each person.  In other words, it is not a "global" is a "local" down to the specifics of "my own neighborhood and my own home".  What is more important than your home to you....only one thing...your family....right?

Just yesterday I met with a lovely couple who are listing their home with me and also purchasing another one locally.  I have already supplied them with information about the market for their home and also information about the area where they want to purchase.  They asked a very good question:
"Why is the price per sq. ft. for the homes where we want to buy so much higher than the price per sq. foot of our home that we are selling?"  Great question.....and it illustrates exactly my point.

Homes are differenct depending on the age, area, size, neighborhood, and design................this home to the right, which is a newer home, would not be a good comparison to the older Vintage home below.

The homes they are considering to purchase are in an area with a little acerage, they construction is much higher quality, and there have been very few, if any foreclosures in that area.  The home they are selling is a nice starter home in a great neighborhood on a small lot, and with homes that are more the "tract home types" that first time owners are normally interested in buying.  While both where they are selling and where they want to buy are great areas...........they are just different.  Just like a 10 year old car in great condition, but still not a newer, more plush model.

This point is easily shown when I shar a market analysis with my clients.  I hope this is good information for you as well.  My next blog will talk about appraisals in our area.  I hope you will check back and sign up to be a follower.

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