I previewed a home located at 11562 Buckeye Circle in the Lake Wildwood subdivision, and listed for $279,000. It was a decent home, with 2 bedroom and 2 bathrooms, fixtures and appliances looked dated, but the exterior paint was decent. The siding looked worn, but it was 37 years old! It wasn’t a bad home. But here is what surprised me- Over the last 3 or 4 months there have been half dozen similar homes I have previewed. There was a large number of similar homes in the spring, most have already been sold and are off the market. This is one of the few that are in the active inventory, but compared to the homes sold 90 days ago, this home is priced 20% higher than what was sold earlier in the year. This home, compared to the spring market ought to be priced under $250,000. Is this just the hope of an overly ambitious seller? Or has the market changed? Are we “up” that substantially since March, or is this seller just dreaming? That decision will be up to a buyer. If the market has changed and homes really have risen substantially in price, then this home will sell, and the next home owner who want to sell their home will use this as the new “standard” to determine their list price. If this is just irrational exuberance on the part of the seller, it will sit on the market for a few week or months, the seller will eventually lower the price, and then a buyer will purchase it at a price conforming with the expectations of buyers. Only time will tell, that’s why I keep looking.
Link to Google Map: