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Appreciation of homes over the past 5 years

We have just started our home search in the Edmond/No. OKC area and have a question regarding homes built in the 2008-20012 time frame.  I've noticed that many homes in the $350-$440 range are selling for about the same or less than they were originally purchased during this period.   Can anyone provide some color around the home values decreases?   I'm concerned that if I buy a new home in this price range, I may see the same type of valuation decrease.  Perhaps it is better to buy one of the resales?
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November 02 2013 - Edmond
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Answers (2)

Did you visit the Local Info page (top menu) and look at Edmond Oklahoma?

Did you open the Home Value link on the left?

Just a little down the next menu on the left is a More Metrics drop down.

But further down the menu is an option to filter your data for Single Family homes and more importantly, Price Tier. A home in the $350-$440 range would be in the top tier. Compare that graph to the middle and lower tiers.

I'd stay away from using individual Zestimates or data on homes and focus more on these graphs that use a larger data set.  The individual Value Range is very accurate and this is what makes the larger data set so helpful.

A local Realtor will be able to give you information on who is buying the newer, upper tier homes, not Zillow. What is drawing that group to Edmond? Is that draw sustainable? What features are they drawn to?
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November 02 2013
I can't speak to the Oklahoma area, but nationwide home values fell in the big depression of 2007-2010 and all areas saw property value decrease. That was universal nationwide. Many areas have started to come back, others not so much yet. The good news is there are probably few, if any, areas that are at their new price peaks. Buying now is a great time since prices are not likely to go down but surely will go up. For you to think they might never come down, in the future, would show a lack of understanding history because property values never stand still, they are cyclical and go up and down over time. We just came through a down cycle so history says they should be ready to go up assuming nothing major happens in the world to affect the cycle. With rates this low and prices at what property sold for several years or more ago, it seems it is a perfect time to be buying.

tim

 
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November 02 2013
 
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