Why are values dropping on some homes in Jamestown Oaks development while others are going up?

Typically home values in a neighborhood rise and fall together for similarly built properties. However, there are extenuating circumstances that may impact some homes from time to time.

For the subdivision you referenced, there were four homes sold in the last 12 months that were listed through the MLS. One of those was a bank foreclosure. Banks do not like to hold onto a home long so they will price it ahead of the market to make the price attractive to those who may be willing to do work on a home. Some of the foreclosures need ALOT of work.

Two of the homes that sold appeared to be at market value while the last seemed to sale slightly lower. It listed initially at market value, but a few months in, dropped pretty good. The seller was also offering a higher than normal commission to bring a buyer. All this tells me there was extenuating circumstances that meant the seller needed to sell quickly. This could come from a number of different reasons, one being job relocation. Paying a mortgage on 2 homes can't be fun. And if a relocation company was involved, they take the same perspective as a bank that owns a property, price ahead of the market.

Also, companies that relocate their employees will offer a guarantee for the employee to NOT lose money on the sale, regardless of the sales price. I worked with a person recently who had to sale their home for about $15k less than he paid two years prior, but he actually made money because of the short time frame in which it sold and the parachute the company had provided.

I will be happy to provide you with a FREE market analysis on your home based on today's values if you wish. Best Wishes!!