HometownGeorgetown.com

In order to keep up with the Georgetown, TX real estate market, to truly understand exactly what’s happening out there, I find it helpful to use the MLS software to do an in-depth search of specific subdivisions. The latest I researched was River Ridge, a nice family neighborhood off of Leander Road. I searched for homes that had sold from January through September in 2005, 2006, 2007. Here’s what I learned:

• Homes sold during this period in 2005: 18
• 2006: 18
• 2007: 17

• Average days on market in 2005: 70.5
• 2006: 50.4
• 2007: 65.6

Low sales price in 2005: $185,000 2006: $205,500 2007: $165,000 High sales price in 2005: $295,000 2006: $459,500 2007: $410,000 Average sales price in 2005: $237,923.53 2006: $289,064.71 2007: $252,382.94

In each of these years, the final sales price was between 97 and 98 percent of the list price at the time of the sale. This is historically, true, as well. In our area, generally, homes sell for about 97% of the list price at the time of sale. That is not to say that the house will fetch 97% of whatever price you put on it; you might have to lower the price significantly if you price it wrong in the first place. When the list price does reach a point where buyers see the value, you will probably receive about 97% of that. Try not to shoot yourself in the foot by asking too much at the beginning. The longer a house remains on the market, the more “tainted” it becomes in the eyes of buyers. They wonder what is wrong with the house that kept it from selling quicker. This means you may have to drop the price lower in order to get to that magic point where the buyer sees value at the price you’re asking.

I really enjoy digging in for a closer look at individual subdivisions. If you’d like me to do your subdivision, or if you’re curious about another, please send me an email to jenel@moreland.com or give me a call at 876-6544. I’d be happy to do an analysis for you. No obligation!