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How Do Existing Home Sellers Compete With A Low Cost Builder?

By
Real Estate Agent with Joe Manausa Real Estate 8508880888

Bull Run home values are in for a wild ride, as new home sales continue to lead existing home sales by a factor of 2 to 1.

New home construction in the Bull Run Subdivision has been relatively strong, mostly due to liquidation of lots at far cheaper prices than were seen during the boom of the housing market.

While this is good news for the builder, it is not so good news for existing home owners who continue to see Bull Run home values decline.

Bull Run Home Values

The real estate graph below shows that Bull Run home values are still on an overall decline trend, though existing home values have bumped along fairly flat for the past two years. But if you look to the left vertical axis, you can see that existing home sales (green resale units) are averaging about one home sale per month. You have to wonder what will happen as more people need to relocate out of this newer subdivision.

Bull Run House Values 2013

The red line above shows that Bull Run house values for newly constructed homes has been on a steady decline, and it is likely that these lower home prices is why buyers have been attracted to Bull Run. But how low can new home prices go in Bull Run? And what is this doing to the value of existing homes in Bull Run?

I think we'll see the builders hit a point where they can no longer bring new product to the market at the values we are approaching, and then we'll find out how badly buyers want to be in Bull Run. Will they pay higher prices for existing home sales, or will we see a rash of distressed homes hit the market ... only time will tell.

People who want to sell a home in Bull Run will need to be ready to compete with newer homes, and offering buyer closing cost assistance could be useful.

Currently, there are 16 homes for sale in Bull Run in the Tallahassee MLS. Bull Run home sales for the past two years are listed below.


>> List Of Recent Bull Run Home Sales <<

 

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Joe Manausa Real Estate
1934 Dellwood Drive
Tallahassee, FL 32303
(850) 366-8917

Comments (2)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

What we are seeing is a big increase in purchasing of all homes.  It appears to be happening across the nation.  Same seen to be true there.

Feb 28, 2013 11:06 PM
Joe Manausa - Tallahassee, FL
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Thank you for stopping by and leaving a comment, Elite Home Sales Team!

Apr 21, 2021 06:16 AM