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Do McMansions Impact Local Housing Prices?
Are homes being torn down in your neighborhood and replaced by massive houses? As land becomes more scarce, builders are seeking neighborhoods with large lots to accommodate massive new homes and buyers are paying top dollar for them.
Have you wondered how these new homes impact the value of the older homes in the neighborhood? Does it make sense to upgrade your current home or will it be torn down when you decide to sell? The "renovate or move" question is one we've been helping homeowners answer for years, but the impact of tear downs and rebuilds adds another variable to neighborhood prices. We wondered if there was a way to calculate and predict a tipping point. A point when it no longer makes sense to upgrade because it will be sold to a builder.
One local agent told us she's telling sellers their properties are worth less than an empty lot because the builder/flipper has the added expense of demolishing their home. It is painful for sellers to hear.
We've noticed the first massive homes replacing older ones will sit a bit longer on the market, likely because of appraisal limits for non-cash buyers or the tendency of buyers to forgo buying ... more

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