Is it me or are the housing prices rising in Madison County? (Decatur: hardwood floors, sale)

[LoveXinfinity]

For the last 2.5 years I have been visiting the Madison County area and I love it. My boyfriend lives in Toney and I plan to relocate in March 2018. I’m an from NY so one of the things I truly enjoy is looking at new construction homes since unlike NY housing is affordable. My boyfriend currently is a homeowner, but once we get married we will purchase a home together. My area of choice is Hazel Green since you get so much more. Ang for your buck. I participated like the Nicholas Ridge subdivision(Azuba Court and Lewis Vann Drive) that started construction in mid 2015. At that time you could get 1800 square ft, fire pit and hardwood floors in the main area, carpeting in the bedrooms and granite countertops all for $179,000.

Fast forward to now, for that same $179k you get laminate flooring throughout the house, no granite, and no fireplace. In order to get all the upgrades when they first started construction you will pay $189k. Still in all it’s a steal, but I wonder if this increase is due to how quickly these homes are selling or is this common real estate practice in Madison County?

[NoleFanHSV]

I live in meridianville, and prices since we purchased have gone up some. A house identical to ours went up on the market for 15k more than what we paid for ours. I'm not surprised.

[LoveXinfinity]

Originally Posted by NoleFanHSV

I live in meridianville, and prices since we purchased have gone up some. A house identical to ours went up on the market for 15k more than what we paid for ours. I'm not surprised.

There was a new development in Meridianville. The first phase were the houses built on Balota Street. They had some really nice homes from $179k-$209k. The same builder was building the same exact models in Madison at a much higher price, but still reasonable. The realtor used this as a selling strategy and justified it by labeling Meridianville as “ up & coming”. IMO, the Madison County area is a hidden gem and I anticipate within the next 5 years you will not be able to purchase new construction for under $200k.

[NoleFanHSV]

Nothing hidden about Madison, lol. The school system is is why identical homes are more expensive.

[Justacoolguy]

Higher crime, more tornadoes, more traffic, no thanks. #HamptonCoveMafia4life

[Southlander]

Decatur prices have dropped and are still dropping.

[LoveXinfinity]

Originally Posted by Justacoolguy

Higher crime, more tornadoes, more traffic, no thanks. #HamptonCoveMafia4life

Which area are you referring to?

[LCTMadison]

Originally Posted by LoveXinfinity

For the last 2.5 years I have been visiting the Madison County area and I love it. My boyfriend lives in Toney and I plan to relocate in March 2018. I’m an from NY so one of the things I truly enjoy is looking at new construction homes since unlike NY housing is affordable. My boyfriend currently is a homeowner, but once we get married we will purchase a home together. My area of choice is Hazel Green since you get so much more. Ang for your buck. I participated like the Nicholas Ridge subdivision(Azuba Court and Lewis Vann Drive) that started construction in mid 2015. At that time you could get 1800 square ft, fire pit and hardwood floors in the main area, carpeting in the bedrooms and granite countertops all for $179,000.

Fast forward to now, for that same $179k you get laminate flooring throughout the house, no granite, and no fireplace. In order to get all the upgrades when they first started construction you will pay $189k. Still in all it’s a steal, but I wonder if this increase is due to how quickly these homes are selling or is this common real estate practice in Madison County?

Land costs, labor costs, material costs, market demand....all are contributing to a rise in construction costs and the overall market. Builders are either significantly raising prices or cutting amenities to keep homes in the same price point. As long as they keep selling and don't see significant drop offs in demand, this will continue.

I've had three appraisals lately that I have been holding my breath waiting to get back because of rising prices in some markets and concerns of lagging appraisal comps. I've been in more multiple offer situations this year than ever before, the market has been very strong this year, a trend we have been on for the past few years. We are definitely seeing sellers get very aggressive in their pricing....and many times its paying off.

[RocketDawg]

LCT ... since you mentioned multiple offers ... you often hear about homes selling for more than the asking price (maybe in California?). Does that ever happen here?

[LCTMadison]

Originally Posted by RocketDawg

LCT ... since you mentioned multiple offers ... you often hear about homes selling for more than the asking price (maybe in California?). Does that ever happen here?

Yes, it happens more than you would think.

I just made an offer over list price on a property in Madison last week and we didn't get it, the buyer was apparently not aggressive enough. Home was priced extremely well and was absolutely pristine, move in ready. Attracted a lot of interest when it came on the market, three offers in one day.

To be fair to my client, they made a sight unseen offer and their offer might have been higher had they been able to physically see the property and not just my video tours of it.

With that being said, while that house will sell "over list price" that agent honestly could have listed it at least $10k higher and would have probably still gotten offers on it so its still going to sell well within reasonable market value.

Several years ago we had a listing just outside of Jones Valley in a neighborhood that had not had a sale in over 10 years (no joke)....that house sold over list, multiple offers, ALL offers were site unseen as they were all made before it came on the market (we had a coming soon sign up and would not let anyone see it or any agent show it). The first time the buyers saw the house was at their home inspection. That was nuts, I just could never buy a house I have never seen, not even interior pictures!