Resale Value on Property in Millington

[mzloolue]

That could be.
It may be helpful to buy in an area where there are many houses.

But sometimes it is also helpful if there are not numerous houses for sale in your area.
When there are several houses on the same block for sale at the same time, then you have a definite problem.
Especially if you are competing with new construction at the same time.
Builders can offer incentives that individuals cannot.

So, sometimes slower growth can be a good thing.

[JeniKer]

Thanks everyone forthe feedback and if you have more, by all means, keep it coming. We've currently found a house to rent in Somerville, literally in the middle of nowhere, but cute. However, a house we had looked at months ago has dropped the price by about $25,000 and they are obviously having trouble selling. It's got about 5 acres, it's a nice modular, well kept,will need some cosmetics. But, it makes me nervous that if they're having a problem selling, would that be true for us in 5 years from now? But I guess with the housing market, cost of gas, and who knows what else, it's hard to say what 5 years now will hold.

[Pearlbob]

The market is horrible right now, you can't go by it. I have seen homes drop by tens of thousands of dollars and still stay on the market for months and months. $25k isn't that big of a drop to sell a house, let alone in this market.

[Pearlbob]

Plus, you never know what is wrong with a house behind the walls. It could look fine on the outside but have a mold problem, a sewer problem, a roof problem...don't look at one house that dropped its price and assume the entire city is going down. I think as long as you kept the house up to date, Somerville will remain steady because new developments are popping up out there everyday. Then again, there may be too many new developments. Hard to say anything in the horrible market.

People refuse to buy homes because of cosmetics all the time...it's ridiculous. It can really bring down a price.

[J9tn2]

Hey! Not sure if you are still looking since it looks like you wrote this back in July. We love Millington! My husband works down in Collierville off of Nonconnah Pkwy. I like Millington because of the smaller town feel. He is also in the Reserves so we like to have access to the base. I don't need all the newness /"upscale" of some places. They are building many new hotels off of 51 since Hwy 69 will be bypassing this area soon...not sure when. Also,,,385(Paul Barrett Pkwy) is planning on going right through to Collierville sometime later also...So it will grow. We live on the East side of Millington in Rosemark off of Austin Peay, its a great location and a quick hop to 385.. We had heard this area will not build huge subdivisions and the newer homes have about 2 acres or more each.....but I am not sure this will change....for now...it has all we need and we love it! Good luck.