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Old 10-13-2013, 07:39 AM
 
121 posts, read 143,083 times
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We moved to Huntsville about three years ago and bought a home in Browns Ferry subdivision. Our realtor emphasized over and over that home prices in Huntsville are based mostly on price per square foot - when we bought our house it was $116/sq foot. It looks like we will be moving again and current values in our neighborhood are $105-110/sq ft based on current pricing I see for new homes.
My questions is - how important is it to go by typical price per square foot or do assessors take other things into consideration such as interior upgrades such as trim, elliptical windows, added fence and landscaping, etc? We don't want to be foolish with pricing but taking a $30,000 hit in three years doesn't make sense to me given what we are told about our location and the current market in Madison.
I'm not asking for help pricing our house, I am just really confused. When I went to the Parade of Homes yesterday and visited nearby neighborhoods pricing ranged from $130-$150/sq foot in neighborhoods such as Old Cobblestone and Millstone.
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Old 10-13-2013, 10:05 AM
 
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Is there a builder or builders still in that subdivisioin? If so, your price per square foot would probably have to be competitive with what builders in your neighborhood are selling for.
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Old 10-14-2013, 07:02 AM
 
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What I did when we sold our last house, and you may really not want to do this if you're home is depreciating, is take the list of how much stuff sold for in the area and do a trendline rather than an average.

Our house had appreciated around 50k due to the Providence school hype, this was 2006ish. The Realtor had done an average, but when I did a trendline of the prices of the identical houses on my street (we lived in a "cookie-cutter" subdivision), I got a number that was $6k higher than hers.

House sold in 4hrs for asking price. So I was probably low even with the 6k bump-up.

Again, you might not want to do this, and it might not even be feasible, but it's more accurate.
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Old 10-14-2013, 10:43 AM
 
8,575 posts, read 11,588,176 times
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I don't think the Huntsville housing market goes by $/sq ft. This is contrary to other markets in metropolitan areas that I was used to. Notice none of the home for sale listing list the sq. ft. of the house? This area has a great disparities when it comes to home prices. Also, the conventional wisdom of "location, location, location" does not apply here. You can have one subdivision sell for one price yet another one across the street that sells for a very different price.

The best indicator for your current home value is to go by the "comps" in your area and, specifically, in your subdivision. Because the $/sq.ft. will certainly be different with a Jeff Benton home vs a Adams home, for example. Next criteria that is more difficult to gather the data is different features in the home such as fire place, granites, hardwood, etc., that will price differently even for a same square footage home.

one tool you can use is go on the Zillow website and get an idea what the homes in your area sold for.
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Old 10-15-2013, 08:27 AM
 
121 posts, read 143,083 times
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Thanks everyone, this is very helpful. I will do as you suggest and may interview a couple of realtors to get a better feel for their opinions.
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Old 10-15-2013, 08:38 AM
 
1,222 posts, read 1,891,521 times
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Quote:
Originally Posted by HB2HSV View Post
I don't think the Huntsville housing market goes by $/sq ft. This is contrary to other markets in metropolitan areas that I was used to. Notice none of the home for sale listing list the sq. ft. of the house? This area has a great disparities when it comes to home prices. Also, the conventional wisdom of "location, location, location" does not apply here. You can have one subdivision sell for one price yet another one across the street that sells for a very different price.

The best indicator for your current home value is to go by the "comps" in your area and, specifically, in your subdivision. Because the $/sq.ft. will certainly be different with a Jeff Benton home vs a Adams home, for example. Next criteria that is more difficult to gather the data is different features in the home such as fire place, granites, hardwood, etc., that will price differently even for a same square footage home.

one tool you can use is go on the Zillow website and get an idea what the homes in your area sold for.
I agree with you. However, whenever one talks to a realtor around here, all they ever talk about is $/sq ft.
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Old 10-15-2013, 09:37 AM
 
Location: BNA -> HSV
1,977 posts, read 3,955,674 times
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Price per square foot should be considered, but it is obviously not the end-all determining factor. Amenities, location, and particular lot within a neighborhood should also be factored in when determining a price. I am not a realtor, nor do I pretend to know what I am talking about concerning area real estate (except I know for a fact Madison City commands a premium due to the schools), but I think the main issue hurting you is that they are still actively building in BFC and several builders have lowered their price points in there to try and get the lots sold and move on. That seems to be a common "issue" in a lot of neighborhoods in the area.
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Old 10-15-2013, 11:12 AM
 
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Cost seems to be mostly determined by school district in my experience. Size of the house obviously factors, as does beautiful kitchens and how pretty the surrounding area is. That beautiful section of Garth approaching Carl T Jones from the south will set you back a pretty penny. (Plus Grissom school district.)
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Old 10-15-2013, 11:54 AM
 
121 posts, read 143,083 times
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Weird, when I look on Zillow for sold homes in 35756 zip code it only shows Madison County homes, we are in Limestone. I have also tried a couple of other searches but not finding ones in our neighborhood. I know there are recent solds, our neighbor bought just a couple of months ago and some other homes have sold this year.

I appreciate all of your thoughts, I agree with the theory that it should be compared to others in the neighborhood, preferably the same builder if possible. Ours is a Ken McDaniels home which should have a higher value than the new Breland Homes although I understand that they affect the overall neighborhood.
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Old 10-15-2013, 12:23 PM
 
85 posts, read 90,996 times
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Quote:
Originally Posted by lhall85917 View Post
Weird, when I look on Zillow for sold homes in 35756 zip code it only shows Madison County homes, we are in Limestone. I have also tried a couple of other searches but not finding ones in our neighborhood. I know there are recent solds, our neighbor bought just a couple of months ago and some other homes have sold this year.

I appreciate all of your thoughts, I agree with the theory that it should be compared to others in the neighborhood, preferably the same builder if possible. Ours is a Ken McDaniels home which should have a higher value than the new Breland Homes although I understand that they affect the overall neighborhood.
Be careful with Zillow. Past sales price is accurate but Zestimates are often way off.
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