The Pradera real estate market didn’t have as good a year as originally hoped for in 2013. The average sale price in 2012 jumped 9.83% over 2011 but in 2013 the average sale price was only up another 3%.
It will be interesting to see what prices and sales numbers will look like in 2014 with all the new build homes that will be available. Will the new build custom and semi-custom homes help drive traffic for the resale market or take all the business? I have a feeling it will drive prices higher and slow sales over all.
With interest rates predicted to go higher I believe high end home sellers that sold in 2013 might look like geniuses for timing the market perfectly. I believe we have seen the end of sub 4% 30 year fixed rates for a long, long time. If rates rise above the 6% mark it could drive potential high end home buyers into a lower price range market. However, most million dollar home buyers that I’ve worked with didn’t base any of their buying decision on interest rates that I know of. They usually buy the home they want regardless of interest rates.
One of the problems holding prices down is farming by so called “neighborhod experts.” These are Realtors that make a living off one neighborhood by farming it on a monthly basis. They sell a lot of homes in the area and tend to use very safe pricing or LOW pricing so the homes are sold quickly. This keeps them in the neighborhood gossip and sellers are generally happy to sell quickly but many times there is significant money left on the table by pricing low. Especially in a higher end neighborhood like Pradera. So be careful and always watch tends closely. Make sure you now your numbers and of course make sure your Realtor knows their numbers too.
Related articles on Pradera Golf Club.
New build custom and semi-custom homes will be hitting the market for 2014 in Pradera. I expect to see the average sales price rise over the next 12 to 18 months.
If you would like to see more detail and data about specific homes that have sold check out the spreadsheet I have below or click the link here to open the full spreadsheet in your browser.