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Dallas, Richardson, Garland, Plano and Sachse luxury homes for sale in Texas, real estate listings, new construction & relocation information.
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Greg Foster
Real Estate Services
469.358.8569
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The Michael Group
9669 N. Central Expressway, Ste 290
Dallas, Texas 75231
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Information on
Dallas, Richardson,
Garland, Plano and Sachse
Texas real estate.
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Market Value
Market Value
A home’s market value is based on its condition as compared to sales of homes in the neighborhood with similar
size, age & amenities. When I research an area I’ll find ranges in prices for comparable homes often with
more than 10-15% differences. This spread is a strong indicator of the condition range of the homes. For a simple
example, these properties’ recent sold data shows;
| 5/24/05 |
1922 Garrison |
2,692 |
sq. ft |
$175,740 |
| 7/10/05 |
1214 Mackey |
2,726 |
sq. ft |
$167,900 |
| 9/02/05 |
1202 McCormick |
2,964 |
sq. ft |
$166,000 |
| 5/24/05 |
1914 Garrison |
2,574 |
sq. ft |
$148,900 |
These homes are all built since 2002, 4 beds, 2½ baths in the same subdivision. Note the range is about
$27,000, with cost per square foot between $56.28 and $65.28 . Reading on the realtor’s ad I see that the Garrison
house “needs a little TLC”, which means it needed a whole lot of cleaning & repair for a house of that age,
though it is a bit smaller than the others. Since these were built in 2002, the deterioration was probably because
the carpets were a disaster from pets. Proper maintenance and presentation is what can make the difference.
Without it, you can sacrifice thousands of dollars for relatively inexpensive fixes. Here’s another example,
where all these homes are older homes, built in the ‘ 80s. All 3 & 4 bed, 2 ½ baths ranging in size from 2,338 to
2,871 sq. ft., all with pools. Cost per square foot from $91.90 to $99.27.
| 2/28/07 |
1919 Drew |
2,338 |
sq. ft |
$220,000 |
| 3/01/07 |
1812 Campbell Trl |
2,568 |
sq. ft |
$236,000 |
| 4/26/07 |
2103 Brandeis |
2,871 |
sq. ft |
$285,000 |
Again, about $20,000 difference on average between top and bottom of range. Note the home on Drew sold at
over $94 per sq. ft. in about a week(mid-range). It was competitively priced, but not too low, and in top-notch
condition. The buyers recognized not only a good home, but a great value.
Certainly the very best way to maintain a top-price condition is to keep the house well maintained on a regular
basis. I have compiled this pamphlet from my own experiences selling homes as well as that of other
brokers/agents here in the Dallas and Collin County markets that should give you some good information and
references. If you will simply keep this pamphlet in a significant place & review it quarterly it will help you
achieve maximum value when you decide to make your next move.
Remember that the difference in good preventative maintenance can literally bring you tens of thousands more
in sales price.
Please don’t hesitate to call for clarification on anything or to just check homes values. I am here to help in any
way possible.
Related Topic
Areas For Review
Download complete Home Value Report
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