Current Market 1/2020
The following information reflects the current and past market values for the Dover Pond Neighborhood in Owasso Oklahoma.
Discussion regarding home values depends on several factors. This market analysis in no way guarantees or suggest that you can sell your house for any certain price or time on the market. This is for informational purposes only.
Dover Pond stands out as a unique gated community. The uniqueness alone doesn't increase the values of the homes if they are dated. Often the general consensus is the community is older and in need of updating. The front gate project was a huge step in the right direction to change the first impression of the neighborhood. The biggest challenge for home sales in Dover is new construction.
Top two factors that sell a home are Price and Exposure. Don't over price your home.
Over the past 4 years in Dover Pond the average home price sold was $455,000.00 - 20 sold. Average sq/ft price of $110.00. Days on the market for Dover Pond homes has been near 300. Homes that have been updated have an average time on the market of 38 days.
New construction sales over the past 4 years with a range of $440K to $600K - 58 sold. Average sq/ft price of $138.00. Average time on the market of 100 days which is skewed a little. Often a builder puts the house on MLS just before construction starts.
Understand this: Once you hit a certain price point if the home is not updated to meet new construction standards the price for the dated home will be lower. Time on the market will be longer as well. Selling a home at top of the market that is dated but believing because it is in a community that is different from the new neighborhoods won't be enough for buyers. The biggest comment many home owner make is this: "I will let the new owners update and do things the way they want to have it done." "I don't know what buyers will like, what if I do the wrong things."
90% of buyers are looking for a home that is move in ready and needs no immediate or must do work. Most buyers will also repaint an areas that was just painted by a seller. However, the fact that it was just painted and things look clean and pristine is what sells. The percentage of buyers that have vision to see what could be with a home that is dated are limited. Buyers in the category are also looking for a deal and most often will offer low.
The good news for Dover Pond, home prices are on the rise. The rise over the past 4 years in home prices in Dover Pond is due to those homes that have been updated. A totally updated home with new pool and deluxe landscaping down to the pond sold for $189 sq/ft. Prices per sq/ft have risen from around $100, 4 years ago to a current average of $124.
There are still many homes that have sold only partially updated. Often the down stairs has been done forgetting about the upstairs or some of the home has been completed. The question is what is updated? Or better yet what is considered dated?
Dated: Do you have:
Any wallpaper that is over 10 years old in any room? (Some wallpaper is in style but current and new)
Marble counter tops in any bathroom?
Gold fixtures in any bathroom? Gold shower surround trim?
Crown molding and floor molding a light brown, yellowish brown color?
Wall paneling that is dark or heavy?
Brightly colored walls?
Any shade of green or mauve colored carpet?
12 x 12 floor tile that is tan or brown?
And interior doors brown wood doors?
If your home has a value over $450K then your counter tops need to be granite or quarts. And that includes the bathrooms and laundry rooms. The one thing that has withstood the test of time is white crown molding, floor trim and door trim. Of course the hot colors are still shades of grey. Islands can be a different color from the cabinets. Navy blue is considered a rich color and is considered the rich high end color. Even a subtle color on the island is good. Always keep dark colors from small spaces for the walls.
If you would like more information about what is considered dated or just a look given to share what could be updated, let me know. I'd be glad to offer suggestions as well as give you an idea of your homes value. No obligation and I will not put you on any mailing lists. My promise.
As always I offer a listing discount to my neighbors. My goal is to help you get your home sold.