There are different motivations for buying a home. Most of my customers want to purchase for the long term and pick the best community that works for their lifestyle. Others are making their purchase with consideration for the future – will this property retain its value and possibly increase when I go to sell in “x” years down the road?
My dear customer Diane relocated to Port St Lucie about two years back and settled in a great neighborhood that she loves. But Diane is a woman on the move and is now considering other locations. We’re working together to compare three neighborhoods: Lake Charles, River Place (St. James area), and the Lakes at St Lucie West.
As her Realtor I gave her my personal opinion on all three. An agent’s opinion is quite unique as it garners from experience with past customers as well as knowledge of a community’s history. That’s not really something you can google or find on Zillow!
The hard facts – the numbers – are the second component to community information. When comparing three or more neighborhoods I like to research the price per square foot. When you look at all the sales in the last six months for an area, what was the average price per square foot?
Most neighborhoods are pretty homogenous – they have similar homes with similar square footage so taking an average gives a pretty good portrayal of what the homes are going for. This works for the three communities Diane is considering but it wouldn’t work for an area like PGA Village where you have $100,000 condos and $1,000,000+ estate homes.
For Diane, this is how the three communities stacked up:
- Lake Charles: $101.33 with 16 sales
- Lakes @ SLW: $88.81 with 13 sales
- River Place: $89.68 with 7 sales
Diane can now draw on my personal and professional experience of these neighborhoods as well as the hard facts – the numbers – by looking at the averages and how the communities compare.
Having this information helps Diane make the decision that suites her best and that’s all that matters at the end of the day.