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Robert Morgan
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Robert Morgan answered:
If you are talking about completely renovated homes, you have several factors you have to look at.
1. Current Inventory - there are over 100 homes for sale completely renovated in Lexington Place, Story Park and surrounding neighborhoods. With only 50 plus homes sold "completely renovated" in all of 2007 your left with over a two year supply of inventory. That's the bad news.
2. Pricing - Now some good news. If you can price your home somewhere in the $90-95 per SF range and stay in the lowest 25-33 percent of all home prices in Lexington you will see some results within a 90 day timeframe. However, if you have a home that is alot larger than the average home in Lexington be prepared to sit for 120-180 days just because the buyer has over 100 homes to choose from.
I hope this doesn't discourage you. Bottom line pricing is critical!
1. Current Inventory - there are over 100 homes for sale completely renovated in Lexington Place, Story Park and surrounding neighborhoods. With only 50 plus homes sold "completely renovated" in all of 2007 your left with over a two year supply of inventory. That's the bad news.
2. Pricing - Now some good news. If you can price your home somewhere in the $90-95 per SF range and stay in the lowest 25-33 percent of all home prices in Lexington you will see some results within a 90 day timeframe. However, if you have a home that is alot larger than the average home in Lexington be prepared to sit for 120-180 days just because the buyer has over 100 homes to choose from.
I hope this doesn't discourage you. Bottom line pricing is critical!
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