My seller asked this question recently, and on another occasion I set out to see what the numbers would say about a house a client was about to purchase.
Since I concentrate on the higher value Walton High School homes in East Side, Mt Bethel, Sope Creek and Timber Ridge I used this market to illustrate the challenge.
As shown below the results are can vary widely depending on the start and end periods. Starting in an off month (such as January) and ending in a peak period (such as July) can set the wrong expectation.
- May ’08 to August ’18: 29.0%
- May ’08 to July ’18: 17.1%
- May ’08 to June ’18: 9.1%
- May ’08 to May ’18: 8.9%
- May ’08 to April ’18: 0.3%
- June ’08 to August ’18: 51.8%
- June ’08 to July ’18: 37.7%
- June ’08 to June ’18: 28.4%
- June ’08 to May ’18: 28.1%
- June ’08 to April ’18: 18.0%
Perhaps the answer is that your house is primarily a place to call home and secondarily an investment. The appreciation is what it is.
Call me when curious about the price of your home, and especially so if it falls in this area, $600,000+, and has not been previously listed as you only get one chance to truly be “new” inventory for buyers to consider.
