Updated 8/12/16; originally published 8/3/15
Takeaways
- Selling a $120,000 home is different to selling a $240,000 home – there are different quantities of buyers at different price points.
- Knowing how many buyers to expect will be interested in your home at any given moment can help set expectations
- Every showing counts!
Let’s say you are getting ready to sell your home in Nolanville, TX. Your Realtor recommends a value of $220,000. Great! Let’s get it on the market!
Did you know only 2 homes sold in the last year in Nolanville between $200,000 and $225,000?
That means you might be competing for just a small handful of buyers in an entire year. Every showing matters!
Below is a list of the major ZIP codes in the Fort Hood area the the % of homes that sold in each price bracket (e.g. 16% of homes in SE Killeen – the 76542 Zip Code, sold between $150,000 and $175,000).
How Many Buyers Are Looking for Your Home?
Are qualified buyers buying in your area? How many? How do we know who are qualified buyers?
In this case, we look back on the last year and look at buyers who successfully bought homes in the last year.
What does this information tell us?
It tells us our target demographic in any given ZIP code. The peak of each ZIP is the sweet spot to be selling a home.
| Price | N Killeen (76541) | SE Killeen (76542) | NE Killeen (76543) | SW Killeen (76549) | Copperas Cove | Harker Heights | Nolanville | ALL |
|---|---|---|---|---|---|---|---|---|
| $0-25k | 18 | 4 | 2 | 0 | 18 | 6 | 0 | 48 |
| $25-50k | 38 | 2 | 44 | 26 | 65 | 5 | 0 | 180 |
| $50-75k | 15 | 37 | 71 | 59 | 64 | 7 | 1 | 254 |
| $75-100k | 10 | 91 | 70 | 142 | 82 | 20 | 8 | 423 |
| $100-125k | 4 | 98 | 13 | 137 | 61 | 24 | 10 | 347 |
| $125-150k | 1 | 115 | 7 | 139 | 77 | 73 | 23 | 435 |
| $150-175k | 0 | 103 | 3 | 123 | 67 | 71 | 6 | 373 |
| $175-200k | 1 | 74 | 4 | 37 | 24 | 62 | 7 | 209 |
| $200-$225k | 1 | 39 | 7 | 40 | 17 | 38 | 2 | 144 |
| $225-250k | 0 | 30 | 2 | 24 | 6 | 40 | 5 | 107 |
| $250-275k | 0 | 21 | 0 | 10 | 7 | 40 | 8 | 86 |
| $275-300k | 0 | 7 | 0 | 2 | 4 | 42 | 6 | 61 |
| $300k + | 0 | 19 | 4 | 11 | 5 | 17 | 22 | 78 |
| TOTAL | 88 | 640 | 227 | 750 | 497 | 445 | 98 | 2745 |
Killeen
As you can see, 76541 (downtown Killeen, nearest Fort Hood) is the most affordable ZIP code: nearly half of homes sold were between $25,000 and $50,000.
Not far behind is 76543 (North-East Killeen), which has the most buyers looking in the $75,000-$100,000 range.
The two southern Killeen ZIP codes, 76542 (SE) and 76549 (SW) are more comparable, with the SE side featuring a slightly greater concentration of higher value homes in neighborhoods like Deerwood Estates, White Rock Estates and Yowell Ranch.
Copperas Cove
Cove trends almost exactly as the area as a whole does, reflecting a diversity in available housing in that area, ranging from affordable neighborhoods like Colonial Park and Copperhill Estates, to high end subdivisions like The Reserve at Sky Mountain, Mesa Verde and Reata Ranch.
Harker Heights
Heights’ home values reflect the higher median price points of the city compared to the rest of the Fort Hood area. It has only small sampling of homes under $100,000, and a high concentration of higher end homes in neighborhoods like The Ridge, Country Trails and Tuscany Meadows.
Nolanville
Nolanville (76559) is an interesting case. A whopping 22.4% of home sales were over $300,000 (Harker Heights was runner up with “just” 3.8% of home sales over $300,000). This is for one simple reason – Bella Charca, the new high end gated community on Nolanville’s south side. Wildwood Estates and Tumbleweed Estates also have homes that sell in the $200,000s+, but then there is a dip until you get to some of the more economical neighborhoods of Nolanville like Nolanridge.
So what?
Selling a home in 76542 priced around $200,000-$225,000? Only 39 buyers in an entire year purchased in that range. That is not even 4 a month. While your home may justify the price, you will have to be realistic about how many buyers to expect any given month. It may take time.
Selling a home in 76549 priced between $75,000-$100,000? There were 142 buyers in that range in the last year, or nearly 3 a week! That’s more like it. But that also means there are a lot of homes at that price range, too, and you will have to do more work to stand out or even get on the buyer’s top 10 list of homes to see.
So, either way, whether it is closing the deal with the few high rolling buyers who may come through, or vigorously competing for the attention of a lot of buyers with a lot of options, you will want to be on top of your game.
Every showing counts!
Conclusion
Wonder where your home stands versus your peers? Contact me about a home valuation!