Resale Values in 2011 West Texas

Let’s face it, real estate value is not “rocket science”. And yet, it might seem that way given the economy of the past few years.

 It’s easy to watch the national news and feel pretty concerned about our local markets. A closer look at the West Texas real estate market can be very reassuring. We haven’t seen the devaluation in property values of many parts of the country, mostly because we weren’t overly inflated to begin with. Our inventories have been kept in check with demand. We simply don’t have to deal with so many of the negatives facing the rest of the country.

Still, when purchasing a new home, serious consideration must be given to resale value. In investment terms, resale value is what it’s all about. So, what things do we look for to ensure good resale value?

• Location – A good neighborhood is probably #1. Good schools, other well-kept homes in the surrounding area, easy routes to work, and convenient access to shopping are all key factors.
• Design – The very things most of us look for when we are looking for a home will be what interest future buyers. An adequate number of bedrooms, bathrooms and storage areas are a good start. Add in curb appeal, well proportioned living areas, and quality cabinetry & trim and your home will definitely be in demand. Quality doesn’t have to be expensive, but it’s not cheap either.
• Individuality – Avoid being one of a dozen identical homes for sale on your block. When buyers look for a new home they look at a lot of houses. If yours is identical to others in the area there is only one thing that will set you apart from all the others and that’s price. Such circumstances will never work to your advantage. Sometimes there’s good reasons to buy what’s known as a “cookie-cutter”, but resale value is never one of those reasons.

These are just a few things to consider, but we believe they make up the majority of important issues every homebuyer should keep foremost in mind when making one of the biggest decisions of their lives. A logical consideration of a few factors will pay big dividends in the future.