National property values appear to be leveling out as we have slowly recovered from the dramatic decline from peak 2007 values. Bottoming out in 2011, appreciation over the last four years has brought us within 7.8% of 2007 sales prices(based upon current Zillow report). That number, however, is based upon averages including higher valued properties still nearer 80% of peak value.
Property requirements for the current buyer in the Prescott market has solidified. Our buyer today will pay a premium price for homes with these features: newer or recently updated, single level, 3-car garage. Deviations from these specifics such as a newer single level home with a 2-car garage, a dated single level home with a 3-car garage, or a two-story updated home with a 3-car garage nearly always fetch a lower price-per-square-foot selling price.
It is interesting to note that three-story homes normally fetch significantly lower prices and have longer market times in the Prescott market, likely due to the fact that Prescott has an older buyer than the big city markets. Typical buyers moving into Prescott are often new retirees scaling down from their family-sized homes.
Kathleen Yamauchi
Kathleen recently attended the 2015 Zillow Premiere Agent conference in Las Vegas. Kathleen is acknowledged as the #1 Premiere Agent of Prescott Finer Properties and has consistently sold homes in Prescott for a higher value than her competition. (Search Kathleen Yamauchi Zillow Agent Review)