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With the rash of new houses being built in Fort Mill, do you feel the value of existing houses/older homes will decline? Or will it increase since the demand of living in Fort Mill is high? Or perhaps the new houses are priced too high? Im currently unhappy with the amount of traffic Im now dealing with, and it will only get worse. While im on a VERY quiet street, it takes forever to get out on 160 and it wont get better. Im wondering if that PLUS the amount of new homes hurts my houses resale value or not.
I don't know that it will hurt values much as long as Fort Mill continues to be an area that is sought after by those moving to the area.
I lived in NoVA for years and it had an EXPLOSION of growth. My parents bought a house for $400K in 1990. From 1990-2011 (when they moved) the entire Fairfax County area exploded with so much growth that when I went home to visit them sometimes I didn't know how to get to the store anymore because everything had changed so much (roads moved and/or expanded, new shopping centers galore, *tons* of new neighborhoods). They sold their house in 2011 for more than twice the amount they paid, despite the massive housing growth in the 20 years they lived there and their home being in one of the older neighborhoods.
Some could argue that Charlotte is no DC metro - and that's true. Government and military is a solid employer in NoVA, while Charlotte depends on a much more volatile industry - banking. But I think people will continue to move here to escape the expensive northeast, resulting in high demand for all homes whether old or new.
If you take care of your house, don't let it age poorly, then when you go to sell in the future you'll do well.
As for us, our house has maintained it's value since moving here in 2006, despite all the housing growth, the crash of 2009, the recovery through 2011 and to today. If anything, it has gone up slightly - we feel we could probably list it - and sell at asking - for $20K over what we paid for it in 2006.
Im currently unhappy with the amount of traffic Im now dealing with, and it will only get worse. While im on a VERY quiet street, it takes forever to get out on 160 and it wont get better.
Are you east or west of I-77? Trying to gain a feel as to where it is so difficult to get onto 160. Thanks.
I think the answer would lie in the price per square foot. If your house is worth say $350k and new homes for the same price are smaller, then I think you would be fine. But if you paid $350k 5 years ago and the same size brand new home is available in large quantity at the same price, I'd be concerned.
I am putting my house on the market in the next 45 days. An advantage I think that I have is the fact that they aren't building any more homes in TC at my price point. My competition is the pre-exisitng homes and there just aren't that many for sale at my price point.
I think the people in the Waterstone and Knightsbridge subs will do pretty good - a lot of the homes being built are 300k + and there is a huge shortage of homes around 240k. I know in Waterstone people are constantly posting on the FB group if anyone is thinking of selling their house.
I think the people in the Waterstone and Knightsbridge subs will do pretty good - a lot of the homes being built are 300k + and there is a huge shortage of homes around 240k. I know in Waterstone people are constantly posting on the FB group if anyone is thinking of selling their house.
Both of those subdivisions you listed have homes in a wide variety of sizes - they are not cookie-cutter "one size fits all." W'stone has townhomes between 1500-2300 sq ft, and single family homes from 2300-2800 sq ft. Likewise, Knightsbridge has a variety of ranch homes, two story homes and even some that have full finished basements for another level of living space. As a result, these two neighborhoods have a wide range of pricing as well - as low as $120K in Waterstone for a townhome and as high as $325K for a two story with full basement in K'bridge.
As such, I think your price point of $240K is a good median for those two neighborhoods *combined*, but just wanted to point out that the homes in both neighborhoods vary greatly so that people reading this thread from out of state don't come in expecting EVERY home in those neighborhoods to be price at $240K.
My house was built in 82, its 1100 sq ft, 3 bedroom 1 bath. It had a lot of work done to it prior, plus I did some as well. Im not saying im 100% keen on selling, but with the traffic issues and such, it might be time to find a better location. If I need to go south to Rock Hill, its simple, but getting to Harris Teeter is a pain.
Interesting question. One I have pondered as well.
I have noticed on these boards though, that people looking to move here often mention things like wanting brick, mature trees, a little space from their neighbors, solid construction, etc. Most of the new neighborhoods don't meet those requirements. I'm not saying people won't move into them - clearly they are. I'm just saying I believe there will always be people who don't want that. Homes in my 25 yr old neighborhood sell as fast as they hit the market. Not too worried.
Interesting question. One I have pondered as well.
I have noticed on these boards though, that people looking to move here often mention things like wanting brick, mature trees, a little space from their neighbors, solid construction, etc. Most of the new neighborhoods don't meet those requirements. I'm not saying people won't move into them - clearly they are. I'm just saying I believe there will always be people who don't want that. Homes in my 25 yr old neighborhood sell as fast as they hit the market. Not too worried.
It depends. If they overbuild, and there aren't enough buyers to finish out the subdivisions, we could be in trouble. That is exactly what happened in the Phoenix suburbs. The builders came in and opened up a gazillion new neighborhoods, and by the time they got to their 3rd and 4th phases, buyers started drying up. They lowered prices, and buyers could buy brand new construction for the same price as a home that was 5-10 years old. Builders also offer great incentives through their preferred lenders; things like "Free Granite Countertops" and other goodies to attract buyers. Sorry to be a negative nelly; I personally think Fort Mill is long overdue for some real appreciation in values, and I hope they don't overestimate the number of people who want to move here.
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