Home Prices Increase at Greater Pace for Every Type of Home Except These
There are some great neighborhoods in Lima, Ohio. Shawnee Hills, Indian Hills, Lost Creek, and more are all great places to live in the area. Country Club Hills has been a coveted neighborhood to live in on the East side of Lima since construction began here in the 1960's. Unique in location in that it was intentionally built between raised levee reservoirs, it used to be the place to live suburban yet rural. With the completion of I-75 and the expansion of businesses and population since the 1970's, Country Club Hills is now just suburban. The builders were only semi-original in their design plans though and constructed a lot of 3 bedroom ranch homes on crawl spaces while interjecting the occasional 3 bedroom split-level or 4 bedroom two-story. The recent market increases of home values have shown a greater impact on the non-traditional homes in this neighborhood than they have on the copious single-level family homes.
There are Reasons Why These Ranch Homes Are Cheap
According to data retrieved from the West Central Association of Realtors Multiple Listing Service, average sales price increase of all homes in Country Club Hills from 2012 to 2013 was 3.2%. When broken out by house style, the increase in sales price was only 3.0% for the ranch homes and was 4.6% for all other styles. So what you say? That translates into some homeowners gaining almost $2,000 in equity over the past year over the majority of their neighbors.
Statistics show that Country Club Hills is still a very desirable destination for home buyers. They also show that people are willing to pay just a little bit more to own a "unique" home in the neighborhood. It also means that, if you are trying to sell your ranch home in this area, you should be very careful about which sales your Realtor is using as comparable. If your agent doesn't know about these statistics, they will overprice your home and it will not as fast or for as much as it could. I will explain the danger of an overpriced listing in another article.
Don't Begrudge Your Neighbors in Country Club Hills
You should not be angry or jealous of your neighbor who has just had a greater increase in property value than you have. Rejoice, for you are not living in one of the neighborhoods in the area that saw an actually price decrease over the past year. You have chosen to live here, and it was a wise choice. No other subdivision has yet to be developed that competes with Country Club Hills. Whether in a 3 bedroom ranch or a 4 bedroom two-storey, you own a home that has increased in value.
If you do live in Country Club Hills, or would be interested in doing so, I know this area very well. Nobody in the real estate business has had the success that I have in both buying and selling here. Contact me at any time to find out how I can help you.