I've been looking at comps for houses for sale on MLS and recently sold homes. There aren't many comps in this area... during a refi 3 years ago, the appraiser had to go two counties over. Houses around here are either low 100s or over 300 - median for my county is $119k. Our tax guy is also a local appraiser (and lives 1/2 mile from us)... I asked him what he thought last week and he said we should easily get $215k because our market is good.

In our zip code (rural, so it's a huge radius that covers a large land area), there are only 26 homes for sale in the $150k-230k range. Of the 26, there are only 3-4 that were built in the same time frame as ours. Of those, only 1 is in our elementary school district and it is pending sale as a foreclosure. We are in the best elementary school district (and HS) in the county.

Before this house (2001), we were in a different county and bought in a brand new development (6th house out of 20)... then they opened up another phase of 20 houses. We were trying to sell right when phase 2 opened and it took us almost a year to sell because they were throwing up houses in 3-4 months.... why buy used when they could buy new? We were in a different spot then because we had only been in that house for 3 years and had a $0 down loan... and very little equity. We had offers, but we didn't take them because we didn't want to end up paying a closing. I don't want to be stuck in that situation again... just waiting and waiting hoping for a reasonable offer.

We are going with a little below. 12 years old versus brand new... we haven't done any major updates. The house had hardwood and carpet when we purchased. They're both in great shape. Fresh paint. Original custom solid oak cabinets throughout by a local cabinet maker. Original laminate counters are still pristine looking (have beveled oak edge). Heat pump was replaced in 2012 and has a 10 year warranty. Fridge was replaced in January. Roof is a 40 year architectural shingle and looks perfect (according to my husband).

So, it doesn't look like an HGTV Flip or Flop house or Chip and JoAnna Gaines, but it is clean and in great shape... with better quality finishes than what the new construction homes will have. We will have to compete with bright/shiny/new.

Our lot is a little bigger than the new construction homes (1.41 acre versus just over 1 acre). We have a huge corner lot with almost an acre of grass. 2 car attached garage plus DH's finished garage is 840 sq ft - built to match the house... fully insulated and sheet rocked, heat/AC, and running water.

We bought family land last spring (20 acres). We want to build on that land. We had planned on waiting 18 months (next summer) to build and in the interim build a garage with an apartment that we could move into during the home build... after our house sold. We decided it makes better financial sense to put the money that we were going to use on the garage/apartment into the actual house itself. We don't want two mortgages, so our house has to be sold before we will start on the new build. We will rent an apartment nearby while the new house is being built.

We are early 40s with a 9 year old. I'd like to have something built and moved in so it can be paid off by the time we are ready to retire. LOL

Meant to add... there is very little inventory of homes in the $200k range. They are all low $100s or $300+. It's a weird market.

@saltidawg yeah, we've thought, and thought, and thought. LOL So much thinking to the point I was afraid we were overthinking.

Do you think most of those 300 displaced families will be repurchasing locally in a narrow period of time? If so, twenty new builds are not going to be enough. If a shortage happens, you can see some stiff competition for the few available homes, and prices can raise due to bidding wars. Personally, I'd probably wait for the market to tighten. A shortage happened in my area one spring and, for 3-4 months, houses sold before a sign could go up and the selling prices were a bit crazy.

Sell now, before they see those HGTV-ready new houses.

Gyr_Falcon... the displacement has been going on for a few years. The last of it is finishing up this year. There's been developments popping up all over... just not in my specific school zone/area.

We just saw a notice that 40 acres of farmland about 2 miles away is going before the Building and Planning Department for a preliminary zoning meeting... they want to put in 23 homes ~1300 sq ft. So.... 44 new homes/families within a 2 mile radius.

homechef... what you said is pretty much what my DH said. Someone is going to want the convenience of an established home, garage, some upgrades that the new homes won't have plus an excellent lot.

I "know" that, too... I just hate to sit with my house for sale and watch new homes sell left and right like happened to us before.... even though it's a totally different area/situation.

I agree on getting the market analysis from real estate agents, they will know what impact these new builds are having on the existing homes. Since you know you want to sell and already have the land I would think seriously about selling now while it's a seller's market. There is no way to know what the market will be like a year or more from now.

I know new construction appeals to many buyers, but I personally prefer a home in a more established neighborhood with mature landscaping.

There are many reasons buyers prefer an existing home to a new home. It is common for the new homes to be on smaller lots and cost more money than existing homes. Your home specifically has a detached building which I find is a huge positive feature (in my area) and I assume the new home builders don't include this feature at all.

A 12-year-old home is not old when it is properly maintained.

You have been given great advice about interviewing multiple Realtors to get a market analysis of your property as it is now. Don't compare it to new homes. A certain percentage of buyers will only go new construction, but that percentage isn't large. If you prepare your home for sale so that it is clean, uncluttered, well organized and attractive, and priced for your current market, the buyers will come.

Thanks y'all! We will be contacting realtors this week!

What's the price of the new builds?

The new builds will be $229-249K... depending on sq footage. The smallest will be right around 1600 sq ft.

We just met with a realtor... $200K should sell quickly/easily. Inventory is extremely low in our market and homes are only staying available for less than 30 days. He echoed what @saltidawg and @homechef59 said... our upgrades will be selling points over the new construction (he is familiar with the builder across the street).

The only issue of concern... our local realtors who "run the market"... like to use tax value as their point for negotiations. Apparently it's easier than running comps when there aren't many/any comps. This realtor said he won't use tax value as the "value", that just hurts the seller by giving equity away.

So, we will be listing in the next couple of days!

Our market has been flat for years and homes were comped close to tax value (I think the tax value at the time was very accurate). Our local market has really picked up, so the tax value is less than comps... but apparently some realtors are still following that method. I heard some appraisers are still doing that too!

Update... We listed last weekend on Zillow at just under $200k. Had 6 or 7 showings in a VERY short number of days. Accepted an offer last night that was in our range of where we wanted to be - the buyer didn't try to lowball at all. We sign the contract to buy tomorrow afternoon!

Congrats!

Great planning on your part. Congratulations.

Congratulations!

I'm happy for you!