Based on what similar homes have actually sold for in the surrounding area, I'd place this property's value at $501,349. I'd recommend coming to market at $398,000 to $408,000 to strike the right balance between value and market velocity. In the current MOUNTAIN CREEK LAKES market with 2 similar homes available, this price represents the most expensive of 2 comparable homes on the market. This home's smaller footprint (273 sqft vs the comp average) plays a role in how the market prices it. The 0.25 acre lot (smaller than the 0.84 acre average) is reflected in the estimate. Current inventory shows 2 comparable homes in MOUNTAIN CREEK LAKES; a buyer's market based on recent absorption. The trend in 78620 shows prices have fallen 6.5% in the past 6 months. 10602 Creekwood CIR, Dripping Springs TX 78620 nearby adjusts to $454,676; with a larger floor plan. With 7 solid comps to draw from, the data tells a consistent story. Of course, without seeing the property in person, this is a data based estimate only.
Ed Neuhaus, Neuhaus Realty Group
