Gold Supporting Member
- May 2, 2002
- Professional Status
- Certified General Appraiser
It is usually very neighborhood specific.
If it is a neighborhood and property type
The typical buyer
for most neighborhoods that would be pretty common.
all of the properties in this neighborhood
a different neighborhood with different location factors
right now in my neighborhood is
what is typical in the neighborhood
The norm typically being what one would expect for the neighborhood
Curious about your "neighborhoods" and how posters are applying the term. Above are snippets of comments made by appraisers and so I am asking just how uniform are your "neighborhood", how are you defining the "typical neighborhood" and the "typical buyer". And why would the typical buyer not reflect a fairly eclectic mix of humanity with various desires, needs, and budgets.
When I see "neighborhood" bandied about as if it were some monolithic gated community where gentiles are not allowed, homes are built only within a narrow range of sizes and configurations dictated by some housing god. Yet left unsaid is the actual boundaries and composition of this mythical creature. I muse over the possibility of that term being distorted to fit the mind of the appraiser rather than any real attribute of the property. So how do you determine your "neighborhood" and is it a square or rectangular monolith? A squirming octopi of tentacles stretching out from some central area? What defines a "neighborhood" in your mind?
I work a rapidly growing area. There are more houses 20-25 years old or less than there are houses 20-25 years old or more. In the 60s, I would venture the average new construction was 1,000 SF, maybe somewhat less. By the 70s perhaps 1,400 SF with 3 bed, 2 bath. And in the first years of my career, say 1992 as the starting point, most new construction was still less than 2,200 SF with the first of large palatial homes coming with the wealth created primarily by Walmart and the executives there as well as their vendors, not that such never existed earlier, but was relatively rare.
So over time, I have seen the change in house sizes and styles follow the fashion more than reflect any archetypal 2.8 person family. So, dropping from the towns I know (which grew from 5 -10,000 population in 1960 to 50,000 plus each - Bentonville, Rogers, Springdale, and Fayetteville) to the smaller towns of say 3,000 to 15,000 at most. Why would I not say, for instance, that Gravette, pop. 3,200~ is not one "neighborhood"? And within that neighborhood there is no "typical" buyer. There are downtown commercial owner operated properties. There are a few franchise businesses. Government buildings, churches. There are apartments, duplex and four plex properties, and older homes, newer homes, starter homes, and some slightly higher grade homes. Sprinkled among all are the usual mix of eclectic one of a kind homes of doctors, or people who are wealthy.
In that pool of buyers and sellers, why do we seem fixated that some feature or another is not "typical"? Two bedroom? Three bedroom? Old or new? Budget constraint is a major factor in choices made in housing. But to say one is "typical" because there are more 3 bedroom homes than two, seems a bit questionable. And, since much of the older parts of town see the widest variety of sizes and styles, buyers, etc.
So I am curious how you determine the "neighborhood" when pigeon holing these mythical creatures called the "typical" buyer? In my mind these smaller towns are a single neighborhood with a mix of commercial, retail, governmental and living space that attracts people of all stripes from the larger family to the empty nester to the young or old single. Ever notice that? Elderly widows and young people end up in small apartments as the most convenient living space? Do you have a lot of "neighborhoods" that are so uniform that they all attract the very same kind of people? I mean I drive into Tulsa and even on the back streets there, the area can change radically in a quarter mile. I'd be hard pressed to define a neighborhood as a single subdivision or find one with sufficient sales to consider a unique market. That's just my opinion.