A Marketing Report is NOT The Value of Your HomeDid you just read a marketing report about your neighborhood in Northern Virgina and think YEA the value of my home is UP UP UP?  I don't want to put a damper on your enthusiasm but before you decide to list your home for the great price you see in the lastest neighborhood market report let's talk.

A market report may be about your neighborhood but it isn't about your home.  Most market reports are "average" numbers gathered from the local multiple listing service.  In some cases the report doesn't contain information on all of the sales in the neighborhood.  It doesn't contain information on the number of homes that were listed and then expired or were withdrawn.  If your neighborhood has a wide variety of home styles or was built over period of year there could be a huge span of prices.  And finally it doesn't know the condition of your home as compared to those in the report.

This is why before you decide to list your home for sale you need an agent to do a Comparative Market Analysis (CMA) to determine if you are are above, below or right on "average" in your neighborhood.  A CMA is going to drill down to the details about your home.  Updated your kitchen?  Great you may have just gone above the average price.  Have red shag carpet?  Opps you home just dropped a bit below average.  Putting together a thorough CMA takes time and it also means an agent needs to come to your home.  Adding the pluses and minuses can only happen when we see your home not through what the tax record might say.

Next time you read a local marketing report (remember all real estate is local) don't forget it isn't the value of your home.  It's the AVERAGE value of homes that have sold from the MLS.  If you are thinking about selling your home in Northern Virginia give Cindy Jones and CJ Realty Group a call at 703-346-2213.  I'll be glad to help you sort through the market reports and hone in on the value of your home.  No hassle, no pressure just straight talk about the Northern Virginia housing market.

                No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213. 

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Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
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31 Comments on A Northern Virginia Market Report May Not Be The Value Of Your Home

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AUG
13
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Joan-thank you.  Glad the post caught your attention.
3:45am • #12
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Thank you Lou.  A target is a good thing to hit now and then.
3:45am • #13
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Judi-sometimes market reports can skew a sellers (or buyers) mind to neighborhood values without further explanation.
3:46am • #14
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Martha-a disclaimer is a good way to let homeowners know to call an experienced Realtor®.
3:47am • #15
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Sherry-I think we all have seen huge differences from block to block in our areas.
3:47am • #16
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Bliz-and who wants to be told their home is "average" anyway?
3:48am • #17
984,307 Points 57 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Cindy, such great advice, and depends on the condition, location and of course the updates in each property!
5:52am • #18
178,721 Points 2 Featured Posts

Great advice Cindy. Sellers have to realise that it comes down to location and condition of their particular property. It's a fine balance when writing market reports between providing general information and hoping sellers don't come to a value for their home on their own given that information. 
6:10am • #19
276,190 Points 17 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Oh yes, carpet can definitely decrease value...so can deferred maintenance...Very good points.
8:12am • #20
394,213 Points 30 Featured Posts Outside Blog Hit Router Called Shot Master

But, but, but...that red shag carpet is LIKE BRAND NEW!  And coordinates so well with the brass chandelier!  What do you mean, below average?  Hrmppppphhhh...

 
8:13am • #21
997,594 Points 363 Featured Posts Attended Rain Camp Called Shot Master

And here I thought the market report for my neighborhood should be MY home!  Wow, talk about getting shot down...
10:15am • #22
885,525 Points 178 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

You're right, every house is different and a CMA is the only way to get an accurate estimate of value.

 
7:14pm • #23
AUG
14
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Joan-it is amazing the difference within one or two blocks in the same neighborhood.
4:19am • #24
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Brian-between agent market reports and estimates of value from third party sites there can be a lot of misinformation an owner has to filter through.
4:20am • #25
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Kathryn-yesterday I toured a home with clients that was priced at the top of the neighborhood.  What we say was far from a top price home.
4:22am • #26
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Susan-are you dissing my red shag carpet?
4:23am • #27
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Sorry Jay didn't mean to  burst your bubble.
4:23am • #28
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Bryan-absoultely.  There is both an art and science to pricing a home to sell.
4:24am • #29
AUG
22
649,576 Points 111 Featured Posts Outside Blog Called Shot Master

Cindy the numbers can definitely be deceiving if a seller does not know criteria for which the reports were generated.  It's best to talk to someone specificlally about their home. That way, there is no question.
5:44am • #30
1,548,352 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Charita-thanks for your comment and insight.  Have a great day.
7:11am • #31

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Cindy Jones-Northern Virginia Real Estate & Military Relocation Services

Woodbridge, VA

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