Mr. and Mrs. Seller You Need to Understand-A Marketing Report Is NOT The Value of Your Home

By
Real Estate Agent with Integrity Real Estate Group

A Marketing Report is NOT The Value of Your HomeDid you just read a marketing report about your neighborhood 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 listed 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  It doesn't contain information on the number of homes that were listed and then expired or were withdrawn.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 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.

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                                   Real People*Real Lives*Real Estate

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 Integrity Real Estate Group a call at 703-346-2213.

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Integrity Real Estate Group
 
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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Chris Ann Cleland 10/01/2010 04:35 AM
  2. Pat Fenn 01/23/2011 05:44 PM
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Rainmaker
550,089
Susan Haughton
Long & Foster REALTORS (703) 470-4545 - Alexandria, VA
Cheerfully Helping You Buy or Sell in Alexandria

Excellent.  And market reports rarely, if ever, include seller subsidies!!!

Sep 28, 2010 08:19 PM #1
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Cindy,.... That's what I like about you ..You tell it like it is !

HelpfulHannah

Sep 28, 2010 08:26 PM #2
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Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
CDPE, Howard County Homes for Sale

I agree with Hannah. You spell it out in black and white. So many sellers only see the numbers that they want to see.

Sep 28, 2010 09:06 PM #3
Rainmaker
956,770
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
CNE - ASP - SRES .... Uxbridge Ontario Real Estate

Cindy - market reports are certainly not indicative of the value of a given home ..... neither are assessed values ..... the best indicator as always is a comparative market analysis.

Sep 28, 2010 11:59 PM #4
Rainmaker
1,429,672
Rebecca Gaujot, Realtor®
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Cindy, a different spin on market reports...great job and suggested.

Sep 29, 2010 12:09 AM #5
Rainer
32,697
Kim Jones
Keller Williams Select REALTORS® - Perry Hall, MD
Educator, Advocate & REALTOR - Baltimore, MD Relo

When babies close their eyes, they think no one can see them. When Sellers overprice their house, because they think it is worth it, no one looks at it ; )

Sep 29, 2010 12:46 AM #6
Rainer
276,890
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

Great stuff!  It is amazing what a difference in buyer value can be created by that red shag carpeting!

Sep 29, 2010 06:20 AM #7
Rainmaker
498,439
Cal Yoder
Keller Williams of Central PA East - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Life in general, hmm, there it is again. Averages never explain outliers or individuals. Great reminder of that truth.

Cal

Sep 29, 2010 07:52 AM #8
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Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Great one, Cindy.  Market reports get you in the ballpark.  A CMA gets you to your seat.  I'm featuring this one in Bartender, Make it a Double.

Sep 29, 2010 10:47 AM #9
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Susan-even if they do it still doesn't let a seller know what the market value of their home is. 

Sep 29, 2010 01:26 PM #10
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Hannah-I do have to hold back on occassion, especially when I see a market report with a grevious error in it.

Sep 29, 2010 01:26 PM #11
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Ellie-I went on a pricing presentation yesterday with an owner who thought a market report they read meant $$$ in the bank.  Turns out for their home the "average" number was aoubt $20K more than their home would sell for.  Ouch!

Sep 29, 2010 01:28 PM #12
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Kathy-thanks for you insight.  We have all seen the cartoon that shows the three different views of one home.  The owners view, the assessors view and the buyer's view.  Completely and totally different.

Sep 29, 2010 01:30 PM #13
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Rebecca-thanks for stopping by and for thinking the post was worth a suggest.

Sep 29, 2010 01:31 PM #14
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Kim-hey cousin how are you?  Thanks for your comment. Hope all is well in Baltimore.

Sep 29, 2010 01:32 PM #15
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Kathryn-there is a difference between cool retro and outdated.  Cool retro might give you a plus sign in value, outdated on the other hand is usually a negative.

Sep 29, 2010 01:33 PM #16
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Cal-most of us don't want to be considered "average" and certainly very few homes are the average number in a market report.

Sep 29, 2010 01:34 PM #17
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Chris Ann-thanks for the thumbs up.  One of the reasons I don't publish a lot of market reports is one I'm quite busy and two they can give a seller a false sense of value, especially if the report is wrong.

Sep 29, 2010 01:35 PM #18
Rainmaker
117,447
Anne Clark
Metro Referrals - Gainesville, VA

I like this.  Right now I have a gal showing me and my colleague active listings in a newspaper that she is considering comps for her home.  At least a market reports shows solds.  That's at least closer than some of these active prices I've seen lately.

Sep 29, 2010 06:24 PM #19
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Anne-then only think that would make it better is a FSBO ad :-)

Sep 29, 2010 10:12 PM #20
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Cindy Jones

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