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

By
Real Estate Broker with CJ Realty Group, Inc.

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  It doesn't contain information on the number of homes that were listed and then expired or were withdrawn.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.

Posted by

                                   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 CJ Realty Group,  a call at 703-346-2213. 

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Re-Bloggged 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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Topic:
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Comments 20 New Comment

Ambassador
1,770,506
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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.

September 29, 2010 01:33 PM
Ambassador
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Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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

September 29, 2010 01:34 PM
Ambassador
1,770,506
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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.

September 29, 2010 01:35 PM
Rainmaker
117,447
Anne Clark
Metro Referrals

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.

September 29, 2010 06:24 PM
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Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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

September 29, 2010 10:12 PM
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Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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