Tips for Pricing your Home or Condo

Consider comparables.

Julie Nesbitt
Julie sold another!

What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities? If you live in Old Town Alexandria, it’s important to look at what homes have sold for in Old Town Alexandria. If you live in Kingstowne look at sales prices of similar homes in Kingstowne. Also, understand the distinction between sales price and listing price. When looking at comparables, the sales price is what the home actually sold for.

Consider competition.

How many other houses are for sale in your area? What condos are for sale in your building? Are you competing against new homes? Are they building a brand new condominium across the street? In this case the listing price is what other people are asking for their homes. I hate to be the one to tell you, but no one cares what you paid for your home. Whether you paid too much or too little, the price is still governed by homes listed for sale now and homes that have sold.

Consider your contingencies.

Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months? The more hoops you expect to put your buyer through, the lower price you can expect. This is true for buyers moving to the area to work at the Pentagon or for tech savvy buyers working in Tysons Corner.

Get an appraisal.

For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Your Condo Alexandria REALTOR® can make some recommendations, or if you prefer at no charge we can prepare a comparative market analysis to see what you home might sell for. We’ll take a look at homes that are for sale now and similar homes that have sold recently.

Be accurate.

Studies show that homes priced more than 3 percent over the correct price take longer to sell. This is probably even more true now that we are in a buyer’s market.

Know what you’ll take.

In the end, it’s critical to know what price you’ll accept before beginning a negotiation with a buyer.

For more information or to set up an appointment call Julie at (703)765-0300.

Do I really need a comparative market analysis?

Stuart Nesbitt is a Realtor
“I care about my clients and enjoy making their dreams come true.”

One of the greatest skills that a Realtor can bring to the table for you is a knowledge of property values across a wide range of areas.  For a seller or landlord, this means you strike the right balance between getting the most value from your home and selling or renting it in a time frame that allows you to either move or capitalize on your investment.

Simply looking at a neighbor’s property and assessing yours based on their sale is fraught with dangers.  Realtors factor in not only differences in construction, floor plans, and location, but also have their finger on the pulse of the market.  The same stands true equally well for buyers and renters.  As a buyer looking for a bargain is key, but setting standards to high for a price range can result in wasted time, or worse yet buying an apparent steal in an area that is an investment nightmare.  Renting places you in similar straights.  Year long leases can be just as binding as buying a new home, forcing you to suffer through details that a trained Realtor will notice in your new home.

For more information or to set up an appointment call Stuart at (703)765-0300.

Year in Review Market Analysis for Northern Virginia Real Estate

Here are a few interesting year end facts about Northern Virginia real estate

  • November’s average sales price is UP 1.3% from 2008 to $428,481
  • In January 2009, the average sales price was down 22.51% to $376,669

MRIS data indicates that the Total Sold Dollar Volume is up 44.3% over November 2008. Similarly the Total Units Sold is up 43.45% over November 2008. According the Northern Virginia Association of Realtors and MLS data from the MRIS, “The market is shifting and slowly recovering; we’re coming back.

average sales prices for real estate in Northern Virginia

The average sales prices for Northern Virginia real estate is up from 2008.

listings sold in Northern Virginia

The number of listings sold in Northern Virginia is up to levels not seen since 2006!