Consider the Amenities

Stuart takes a moment for a picture at the office
Stuart takes a moment for a picture at the office

The amenities on a rental property can often be the deciding factor for many renters. The available amenities may make a less affordable property seem more appealing. Conversely a property which is more expensive may be considered worthwhile if the amenities offered are considered valuable enough to compensate for the higher price. When making this decision, homeowners should consider their own personal preferences as well as their budgetary constraints to make an informed decision. Before making a decision to rent a property, the renter should carefully consider which amenities are necessary, which amenities are optional but highly desired and how much the renter is willing to pay for these amenities.

Continue reading

What is the “value” of my property?

Appraisers, through a formal appraisal, and brokers or salespersons, through a competitive market analysis, esti­mate the value of real property. Value is broadly defined as the power of a good or service to command other goods or services in exchange. There are many different types of value, including: market value, assessed value (for tax purposes), book value, insurance value, par value, rental value, and replacement value. Of these, people selling real estate will most commonly be concerned with market value.

real estate agents of Nesbitt Realty
Nesbitt Realty helps buyers, sellers, renters and landlords in Northern VA.

Market value is an estimate of the most probable price that a parcel of real estate should bring in cash in an open and competitive market. In other words, what a fair price ought to be. Do not confuse market value with market price. Market price is the actual amount paid by a buyer to a seller for a particular parcel of real estate. Market price could be higher or lower than the market value. Likewise, market rent (economic rent) is the actual rent that a lessee agrees to pay to a lessor.

Market value is based on the following six assumptions:

  • Market value represents the most probable price, not the average or highest price;
  • Property has been exposed on an open market for a rea­sonable length of time;
  • Buyers and sellers are reasonably well informed about market conditions and the uses to which the property may be put;
  • Buyers and sellers are not related and not acting under undue pressure to conclude a transaction;
  • Sellers have the capacity to convey marketable title; and
  • Payment is made in cash or its equivalent.

However, all six of these assumptions are rarely, if ever, present. For example, a seller might be forced to sell quick­ly due to business reasons; an out-of-state buyer may not be well informed about the local market; or a parent may sell below market value to a son or daughter.A competitive market analysis is the only circumstance in which a broker or salesperson may estimate real estate value for a client. Remember that a broker and salesperson may only advise and assist the client. This includes advice and assistance in recommending a reasonable listing price for real estate. The broker or salesperson makes this recommendation by conducting a competitive market analysis, or CMA. A CMA compares the prices of similar properties recently sold in the same locality. A good comparable must not only be similar in location, but it must also be similar in size, age, style, and amenities. If there are no adequate comparable properties (called comparables), the broker or salesperson should recommend that the property be formally appraised. Contact me or one of our agents if you’d like to get a free comparative market analysis of what your property is worth today.

See also: Can I trust Zillow to value my home?

For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
  • Sell Your 3-BR Townhouse Using These Staging Tips

    Sell Your 3-BR Townhouse Using These Staging Tips thumbnail
    As soon as a buyer steps into a home, the buyer will make a decision on the townhouse. That’s why staging is so critical.

    Read More

  • Cost-Effective Staging Tips For Sellers With A Residence Like 9534 Ashbourn Dr In 22015 In Fairfax County

    Cost-Effective Staging Tips For Sellers With A Residence Like 9534 Ashbourn Dr In 22015 In Fairfax County thumbnail
    Here are a few ideas of what you can do if your residence isn’t the latest trend?

    Read More

  • How To Interest House Buyers Looking At Getting A $1,349,999 6-BR 5 BA Place In 22180 In Fairfax County

    How To Interest House Buyers Looking At Getting A $1,349,999 6-BR 5 BA Place In 22180 In Fairfax County thumbnail
    If you’re seriously considering selling your property, it’s wise to think about staging. What do staging professionals recommend you do to improve your selling prospects for your craftsmen-style house in a Craftsman-style neighborhood?

    Read More

  • How To Make Your 4-BR 2 BA Home More Appealing To Home Buyers Considering Keene Mill Manor

    How To Make Your 4-BR 2 BA Home More Appealing To Home Buyers Considering Keene Mill Manor thumbnail
    As a Realtor, I like showing staged houses, because they often sell in less time. What steps can you take now to sell your pied-a-terre in a Split Level-style community?

    Read More

  • Staging Words Of Advice For Sellers With A $365,000 Townhouse In Fairfax County

    Staging Words Of Advice For Sellers With A $365,000 Townhouse In Fairfax County thumbnail
    Do you want to list a property comparable to this 4-bedroom Colonial-style house? A staged townhouse attracts more buyers and more real estate agents, because staging makes it easy for visitors to visualize the dream of feeling at home. What do professionals think you should do if your property is “too” modern?

    Read More

Properties in Arlington

Arlington real estate agents
Nesbitt Realty can help you buy and sell real estate in Arlington.