Don’t Get Sucked In By Misleading Market Reports

The Northern Virginia MRIS offers a subscription service for it’s members offering nice graphic market reports. I’ve been using them since they were first offered and for the most part the information has been reliable at a high level. Recently the introduced a new feature taking the reports one level deeper to the neighborhood level.

For many Northern Virginia neighborhoods the data may be okay but for some it’s a disaster. Over the years neighborhoods have changed names or combined. In Prince William County for example Lake Ridge also includes a section called Ridgeleigh, Lake Terrapin includes Ridgefield Crossing and Belmont Bay is made up of a landbays or condo buildings all with different names. Unfortunately the data doesn’t catch all of those nuances.

Here’s an example. The RBI report for Belmont Bay shows:

As you can see the chart shows no closings in January 2014. Yet our group had a closing in January. Through March 2014 there were 9 closed sales and the chart shows only 1 closed sale for the same time frame. Why do I bring this up? To let you know if you are using market reports to determine the value of your home or the level of activity in your neighborhood what you see could be way off. The only way to get a handle on your home’s value is to have a Realtor® do a real-time CMA for you.

Hopefully the Realtor® you call will know the nuances of your neighborhood and the local area. If you are looking for a team that makes sure to double-check the data give us a call at 703-346-2213.

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