How do we determine what the value of your Northern Virginia home is? It starts with looking for the right comps. In some cases it can be fairly easy. In a condominium looking at recent sales of similar units will help provide a basis from which to start. For detached homes or town houses in a subdivision it starts with a list of all homes that have sold in the last 3 months most like yours and generally within a one mile radius.
From there we start to dig a little deeper. Were the most recent sales at higher or lower prices? Were the lower priced sales foreclosures or short sales? In a more stable market as we know have in Northern Virginia a short sale or foreclosure may not best represent the market price and not useful as a comp. For regular sales are the higher prices the most recent sales? If so this could be reflective of an uptick in the neighborhood and a consideration for pricing. What time of year are you selling? Traditionally prices tend to be relatively flat or slightly lower in the winter months.
What features did those homes have that yours does or doesn’t have? Upgrades play a role in figuring out comps for your home. A home with an upgraded kitchen and baths will have a higher value than one does not. For condos those on a higher floor, with a balcony or better view will likely have a higher value than one a few floors lower.
After we’ve done all of the analysis we are able to present you with a reasonable price range of what your home should be listed and will ultimately sell for. The comps we provide to help you price your home for sale are the ones we will also pass along to the buyer’s agent when an offer is made and to an appraiser when your home is under contract.
If you are thinking of selling your Northern Virginia home in the future give us a call. We look forward to showing you how we come up with the comps for you home. In 2014 our listing have sold for 98.42% of the listing price.