After looking through some home sales data with a client in Oakton, it seemed like a good idea to clarify some of the determining factors when examining homes sales comparables that influence current pricing of homes.
Determining a net sales price for a home is impossible if you are looking at recent sales data published in the local newspaper. Newspapers publish only the sales price recorded at the county courthouse, and these numbers don’t reflect if there were seller credits to the buyer. And most real estate web sites take the same feed which leaves readers with less than complete information.
The easiest example would be if two very similar town homes sold in a subdivision, let’s call it Vienna Oaks. One sold for $530,000 and the other sold for $525,000 according to the Gazette, but when you are able to review the detailed sales data it shows that one of those sellers credited the buyer $12,000 toward their closing costs. And until you know where the numbers match up, you are in limbo.
There are at least twelve key factors that I review when determining value of a home in a neighborhood primarily because today’s appraisers are aggressively scrutinizing each home and each recent comparable that they are using in their written analysis. No longer are they going back six months like the have done for years, but they are using data no older than 90 days.
Understanding the current playing field will help get your home successfully sold.