You hear them all the time: median prices, days on market, list to sold ratio, year-to-year comparisons, and so on, and so on. For many people, these real estate statistics can be confusing if not intimidating. However, there’s one factor that’s easy to grasp: your local realtor is best-equipped to use local market statistics to help you arrive at a list price when selling your home.
The key word here is local. Supply and demand drive markets; and in real estate, all markets are local. Each area, town, city, region is subject to particular trends that affect the local real estate market. And, although a rising tide lifts all boats, global factors (such as interest rates) are only a part of the overall mix behind how quickly you sell – and for how much. In addition, an experienced realtor can go beyond the city-wide or county-wide statistics and show you what’s influencing the market in your neighborhood.
Your Hunt Country Team has the experience and training to help you understand these market stats FROM A LOCAL PERSPECTIVE in order to set the most effective selling price for your home. And they can show you how over-pricing, even under-pricing, are likely to result in a longer time on market and a lower selling price.
What influences a sale in Arlington may or may not be a factor in Leesburg. Average “days on market” statistics in Fairfax don’t necessarily indicate how quickly a Purcellville listing will sell. . Using these statistics, along with comparable recent sales in your neighborhood, the Hunt Country Team will help you determine how to maximize the return on your investment.
So, do follow the market news but don’t let the statistics overwhelm you. Instead, call your Hunt Country Team for a no-cost, no-obligation home valuation. (All data samples included here are for Loudoun county from July 2016 and are based on MRIS data)