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What’s Your Home Really Worth?

 

What is your Home Worth?
Do not ask the internet!  
The accuracy of the online pricing is less than 9%. 

Inaccurate pricing leads sellers and Realtors to over price their homes.  That’s why 47% of the homes over $1M in Vienna withdrew unsold this November, in the best sellers market in 16 years. The Casey Samson Team authenticates its data using our proprietary models, which produced a 95% success rate in 2020.

 

 

Here are the 11 reasons why they are inaccurate:

  1. Homes are unique and have too many variables: Size, age, assess, lot, schools, condition, upgrades
  2. Real Estate is valuation based on comparables. Engines do not select the proper comparables. “Garbage in, Garbage out”
    1. Comps must be similar age, size, school district, style, price range and condition
    2. Engine comps violate most of these basic rules
  3. Engines ignore buyer pools 
    1. If they recommend $808,000, they miss 80% of their buyer pool, which are searching under $800,000
    2. Buyers always pay more when they find the home they love.
    3. Multiple contracts produce highest pricing and lowest contingencies
  4. Engines do not take market conditions into account
    1. Seller/buyer’s markets push values up or hold values down
    2. What is the % of the market under contract. These produce freshest values as well
    3. What prices have been tested and withdrawn 
  5. Engines use total sq. ft., not sq ft above grade
    1. Above grade SF is valued at around $300 PSF
    2. Basement sq. ft. cost $35 PSF to improve 
    3. You cannot mix the two
  6. Engines do not compare the average % of assessment
    1. If the average comp sells for 110% of assessment, that is an indicator to help establishing “Customary Value” 
    2. County assessors are the second best “on the ground” evaluators.  Realtors should be #1 
  7. Engines do not adjust PPSF for size and age
    1. PPSF must be adjusted for size. The larger the sq. ft., the lower the PPSF is and visa verse.
    2. PPSF must be adjusted a % for every year older or younger
  8. Engines do not adjust comps for condition and upgrades
    1. By the time a home is 20 years old, the value can vary 20% based on the condition and upgrade
    2. The home and comps both need to be evaluated and compared
    3. Customary appliances,condition, exterior entertainment etc. needs to be established
    4. The quality of condition and upgrades needs to be applied to both the subject and comps 
  9. Engines can not do personal inspections
    1. Only a local qualified Realtor can evaluate what customary condition and upgrades 
    2. Inspection of the lot is critical
  10. Engines do not have lot premium/discounts
    1. Lots can have a premium for size, contour, nothing behind the home with a quiet environment
    2. Lots can have a discount if they are small, on a pipe stem, hilly, or have traffic and noise issues 
  11. Engines do not have school premium/discounts
    1. Depending on age of the children of the potential buyer, Elementary schools and high schools can have 3%-5% effect on pricing
    2. Greatschools.com ratings are where most sellers get their data on elementary.
    3. U.S. News and World Report is the best place for high school ratings and data

Internet pricing engines are less than 9% accurate.
Our team is 95% accurate! 

To find out what your home is REALLY worth, call Casey at 703-508-2535 or email casey@caseysamson.com.

 

 

 

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