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- What prices have been tested and withdrawn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