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Pricing Analysis

“You make money the day you buy and not the day you sell”
                                                                        – anonymous
Properties unique in nature or design may require alternative methods to accurately assess value.
It is the most applicable and universal statement ever spoken about real estate.

In order to be successful in real estate, you really have to be able to price properties accurately and you better be at least as savvy as the person you are buying from or selling to.  Many feel that AVM’s (Zillow/Trulia) the Public Records (tax assessments) and private appraisals have decreased the chances that mistakes will be made but in reality, it really hasn’t.  All of these tools existed in 2007 yet the market moved in many cases 30-40% in a 12-18 month period beginning in early 2008.

The takeaway is that correct analysis for both buyers and sellers comes from understanding the metrics that affect the individual market segment and asking the correct questions to lead you to the correct answers.  As an example:

  • Zillow will not make the correct adjustment for a 3 bedroom home in a 4-5 bedroom neighborhood.
  • It is highly doubtful that any tax assessors have ever been in the home yet assessed value is an input into the AVM models.
  • Pricing can change by 20-30% by crossing one street in an urban environment
  • Zip codes are not reliably reflective of value lines (23235 covers properties in both City Zone 60 and County Zone 64 with RADICALLY different value spreads) yet are often used to establish values.
  • Price per foot calculations are not linear.

Establishing a value for a property requires an innate understanding of the inputs that form the value curve.  Doing it well is an art and not the science that many would have you believe.

If you’re considering selling your RVA property, we’d be happy to do a custom, in-depth analysis of your property.

804.201.9683


How Do I Schedule a Showing?

I am Kendall C. Kendall, Client Care Coordinator for the team. I am a licensed Realtor and it is my job to answer questions and schedule showings for the properties shown on our sites. Here's our call policy.
kendall@richmondrelocation.net

804.305.2344


How Do I Determine What I Can Afford?

We offer competitive mortgage solutions with a commitment to exceed your expectations. We’re local industry experts who are also your friends and neighbors. Whether you want to communicate online or in person, we’re just a call or click away.
www.cfmortgagecorp.com
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Equal Housing

The Sarah Jarvis Team agrees to provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community. Any request from a home seller, landlord, or buyer to act in a discriminatory manner will not be fulfilled.

IDX Disclaimer

All of the information displayed here is deemed to be gathered from reliable sources but no warranties, either express of implied, are made part of this site. Additionally, the IDX Feed for listing information may contain descriptions of properties not represented by One South Realty, its agents or staff and any violations or misrepresentations are the sole responsibility of the listing brokerage of the subject property in violation.

Contact The Sarah Jarvis Team

804.201.9683

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2314 West Main Street Richmond, VA 23220

sarah@richmondrelocation.net

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Chris Lester
Senior Loan Administrator
NMLS# 353830
804-307-7033
Email Southern Trust Mortgage

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Members of the Sarah Jarvis team are licensed in the Commonwealth of Virginia.

 

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