Figuring Out A Property's True Value in this Market Can Be Difficult
The Washington Post had an interesting article this weekend on the difficulty that both home buyers and sellers face in determining how much a property is worth with so many foreclosures and short sales flooding the market.
The article points out that the data for home prices on a number of valuation sites can be very skewed as the inventory of homes on the market regularly include a glut of distressed properties that bring down the value of surrounding homes.
From The Post:
Foreclosures and short sales are another complicating factor. Appraisers generally don’t want to use distressed sales as comparable sales, but if the market is almost exclusively made up of foreclosures and short sales, the appraiser has to decide how to use them.
“If all that has sold is foreclosures and short sales, then they are the market, so that’s what your home is going to be compared to,” Bruce Flanagan [of Bethesda-based Flanagan Associates] said.
This article originally published at https://dc.urbanturf.com/articles/blog/figuring_out_a_propertys_true_value_in_this_market_can_be_difficult/816.
Most Popular... This Week • Last 30 Days • Ever
Another concept has been unveiled for one of DC's most contentious development sites,... read »
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Plans for the development at a prominent DC intersection began nearly eight years ago... read »
Today, UrbanTurf is examining one of our favorite metrics regarding competition in th... read »
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- First-Timer Primer: DC's Home Buyer Assistance Programs
- What Are the Annual Maintenance Costs When You Own a Home?
- 388-Unit Development At Site of North Capitol Street Exxon Nears Completion
- The 6 Places In The DC Area Where You Aren't The Only One Bidding On a Home
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro