Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon).

  • Sign up for a market conditions report.
  • See market data for all of Arlington.
  • See more Buyer Resources.
  • See last month’s post on Orange Line Condo prices.
  • Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).
  • Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1-Br Units 2-Br Units
Active Listings as of  Sept 12, 2014
Average List Price

$274,287

$342,094

Number of Active Listings

65

30

Average Property DOM(P) – Actives

89

34

SOLD LISTINGS for August 2014
Average Sold Price for Previous Month (does not include seller subsidies)

$519,185

$505,773

Number of Sold Listings in Previous Month

36

22

Average Property DOM(P) – Solds

66

48

Share

{ 0 comments }

Tax Assessment vs Market Value

September 10, 2014

Have you ever wondered what the difference is between the tax assessed value of a property, versus the fair market value? And how these two values compare to the appraisal value? You aren’t alone. Many sellers and buyers are confused about these values and how these values are determined and intertwinedimage

First, lets look at the definitions for all three:
Tax Assessment: The amount that your county assigns to your home based on the value of the land, and the building itself. The value is calculated using an algorithm of sales in your neighborhood, and county based on the size of your lot, size of your home, number of bedrooms, bathrooms, and any other major upgrades (additions/decks/garages, etc). This calculated value determines the property taxes you will pay each year.  The assessed value will changed based on how strong or weak the past year’s sales were, so typically it is a lagging indicator of the market, meaning it represents past values.

Market Value: The value at which a buyer is willing to purchase and the seller is willing to sell a home. This value is more subjective, and often linked to supply and demand in the specific area. Condition and upgrades will play a factor in the value, but ultimately the market value is the amount that both parties agreed to in a contract. A buyer may be willing to pay more for a home, if its in a desirable area with limited inventory. Similarly, if there is a surplus of inventory, or the home is located on a major road or has other challenging features, it may be sold at a lower value.

Appraised Value: This value is determined by an appraiser (usually 3rd party) to confirm or validate the market value for home buyer and/or a lender. The appraised value is generally calculated by using like kind properties, within a mile or so radius, looking specifically at sales for the previous three to four months. Adjustments are usually made up/down for more square feet, additional bedrooms, bathrooms, garage spaces and other upgrades. The appraiser may take supply and demand in account, but generally they are looking primarily at the condition/amenities of the home and how it compares to other sales in the immediate neighborhood.

So, while many buyers may not want to pay more than the “assessed value” of a property, the market value is usually higher. Additionally, a seller may order an appraisal before going on the market and refuse to sell for less than the appraised value, even if that may not be the correct market value. Tax assessment values and market values may vary depending on your neighborhood, county and state. While, tax assessments may be lower than market value by $50-$100K in some areas, the assessment and market values may be the same or higher in other areas.

moneyhouse

 

If you have questions about assessed values, vs market or appraisal values, please contact us for more information!

Photo Credit: Newsday.com and epcrossing.org

Share

{ 0 comments }

SOLD! 305 Marshalls Venture

August 27, 2014

We are thrilled that our listing in Accokeek, MD finally settled this past week. This was an important sale for us, because we took it over from another agent, and it was also a referral from past clients. This home was on the market for over three months, before we took over the listing. We […]

Share
Read the full article →

Washington, DC Real Estate Market Update

August 25, 2014

Watch the video below to find out what’s happening in the Washington, DC real estate market. This video is about the July 2014 housing market trends in the nation’s capital. If you’d like more info, please contact us.

Share
Read the full article →

This Month in Real Estate August 2014

August 15, 2014

Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.

Share
Read the full article →

North Arlington (Orange Line) Condo Update: July 2014

August 12, 2014

Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon). Sign up for a market conditions report. See market data for all of Arlington. See more Buyer Resources. See last month’s post on Orange Line Condo prices. Ready […]

Share
Read the full article →

Just Listed: 1021 Arlington Blvd #1131

August 11, 2014

Check out these views! We just listed this stunning penthouse in Arlington with unbelievable river and monument views. This one bedroom/one bath unit is located at 1021 Arlington Blvd, in River Place East and boasts 716 square feet of living space. The lovely unit offers a open and inviting floor plan with fresh, modern paint in the […]

Share
Read the full article →

SOLD! 157 Fleet Street #811

August 4, 2014

July finished strong this year, with several closings at the end of the month for our team! One property we were particularly proud of was our listing at 157 Fleet Street #811 at National Harbor. This updated unit offered: open and inviting floor plan with 954 sq ft, two bedrooms, one bath, with gleaming hardwood […]

Share
Read the full article →

Washington, DC Real Estate Market Update

July 24, 2014

Watch the video below to find out what’s happening in the Washington, DC real estate market. This video is about the June 2014 housing market trends in the nation’s capital. If you’d like more info, please contact us.

Share
Read the full article →

Client Appreciation Event at National Park!

July 24, 2014

This past Sunday, we held a Client Appreciation event at Nationals Park. We’re so grateful for our nearly 100 clients and friends who joined for a fun afternoon. A great time was had by all. We continue to be so grateful for your business and referrals, and look forward to helping you in the coming […]

Share
Read the full article →