Central Virginia Real Estate Valuations
Determing Market Value for Your Property
Today's real estate market has a certain element of uncertainty. Reports on the news and various media are creating the impression that, in the world of real estate, the proverbial sky is falling! The reality of the situation is that our market area in Central Virginia is much less affected by the problems in the sub prime mortgage market than other more urban areas due to our less transient and more conservative population. Over the last 12 months, we have had a lower number of sales and there has been a slight reduction in the sales price of the small lot, single family, residential category. Land sales in the 10 to 100 acre category have held their own in regards to sales price from figures of early 2006. Commercial sales and leasing continue to remain strong.
We are asked frequently how property is valued in today's market. Our response is the same whether you are a buyer or a seller. It all comes down to: Where is the market value? Market value today is based upon actual comparable sales and, to a lesser degree, the direction of the forces that have impact on real estate. The price that we recommend on property does not change whether we are advising a buyer or a seller.
If you are thinking of listing with Jefferson Land and Realty, here are some things to expect: First we will meet with you and discuss your property, your needs and wants. Then we will take a look at your property, most likely with the broker or another agent in our company, to offer the best pricing and marketing advice. We will then research the current market and comparable sales. Our advice is free, but more importantly, it is honest. If we feel that putting your property on the market at that point in time is not the wisest choice, we will tell you so. It is our obligation to represent the best interests of our clients.