Listing
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The Agency D.C. Metro Alex Martinez
Managing Partner, D.C. Metro ______
Cell: (240) 258.2668 Direct: (240) 292.6237 Office: (202) 888.1127 ext. 302 Alex.M@TheAgencyRE.com
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Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
Carlos Espinoza & Gina Espinoza JUNE 8, 2021
Alex Martinez Group RE The Agency DC Metro
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
What is a CMA No two homes are identical, which is why choosing a sales price or offer price for a home can be challenging. That's where the comparative market analysis, or CMA, is most useful.
What is a CMA?
The CMA is a side-by-side comparison of homes for sale and homes that have recently sold in the same neighborhood and price range. This information is further sorted by data such as type of home, number of bedrooms, number of baths, lot size, neighborhood, property condition and features, and many other factors. The purpose is to show estimated market value, based on what other buyers and sellers have determined through past sales, pending sales and homes recently put on the market.
How is the CMA created?
CMAs are generated by using property information from your real estate agent's multiple listing service (MLS). The MLS is available to licensed members only, including brokers, salespeople, and appraisers, who pay dues to gain access to the service's public and proprietary data, including tax roll information, sold transactions, and listings input by all cooperating MLS members. Listing agents generate CMAs for their sellers, and buyer's agents create them for their buyers so both sides know what current market conditions are for the homes they're interested in comparing.
How accurate are CMAs?
The CMA is a here-and-now snapshot of the market, based on the most recent data available, but it can instantly be rendered obsolete by a new listing, or a change of status in a home with the same criteria. Why? The market is constantly changing - new listings, pending sales, closed sales, price reductions, and expired listings. CMAs can vary widely, depending on the knowledge and skill of the person creating the CMA as well as the number and type of data fields that are chosen. That means some features may not be included. As informative as the CMA is, it should only be used as a tool and should not substitute for your real estate professional's knowledge and advice.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
2
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
Map of Comparable Listings
STATUS:
MLS #
STATUS
ADDRESS
S = CLOSED
P = PENDING
BEDS
BATHS
SQFT
PRICE
17639 Charity Ln
5
3.00
2,784
-
1
Subject
2
MDMC732868
S
17826 Cricket Hill Dr
6
5.0/1.0
4,677
$828,000
3
MDMC736862
S
17513 Charity Ln
4
3.0/1.0
3,344
$915,000
4
MDMC754942
S
13705 Charity Ct
4
3.0/1.0
2,822
$800,000
5
MDMC755290
P
17505 Charity Ln
4
3.0/1.0
2,722
$750,000
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
3
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
Summary of Comparable Properties S
SOLD LISTINGS
ADDRESS
SOLD DATE
BEDS
BATHS
SQFT
PRICE
$/SQ.FT
2/22/21
6
5.0/1.0
4,677
$828,000
$177
17513 Charity Ln
2/5/21
4
3.0/1.0
3,344
$915,000
$274
13705 Charity Ct
5/24/21
4
3.0/1.0
2,822
$800,000
$283
3,614
$847,667
$245
17826 Cricket Hill Dr
Averages
P
PENDING LISTINGS
ADDRESS
17505 Charity Ln
SOLD DATE
BEDS
BATHS
SQFT
PRICE
$/SQ.FT
6/14/21
4
3.0/1.0
2,722
$750,000
$276
2,722
$750,000
$276
Averages
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
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Listings
Alex Martinez Group RE The Agency DC Metro
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
17826 Cricket Hill Dr
Germantown, MD 20874
$828,000 CLOSED
6 Beds 5.0/1.0 Baths Year Built 1995
2/22/21
MLS #MDMC732868 4,677 Sq. Ft. ($177 / sqft) Days on market: 49
Details Prop Type: Single Family Residence
Full baths: 5.0
Off-market date: 2/22/21
Taxes: $7,535
Half baths: 1.0
County: MONTGOMERY
Acres: 0.23
Updated: Feb 26, 2021 12:40 AM
Subdivision: CLOPPERS MILL WEST
Lot Size: 10,022
List Price: $850,000
School District: MONTGOMERY COUNTY PUBLIC SCHOOLS
Garages: 2
Orig list price: $850,000
Style: ["Colonial", "Contemporary"]
List date: 11/22/20
Assoc Fee: $55
Above Grade Finished Area Source: Estimated
Below Grade Finished Area: 1000
Above Grade Finished Area Units: Square Feet
Below Grade Finished Area Source: Assessor
Exclusions: Basement Refrigerator, Kitchen Clock, Dining Room Chandelier Freezer in Laundry Room
Accessibility Features: Other
Below Grade Finished Area Units: Square Feet
Features
Association Fee Frequency: Monthly Association Name: CLOPPERS MILL WEST COMMUNITY ASSOCIATIO
Construction Materials: Other Cooling: Central A/C Cooling Fuel: Electric
Basement: Walkout Stairs
Exterior Features: BBQ Grill, Extensive Hardscape, Exterior Lighting, Play Area, Other Fireplaces Total: 1 Heating: Central Heating Fuel: Natural Gas Hot Water: Natural Gas
Levels: 4 Living Area Source: Estimated Lot Size Source: Assessor Lot Size Units: Square Feet # Of Attached Garage Spaces: 2 Patio And Porch Features: Patio(s), Terrace, Deck(s) Room Type: Game Room, Den, Basement, Office, Attic
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
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Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
Special Listing Conditions: Standard
Spa Features: Indoor, Private
Tax Year: 2020
Structure Type: Detached
Senior Community Yn: false
Tax Lot: 5
Total Garage And Parking Spaces: 2
Sewer: Public Sewer
Zoning: R200
Water Source: Public
Remarks This home on a prominent corner lot has 4 totally upgraded and carefully finished and maintained levels, totaling 5,900 Sqft. of living enjoyment. With so many marvelous upgrades, you have to come and see it for yourself. It features an ample foyer, elegant Family Room, formal Dining Room, Great two-story Family room opening to a gorgeous Kitchen and a big office. On the second level you will find 4 bedrooms including a huge Master Suite. On the third level you will find a custom finished attic and your own personal Spa with a Steam shower. The Basement is fully finished and ready for your enjoyment. The outdoor living area boasts a built-in bar, ample eating space and your private oasis! Please come and fall in love with this home.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
7
Comparative Market Analysis
17826 Cricket Hill Dr
17639 Charity Lane, Germantown, Maryland 20874 Germantown, MD 20874
$828,000 CLOSED
2/22/21
6 Beds 5.0/1.0 Baths Year Built 1995
MLS #MDMC732868 4,677 Sq. Ft. ($177 / sqft) Days on market: 49
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
8
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
17513 Charity Ln $915,000 CLOSED
MLS #MDMC736862
Germantown, MD 20874
4 Beds 3.0/1.0 Baths Year Built 1987
2/5/21
3,344 Sq. Ft. ($274 / sqft) Days on market: 8
Details Prop Type: Single Family Residence
Half baths: 1.0 Acres: 1.91
Updated: Feb 8, 2021 4:55 AM
County: MONTGOMERY
Lot Size: 83,201
List Price: $775,000
School District: MONTGOMERY COUNTY PUBLIC SCHOOLS
Subdivision: CEDAR CREEK ESTATES
Garages: 2
Orig list price: $775,000
High: NORTHWEST
List date: 12/2/20
Taxes: $8,201
Middle: KINGSVIEW
Style: ["Colonial"] Full baths: 3.0
Elementary: GREAT SENECA CREEK
Off-market date: 2/8/21
Features Above Grade Finished Area Source: Assessor
Below Grade Finished Area Source: Assessor
Above Grade Finished Area Units: Square Feet
Below Grade Finished Area Units: Square Feet
Accessibility Features: None
Construction Materials: Brick, Stone, HardiPlank Type
Appliances: Cooktop, Oven Wall, Microwave, Refrigerator, Icemaker, Dishwasher, Disposal, Washer, Dryer, Humidifier Basement: Walkout Level, Fully Finished
Cooling: Central A/C Cooling Fuel: Electric Door Features: French, Storm, Sliding Glass
Exterior Features: Extensive Hardscape, Exterior Lighting, Flood Lights Fireplace Features: Wood, Gas/Propane Fireplaces Total: 3 Flooring: Ceramic Tile, Carpet, Wood Furnished: No Heating: Heat Pump(s) Heating Fuel: Electric Hot Water: Electric
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
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Comparative Market Analysis
Inclusions: Cooktop, Wall Oven, Microwave, Refrigerator, Ice Maker, Wine Fridge, Dishwasher, Disposal, Washer, Dryer, Alarm System, Satellite Dishes, Fireplace Screen, Gas Log, Ceiling Fans, Window Treatments, Water Softener/Conditioner, Furnace Humidifier, Hot Tub/ Spa Equipment & Cover, Pool Equipment & Cover, Garage Door Opener, Garage Door Remote/Fob, Radon Remediation System, Work Bench.
17639 Charity Lane, Germantown, Maryland 20874
Interior Features: Breakfast Area, Built-Ins, Carpet, Ceiling Fan(s), Chair Railings, Combination Kitchen/Dining, Crown Moldings, Dining Area, Exposed Beams, Family Room Off Kitchen, Floor Plan - Traditional, Formal/ Separate Dining Room, Kitchen - Eat-In, Kitchen Gourmet, Kitchen - Island, Kitchen - Table Space, Recessed Lighting, Soaking Tub, Upgraded Countertops, Walk-in Closet(s), WhirlPool/ HotTub, Window Treatments, Wine Storage, Wood Floors Laundry Type: Main Floor Levels: 3 Living Area Source: Assessor Lot Features: Backs to Trees, Landscaping
Lot Size Source: Assessor Lot Size Units: Square Feet
Security Features: Electric Alarm
# Of Attached Garage Spaces: 2
Senior Community Yn: false
Patio And Porch Features: Deck(s), Patio(s), Porch(es), Screened
Structure Type: Detached
Pool Features: In Ground
Sewer: Septic Exists Tax Lot: 26 Tax Year: 2020
Property Condition: Good
Total Garage And Parking Spaces: 2
Roof: Shingle
View: Trees/Woods
Room Type: Living Room, Dining Room, Primary Bedroom, Bedroom 2, Bedroom 3, Bedroom 4, Kitchen, Family Room, Foyer, Office, Recreation Room, Storage Room, Bonus Room, Primary Bathroom, Full Bath, Screened Porch
Virtual Tour: View Water Source: Well Window Features: Double Pane Zoning: R200
Special Listing Conditions: Standard
Remarks This stunning estate home is situated on a picturesque 1.91 acre lot. The highlights of this home include a swimming pool, private home office, and screened in porch! In total there are 4 Bedrooms and 3.5 Bathrooms with a 2 car garage and over 3,300 square feet of living space. Enjoy beautiful hardwood flooring and custom millwork throughout the main level. You have a large formal living room with a cozy fireplace and a formal dining room as well overlooking the backyard. The private home office has direct access to the back deck. The family room has vaulted ceilings and a floor to ceiling stone fireplace. The gourmet eat-in kitchen has been upgraded with stainless steel appliances, custom cabinetry, granite counters, and huge island with built-in cooktop. Off the kitchen is the enclosed outdoor porch perfect for indoor/outdoor living. The upper level master bedroom is truly a retreat with a sitting area, dressing area, and walk-in closet. The master bedroom ensuite bath has been renovated with a custom walk-in glass and tile shower, soaking tub, and dual sink vanity. The lower level is fully finished with a walk-out to your backyard and swimming pool. There is also a potential 5th bedroom, additional rec room and a built in bar! This property is ideally located close to shopping and restaurants. Public transit and access to major commuter routes is only minutes away. MARC Train is less than 1 Mile! Don't forget to view the virtual tour of this home.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
10
Comparative Market Analysis
17513 Charity Ln
17639 Charity Lane, Germantown, Maryland 20874
$915,000 CLOSED
MLS #MDMC736862
Germantown, MD 20874
2/5/21
4 Beds 3.0/1.0 Baths Year Built 1987
3,344 Sq. Ft. ($274 / sqft) Days on market: 8
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
11
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
13705 Charity Ct $800,000 CLOSED
MLS #MDMC754942
Germantown, MD 20874
4 Beds 3.0/1.0 Baths Year Built 1984
5/24/21
2,822 Sq. Ft. ($283 / sqft) Days on market: 5
Details Prop Type: Single Family Residence
Half baths: 1.0 Acres: 0.68
Updated: May 24, 2021 12:03 PM
County: MONTGOMERY
Lot Size: 29,627
List Price: $720,000
School District: MONTGOMERY COUNTY PUBLIC SCHOOLS
Subdivision: CEDAR CREEK ESTATES
Garages: 2
Orig list price: $720,000
High: NORTHWEST
List date: 4/29/21
Taxes: $6,536
Middle: KINGSVIEW
Style: ["Colonial"] Full baths: 3.0
Elementary: GREAT SENECA CREEK
Off-market date: 5/24/21
Features Above Grade Finished Area Source: Assessor
Below Grade Finished Area Units: Square Feet
Heating Fuel: Electric
Above Grade Finished Area Units: Square Feet
Builder Model: Bennington
Levels: 3
Builder Name: Stanley Halle
Accessibility Features: None
Construction Materials: Other
Living Area Source: Assessor
Basement: Walkout Level, Fully Finished, Full Below Grade Finished Area: 700 Below Grade Finished Area Source: Assessor
Cooling: Ceiling Fan(s), Central A/C Cooling Fuel: Electric Fireplaces Total: 1 Heating: Heat Pump(s), Other
Hot Water: Electric
Lot Size Source: Assessor Lot Size Units: Square Feet # Of Attached Garage Spaces: 2 Patio And Porch Features: Deck(s), Patio(s)
Room Type: Living Room, Dining Room, Primary Bedroom, Bedroom 2, Bedroom 3, Bedroom 4, Kitchen, Family Room, Foyer, Other, Office, Recreation Room, Storage Room, Bathroom 2, Bathroom 3, Primary Bathroom, Half Bath Special Listing Conditions: Standard Senior Community Yn: false Sewer: On Site Septic
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
12
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
Structure Type: Detached
Tax Year: 2020
Virtual Tour: View
Zoning: R200
Tax Lot: 7
Total Garage And Parking Spaces: 8
Water Source: Well
Driveway Spaces: 6
Remarks Open Sunday, May 2, 1-3pm! Welcome to Cedar Creek Estates, an idyllic setting of expansive lots, located just minutes from everything! This Stanley Halle built 4 bedroom, 3.5 bath center hall Colonial is set on almost 2/3 acre backing to a stream--enjoy the privacy of this cul de sac beauty! Working from home? The main level features an office just off the foyer! Updated table space kitchen overlooks expansive yard. The adjacent family room has sliding glass doors to the deck, a cozy fireplace, and an entry from the side-load garage. Large formal dining room or second office? You choose! Spacious living room looks out over the front yard and court. The upper level features the primary bedroom, dressing area with vanity and two generous walk-in closets, and primary bath with tub and shower. Three additional bedrooms located off the hall which looks down on the foyer below. Updated full bath with tub in hallway. The fabulous walk out basement features a wet bar with mini fridge, large recreation room with pellet stove, exit to back yard, a nook that's perfect for a workout area and a full bath with sauna! This home has been lovingly cared for and thoughtfully updated, and it's ready for you!
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
13
Comparative Market Analysis
13705 Charity Ct
17639 Charity Lane, Germantown, Maryland 20874
$800,000 CLOSED
MLS #MDMC754942
Germantown, MD 20874
5/24/21
4 Beds 3.0/1.0 Baths Year Built 1984
2,822 Sq. Ft. ($283 / sqft) Days on market: 5
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
14
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
17505 Charity Ln $750,000 PENDING
MLS #MDMC755290
Germantown, MD 20874
4 Beds 3.0/1.0 Baths Year Built 1987
6/14/21
2,722 Sq. Ft. ($276 / sqft) Days on market: 6
Details Prop Type: Single Family Residence
Half baths: 1.0 Acres: 3.9
Updated: Jun 3, 2021 11:18 PM
County: MONTGOMERY
Lot Size: 169,884
List Price: $750,000
School District: MONTGOMERY COUNTY PUBLIC SCHOOLS
Subdivision: CEDAR CREEK ESTATES
Garages: 2
Orig list price: $750,000
High: NORTHWEST
List date: 4/29/21
Taxes: $7,169
Middle: KINGSVIEW
Style: ["Colonial"] Full baths: 3.0
Elementary: GREAT SENECA CREEK
Off-market date: 5/4/21
Features Above Grade Finished Area Source: Assessor
Below Grade Finished Area: 700
Exterior Features: Extensive Hardscape, Exterior Lighting
Above Grade Finished Area Units: Square Feet
Below Grade Finished Area Source: Assessor
Fireplaces Total: 2
Accessibility Features: None
Below Grade Finished Area Units: Square Feet
Appliances: Stove, Microwave, Refrigerator, Icemaker, Dishwasher, Disposal, Washer, Dryer, Humidifier Basement: Fully Finished, Walkout Level
Flooring: Hardwood, Carpet, Ceramic Tile Furnished: No
Construction Materials: HardiPlank Type
Heating: Heat Pump(s)
Cooling: Central A/C, Ceiling Fan(s)
Hot Water: Electric
Heating Fuel: Electric
Inclusions: Stove/Range, Microwave, Refrigerators, Ice Maker, Dishwasher, Disposer, Washer, Dryer, Fireplace Screen/Door, Ceiling Fans, Window Treatments, Furnace Humidifier, Storage Shed, Garage Door Opener, Garage Door Remote/Fob.
Cooling Fuel: Electric Door Features: Storm, French
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
15
Comparative Market Analysis
Interior Features: Breakfast Area, Built-Ins, Carpet, Ceiling Fan(s), Combination Kitchen/ Dining, Dining Area, Family Room Off Kitchen, Floor Plan - Traditional, Formal/ Separate Dining Room, Kitchen - Eat-In, Kitchen Table Space, Recessed Lighting, Skylight(s), Upgraded Countertops, Walkin Closet(s), Window Treatments, Wet/Dry Bar, Wood Floors Laundry Type: Main Floor
17639 Charity Lane, Germantown, Maryland 20874
Living Area Source: Assessor
Property Condition: Very Good
Senior Community Yn: false
Lot Features: Backs to Trees, Landscaping
Roof: Shingle, Asphalt
Structure Type: Detached
Room Type: Living Room, Dining Room, Primary Bedroom, Sitting Room, Bedroom 2, Bedroom 3, Bedroom 4, Kitchen, Family Room, Foyer, Breakfast Room, Laundry, Office, Recreation Room, Storage Room, Bonus Room, Primary Bathroom, Full Bath, Half Bath
Tax Lot: 28
Special Listing Conditions: Standard
Zoning: R200
Lot Size Source: Assessor Lot Size Units: Square Feet # Of Attached Garage Spaces: 2 Other Structures: Shed Patio And Porch Features: Deck(s), Porch(es) Pets Allowed: No Pet Restrictions
Levels: 3
Sewer: Septic Exists
Tax Year: 2021 Total Garage And Parking Spaces: 2 View: Trees/Woods Virtual Tour: View Water Source: Well Window Features: Double Pane
Remarks Welcome to 17505 Charity Lane! This stunning property is situated on a lush 3.9 acre lot. The property backs to conservation area with breathtaking views from your private deck. Your backyard is like a park! The main level features formal living and dining rooms with beautiful natural light. There is a dedicated study off the living room with views of the backyard and a cozy fireplace. The eat-in kitchen is upgraded with stainless steel appliances, granite counters, and plenty of storage space. The family room features a statement making floor to ceiling stone fireplace surrounded by custom built-in shelving. The upper level features a spacious and sunny master bedroom with vaulted ceiling including a wood beam detail and skylights. There is also a walk-in closet and a sitting room. The ensuite bath is huge with double sink vanity and soaking tub. The lower level is fully finished with a built-in bar and rec room including a walk-out to your backyard. In addition you have a full bath and bonus room or potential 5th bedroom. This home is ideally located within minutes to shopping and restaurants. Only 1 mile to the MARC train! Close to Germantown Recreational Park and SoccerPlex. Don't forget to view the virtual tour of this stunning home!
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
16
Comparative Market Analysis
17505 Charity Ln
17639 Charity Lane, Germantown, Maryland 20874
$750,000 PENDING
MLS #MDMC755290
Germantown, MD 20874
6/14/21
4 Beds 3.0/1.0 Baths Year Built 1987
2,722 Sq. Ft. ($276 / sqft) Days on market: 6
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
17
Analysis
Alex Martinez Group RE The Agency DC Metro
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
Comparable Property Statistics S
3 Sold Listings LOWEST
$800,000
P
AVERAGE
$847,667
HIGH
$915,000
AVG PRICE / SQFT
AVG DOM
$245
20
AVG PRICE / SQFT
AVG DOM
$276
6
1 Pending Listings LOWEST
$750,000
AVERAGE
$750,000
HIGH
$750,000
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
19
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
Sold Property Analysis Averages
108.4%
Homes sold for an average of 108.4% of their list price.
20
Days on market
It took an average of 20 days for a home to sell.
Analysis ADDRESS
ORIG LIST PRICE
SOLD PRICE
% OF ORIG LIST PRICE
DOM
$ PER SQFT
17826 Cricket Hill Dr
$850,000
$828,000
97.41%
49
$177
17513 Charity Ln
$775,000
$915,000
118.06%
8
$274
13705 Charity Ct
$720,000
$800,000
111.11%
5
$283
$781,666
$847,667
108.44%
20
$245
Averages
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
20
Comparative Market Analysis
17639 Charity Lane, Germantown, Maryland 20874
The Value of Your Home In a neighborhood of similar homes, why is one worth more than another? That's the question that's teased buyers and sellers for ages, but the answer is simple. Every home is different When a home is sold, a willing seller and a willing buyer determine the value of that home with the sale price. That price then becomes a benchmark for other similar homes, but other factors come into play. The most important are:
Location The closer a home is to jobs, parks, transportation, schools, and community services, the more desirable it is.
Size Square footage impacts home value because a larger home is built using more materials, and gives the homeowner more usable space. And a larger lot size could mean more privacy than a smaller one.
Number of bedrooms and baths Additional bedrooms and bathrooms raise the value of a home compared to similar homes that do not have those rooms.
Features and finishes Features such as outdoor kitchens and spa baths make a home more luxurious. A home finished with hardwood floors and granite countertops is going to cost more than a home with carpet and laminate countertops.
Condition The closer a home is to new construction, the more it will retain its value. It's perceived as more modern, up to date, and perhaps safer. Homes that are not updated or in poor repair sell for less as purchasers' factor in the cost of updating and eventually replacing appliances and systems.
Curb appeal From the street, the home looks clean, fresh, and inviting. Fresh landscaping and flowers won't change the size or location, but they certainly add charm. When two homes are identical in the same neighborhood, a higher price may come down to something as simple as views, paint colors, or the overall taste of the homeowner.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
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