A Comparison of Two Neighborhoods.

What Determines Your Homes Value?

Comparing two neighborhoods.

Today I saw a listing come through for a home sold in the Middle Valley area of Springfield.  It is a 4 bedroom 3 1/2 bath home located just south-east of the Fairfax County Parkway and Sydenstricker.  It is on a .29 acre lot. It is in the West Springfield High School pyramid. The home went on the market for $599,999 and sold for $629,900 with multiple offers in four days.

I bring this up because, if you've been reading the sold updates I've been sending, we have seen our values become comparable to that sale in Springfield.  Our subdivision is conveniently located to major transportation and shopping, the lot sizes are generous and the Woodson school pyramid is among the best in Fairfax County.  Overall I think we compare more favorably than the Middle Valley home.

So why aren't our home prices higher?

Buyers are telling us we have some challenges in our neighborhood, some of which have always existed and some are a result of the age of the neighborhood.  

First, we have many homes that are adjacent to the parkway or the railroad tracks.  Buyers do not want to see or hear these things and that can have an impact on overall price in the neighborhood.

Second, our neighborhood is showing its age, both in terms of the homes themselves but also the landscaping and general conditions of the lots. Many lots and trees in the neighborhood are in need of trimming and clean up.  Lawns, landscaping and landscape beds need to be kept in good condition and neatly trimmed.  Homes need to be clean and painted.  Roofs that show staining can also detract from the value of a home.  The interiors need to be able to compete with other homes in the price range that have been improved to today's standards.  Improvements, like new kitchens and baths, increase your value.  An upgrade, like a new faucet, may improve your enjoyment of the home, and may make a favorable impression on a buyer, but is will not necessarily improve your overall value.  Remember, it is buyers who set the price of homes, not sellers.

Recently we have also had some homes sell well below what their market value should have been. These were put on the market and priced by agents who are not familiar with the advantages of our neighborhood.

How do we get our values moving back up?  We need to encourage our homeowners association to enforce the covenants that everyone agrees to, we need our Architectural Review Board to uphold high standards and we need neighbors to keep their property at a high standard with pride of ownership evident.

Watch for tips in my next monthly newsletter about how to determine if your landscaping needs care.