Comments on: Northern Virginia Real Estate Market Report (New & Improved!) http://ourfairfax.com/2008/12/10/northern-virginia-market-report-novemeber-2008/ Our Neighborhoods, Our Community, Our Fairfax Tue, 07 Sep 2010 21:06:23 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Jeff Royce http://ourfairfax.com/2008/12/10/northern-virginia-market-report-novemeber-2008/comment-page-1/#comment-517 Jeff Royce Wed, 10 Dec 2008 19:47:14 +0000 http://ourfairfax.com/?p=88#comment-517 Randy...you point to a major problem with "average price." It doesn't mean that a particular house goes down by that amount. There are two problems with that: 1) Real Estate is very local. What happens in your neighborhood is different than, though surely influenced by what happens in Northern Virginia as a whole. 2) The basket of homes that sells each month changes. If you are looking at a particular area with all different kinds of homes you might see one month where an expensive builder has a big sale and sells off lots of inventory. That will up the averages, but not necessarily affect the value of the other houses in that area. We just aren't sure what is selling each month that skews the average. Be leery of those numbers and look at your immediate competition with much greater care. Randy…you point to a major problem with “average price.” It doesn’t mean that a particular house goes down by that amount. There are two problems with that:

1) Real Estate is very local. What happens in your neighborhood is different than, though surely influenced by what happens in Northern Virginia as a whole.

2) The basket of homes that sells each month changes. If you are looking at a particular area with all different kinds of homes you might see one month where an expensive builder has a big sale and sells off lots of inventory. That will up the averages, but not necessarily affect the value of the other houses in that area. We just aren’t sure what is selling each month that skews the average. Be leery of those numbers and look at your immediate competition with much greater care.

]]> By: Randy Warner http://ourfairfax.com/2008/12/10/northern-virginia-market-report-novemeber-2008/comment-page-1/#comment-516 Randy Warner Wed, 10 Dec 2008 19:36:10 +0000 http://ourfairfax.com/?p=88#comment-516 It looks as if Fx county took a big hit in selling price when you see November from this year compared to the previous Novembers Not sure what it is telling me when I go back Apr 08 and try to forecast what the prices will be in Apr 09 when I am putting my house on the market. I am guessing I can expect the averages to be down as much as $40,000 if I compare it Dec 07 to Apr 08. Who knows? We'll see. It looks as if Fx county took a big hit in selling price when you see November from this year compared to the previous Novembers

Not sure what it is telling me when I go back Apr 08 and try to forecast what the prices will be in Apr 09 when I am putting my house on the market.

I am guessing I can expect the averages to be down as much as $40,000 if I compare it Dec 07 to Apr 08.
Who knows? We’ll see.

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