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Cabin John : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 2
Wed Oct 13, 2010
Bruce Lemieux answered:
Hi Indy, the assessed value (I assume you mean 'tax' value) has absolutely nothing to do with the market value of a home. The market value of your home is what someone will pay for it. If no one is buying it at $600K, it may not be worth $600K.

Cabin John is a quirky - yet desirable area. Being on a main road is a deal-killer for many buyers, so it can take hard work and more time to find a buyer. As a home seller, you can't control your home's location or the real estate market. You can control:
- Your home's condition - make cost effective improvements as needed to remove other buyer objections
- Your home's market exposure
- Your home's price

Without seeing the home, my advice would be to be patient at the current price if you are getting good showing traffic and you have time to sell. If you aren't getting much traffic and/or you can't be patient, then you need to reduce the price. Also - look at the status of competing homes in your area. What other homes can a buyer get at $600K in your area? Knowing this is important when positioning your home in the market.

At the end of the day, price resolves all objections. Good luck
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Sun Nov 15, 2009
Mac Mccord answered:
The agent that answered before is correct. We can't say anything about a neighborhood, like this one is good and another one is bad, for the obvious reasons. We can supply data. I have compiled the activity in the last 6 months for the two areas and it is as follows. For Cabin John, there are 9 active single family houses with an average asking price of $1,174,000 and an average days on market ( dom ) of 84 days. There are 2 under contract with an average asking price of $1,224,000 and dom of 94. There were 5 sales in the last 6 months with an average of $1,065,000 and dom of 146. As for the Palisades in DC there are 4 active with an average asking price of $1,574,000 and dom of 166. There is only one under contract with an asking price of $1,250,000 and dom of 67. There have been 12 sales with an average sale price of $1,114,000 and dom of 125. There were condos and townhouses in the Palisades as well, but I am just using the data on the single family houses so we can compare apples to apples. The website for Montgomery County Schools is http://www.montgomeryschoolsmd.org/ and the website for the DC public schools is http://www.k12.dc.us/ Let me know if there is anything I can do for you. Mac ... more
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