Victoria Falls 55+ active adult community is one of the premier active adult communities in Prince Georges County. The community offers a variety of housing styles that include single family homes built by Michael Harris; Villas built by Craftstar and Drees; and condos. In addition, there is a Resort Club that includes a great hall, billiard room, card room, fitness center, indoor and outdoor pool, tennis courts and a basketball court.
Residents at Victoria Falls are anxiously watching the market to see if the value of their homes will increase in value with the increase in national averages. Most real estate analysts predict that the housing market will improve and homeowners should see a modest gain in home values between 3-5% in 2013. Any increase in property values will be greatly accepted and highly appreciated…….However, after working with several mortgage companies and their appraisers it appears that VF is still recovering from the previous market conditions. I was somewhat disappointed by the method used by the appraisers to arrive a market value. Most apply the principles of the Cost Approach Model to evaluate the market value.
We all known that appraising properties is a subjective evaluation, and in most cases cause major headaches for buyers and sellers alike. One would think that with rising prices across the country and other lifestyle factors offered here at Victoria Falls that the fair market value would have increased with current market conditions. On a recent appraisal of a condo the appraiser used a comparable property from a two mile radius of the VF subject property. In another case, the appraiser used a comparable from a completely different subdivision. The appraiser are not even considering all the amenities offered here here at Victoria Falls. How can a professional appraiser make a fair comparison using this type of data?
Victoria Falls 55+ community residents may have to take a bold approach to increase the market values of their properties. This new strategy will require sellers to hold firm to a reasonable sales price that maybe above the appraised value in some cases to increase the sales prices of future home sales. However, holding out for a higher price point above the appraised value may not be the right tactic for everyone. But, for those who are bold at heart and can afford to risk a counter offer situation this strategy may cause a tick upward in market values for homes, villas and condos in the Victoria Falls 55+ community. As a potential seller understanding the potential buyers motivation factor may help when negotiating a sales contract.
As resident Realtors here at Victoria Falls, we track the market activity of properties in the community and review trends in the changes to the market activity in the Laurel, MD area. We have at our disposal a number of data resources to obtain current market data to assist homeowners establish a fair market value of their home for refinancing, sale, or estate planning. Until appraisers employ more advanced data methods and seek alternative market resources for evaluating properties the community not realize an increase in property values for long time. We, as residents must take a stand on the final sales price and terms of a contract that we will accept.
As the seller you have the right to counter any offer above or beyond the appraised value. This strategy places the buyer in a position to either accept your counter offer and pay the difference above the appraised value or walk away from the sale with no consequences. Exactly what does this mean……it means you have the final decision in setting the sales price. If a willing and able buyer is willing to pay more than the appraised value, then so be it. This sales tragedy may be the catalyst we need to increase the current market values of properties in the Victoria Falls 55+ active adult community. We live in a highly desired premier senior community and the sales prices should reflect the lifestyle that comes with ownership in the community!