Price Analysis for 801 Paul Street Newport News

COMPARATIVE MARKET ANALYSIS

801 Paul Street Newport News VA 23605

PREPARED FOR

Lori & Chase Matthews Wednesday, March 19, 2014

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

WHAT IS A CMA?

INTRO

Simply put, a Comparative Market Analysis, or CMA, is a report used to determine the fair market value! of a home. Based on local market data, a CMA takes into account recent and pending sales as well as! current listings. From this information, we can establish an appropriate listing price for your house.!

This price may need to be adjusted as the market changes to ensure that your house remains! competitively priced.!

!

The fair market value of a home is determined by the dollar amount a knowledgeable buyer and seller! would agree on within a reasonable amount of time (usually within 90 days). The fair market value is! only an estimate. It also takes into consideration such things as location and home condition. Price! adjustments are based on fluctuations in the market, interest, and motivation.!

!

This CMA report includes information on current local listings and other recently sold (or pending sales)! in your neighborhood. Although no house is exactly like yours, these are the most similar properties! and are often the ones that appraisers use to determine home values. Also factored in are things such! as; square footage, location, amenities, property condition, and existing financing.!

!

All included data has come from the most reliable sources: local real estate firms, title companies, and! the Multiple Listing Service (MLS).!

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

CONTACT ME

INTRO

Shari Rocks!

HARD ROCK TEAM!

!

James River Real Estate! !!

Address 47 East Queens Way, Downtown Hampton!

!

Mobile 757.986.9125!

!

Email me@sharirocks.com!

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

SHORT SALES AND FORECLOSURES

INTRO

A "short sale" is a sale of real estate in which the sale proceeds fall short of the balance owed on the! property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but! the lender decides that selling the property at a moderate loss is better than pressing the current! debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure,! which then involves hefty fees for the bank and poorer credit report outcomes for the borrower.!

!

A foreclosure is the legal process by which an owner's right to the property is terminated, usually due! to default. This typically involves a forced sale of the property at public auction, with the proceeds! being applied to the mortgage debt.!

!

Foreclosures or short sales are indeed going to affect the market value of neighboring homes in one! way or another. Whenever a house sells in a neighborhood, the amount at which the house is sold is! noted and has an effect on general housing prices within the same locality. If your neighboring house is! facing short sale or foreclosure, then the house sells for much less than it would have if it hadn't gone! into foreclosure. Additionally, if that foreclosed house is similar to yours in size and attributes then this! can depreciate the market value of your house.!

!

The same is true when people sell their homes for less than the homes are actually worth because they! just want to get rid of mortgage loan. Every real estate transaction in your neighborhood has the! potential to bring up or bring down the market value of your home. Every real estate market is! different. Your real estate professional's main goal is to get you the best price in any market.

james river real estate, virginia licensed broker

Shari Rocks | NAGR The Luxury 5224|Indian Road Virginia Beach, VA 23464 | Shari Rocks | HardTeam Rock |Team 47 EastRiver Queens Way, Hampton VA| Mobile 757.986.9125 | www.sharirocks.com | me@sharirocks.com Mobile 757.986.9125 | me@sharirocks.com

THE VALUE OF YOUR HOME

INTRO

The value of a home is based on much more than just the house itself. There are many factors that! need to be considered to determine that value:!

!

Location! !

• Location is often the number one factor that determines the home value.! !

Price! !

• It is crucial to set a realistic price from the beginning. The price will affect how long a home stays! on the market. This CMA will help establish an appropriate price point. The asking price may need! to be adjusted once the house has been on the market for a time.!

!

Competition! !

• Buyers will compare the price of your home to similar properties available in the area as well as! those that have recently sold.!

!

Condition! !

• First impressions are important. Buying a home is both emotional and subjective, therefore, make! sure that your home looks good both inside and out.!

!

Current Market! !

• The real estate market is in a constant state of flux. It cannot be manipulated and is difficult to! forecast.!

• Conditions such as foreclosures and short sales significantly impact home values.!

• Marketing plans must be flexible.

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

WHAT THE INTERNET SAYS?

INTRO

Zillow:

Zestimate: $119,779

Description

CHARMING 2 BEDROOM PLUS EXTRA ROOM THAT COULD BE 3RD BEDROOM/OFFICE/ STUDIO/NURSERY*HUGE CORNER LOT W/PRIVACY FENCE & DECK FOR ENTERTAINING*OVERSIZED 2 CAR GARAGE W/WORKSHOP & DETACHED SHED*COMPLETELY REMODELED KITCHEN W/NEW STAINLESS STEEL APPLIANCES*UPDATED BATHROOM*READY TO MOVE IN!

!

Trulia:

Estimate: $127,000

801 Paul St This Single-Family Home located at 801 Paul Street, Newport News VA sold on Nov 16, 2009. 801 Paul St has 2 beds, 1 bath, and approximately 920 square feet. The property has a lot size of 0.36 acres and was built in 1940. The average listing price for similar homes for sale is $124,665 and the average sales price for similar recently sold homes is $131,930. 801 Paul St is in the Newmarket neighborhood in Newport News, VA. The average price per square foot for homes for sale in Newmarket is $65.

!

Homesnap

Value Estimate: $114,100

High: $131,215

801 Paul Street is located in the Newmarket area of Newport News, VA. At this time, the property has an estimated value of $114,100 and yearly taxes of $1,623. This home has 2 bedrooms, 1 bathroom, and approximately 920 sqft of living space. The property was built in 1940. Similar homes nearby have 2 bedrooms, 1 bath and sell for around $110,000

!

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

HOW YOU COMPARE TO Some Properties for Your

ACTIVE

Presented by: Shari Rocks James River Real Estate Phone: 757-650-4225 Fax: 757-357-4554

629 BRIARFIELD RD - Newport News VA Subdiv:

ALL OTHERS AREA 106

LP $ 119,900

Bedrooms:

3

F./H. Baths: Apprx SqFt: Appx Yr Blt: Fence: Listed By:

1/0 Type: Detached Residential 1,024 Style: Ranch 1955 Waterfrt: No / Not Waterfront Y Parking: Detached, 1 Car, Multi Car, Driveway Pool/Ext Spc, Feat: Garage No Pool James River Real Estate

List# 1345411 Active

Newly Renovated-Gorgeous 3 bedroom bungalow with new vinyl siding, new appliances, new garage door, new replacement windows, new flooring & refinished hardwood floors. Open floor plan Featuring a great screened in porch, deck with built in sitting and detached oversized garage. Ask to see this ONE!

909 JAMES DR - Newport News VA Subdiv: Type: Style: Waterfrt:

SUSSEX HILTON Detached Residential Bungalow, Ranch No / Not Waterfront

LP $ 133,800

Bedrooms: F./H. Baths: Apprx SqFt: Appx Yr Blt:

3 2/1 1,159 1940

List# 1406437 Active

Fence: Listed By:

Y Parking: 3 Car, Driveway Spc, Street Pool/Ext Feat: No Pool Gallery of Homes Realtors Inc.

Affordable, pristine 3 bedroom, 2.5 bath (also available on Rent to Own). Large master addition with walk-ins, jetted tub, double vanity, large fenced yard, and off-street parking. Completely gutted and all new pluming, roof, windows, electric, and siding. Walk to high school and 1 mile to elem.

902 JAMES DR - Newport News VA Bedrooms: F./H. Baths: Apprx SqFt: Appx Yr Blt: Fence: Listed By:

LP $ 150,000

3 Subdiv: ALL OTHERS AREA 106 List# 1404878 2/0 Type: Detached Residential Active 1,248 Style: Ranch 1960 Waterfrt: No / Not Waterfront Y Parking: Garage, Carport, Multi Car, Driveway Pool/Ext Spc Feat: No Pool World Properties International

Charming 3 bedrooms/2 bathrooms home recently renovated. New kitchen (new cabinets/complete stainless steel appliance package).

Master bedroom with private bathroom. New high efficiency gas water heater and bathroom. Fresh paint (inside & out). Garage with workshop/storage rooms. MOVE IN READY....

Some Properties for Your

Presented by: Shari Rocks James River Real Estate

PENDING/Under Contract

Phone: 757-650-4225 Fax: 757-357-4554

5916 ORCUTT AVE - Newport News VA Subdiv:

Pend/Solds

LP $ 124,900

Bedrooms:

3

F./H. Baths: Apprx SqFt: Appx Yr Blt: Fence: Listed By:

1/1 Type: Detached Residential Pending 1,107 Style: Ranch 1959 Waterfrt: Yes / Lake Y Parking: 1 Car, Detached, Garage, Driveway Pool/Ext Spc,Feat: Street No Pool - Storage Shed Long & Foster Real Estate Inc.

BIRDELLA ESTATES

List# 1348093

LAKEFRONT BRICK RANCHER ON HIGH LOT WITH GREAT VIEWS! OPEN FLOOR PLAN, FEATURES FOYER, LIVING ROOM,DINING ROOM, UPDATED KITCHEN, 3 BEDROOMS, 1.5 NEW CUSTOM TILE BATHS, LAUNDRY RM, DETACHED OVERSIZED 1 CAR GARAGE, NICE YARD, SHOWS GREAT! HURRY!

7406 ORCUTT AVE - Newport News VA Bedrooms: F./H. Baths: Apprx SqFt: Appx Yr Blt:

3 2/0 1,250 1955

Subdiv: Type: Style: Waterfrt:

Fence: Listed By:

Y Parking: Off Street Prudential Towne Realty

LP $ 129,900

NEWMARKET Detached Residential Ranch No / Not Waterfront

List# 1111921 Pending

Pool/Ext Feat: No Pool

Welcome to Newmarket North. This home is precious and ready for you to move right in. Huge living room which opens into Presented by: Shari Rocks tremendous eat-in kitchen. 3 BRs, 2 baths plus an office. New windows, new carpet, new vinyl, new paint, new central heat& air. New James River Real Estate electric and plumbing.

Some Properties for Your

Phone: 757-650-4225 Fax: 757-357-4554

SOLD no more than 6 months ago 620 73RD ST - Newport News VA Bedrooms:

3

F./H. Baths: Apprx SqFt: Appx Yr Blt: Fence: Listed By:

2/0 1,250 1940 N RE/MAX

Subdiv: Type: Style: Waterfrt: Parking: Peninsula

ALL OTHERS AREA 106

LP $ 134,900 List# 1330083

Detached Residential Sold Ranch No / Not Waterfront 1 Car, Detached, Garage, Driveway Pool/Ext Spc Feat: No Pool - Deck

GORGEOUSLY RENOVATED RANCH WITH ALL OF THE UPGRADES! NEW KITCHEN & BATHS, WINDOWS, SIDING, DECKS, PAINT, CARPET & APPLIANCES! NICE OPEN FLOOR PLAN W/LARGE FAMILY ROOM OPEN INTO KITCHEN. NICE YARD. DETACHED GARAGE. OWNERS ARE LICENSED REAL ESTATE AGENTS IN VIRGINIA.

703 PAUL ST - Newport News VA Bedrooms: F./H. Baths: Apprx SqFt: Appx Yr Blt:

3 2/0 1,151 1941

Subdiv: Type: Style: Waterfrt:

Fence: Listed By:

N Parking: JLS Real Estate

SUSSEX HILTON Detached Residential Ranch No / Not Waterfront 1 Car, Detached, Garage

LP $ 135,000 List# 1318347 Sold

Pool/Ext Feat: No Pool

2 FULL BATHS & DETACHED GARAGE! NEW plumbing, NEW electrical including 200 AMP service, NEW windows, NEW roof, NEW carpet & NEW paint. Open floor plan with eat-in kitchen, bright living room, charming arched doorways. Large master bedroom with french doors to private deck and attached master bath.

Summary Photo w/Remarks

Copyright 2014

706 74TH ST - Newport News VA

LP $ 142,700 03/19/14 1:20 AM

Bedrooms: 3 Subdiv: NEWMARKET List# 1334444 F./H. Baths: 2 / 0 Type: Detached Residential Sold Real Estate Information Network, Inc. Information is Not Guaranteed. Independently Verify.

Apprx SqFt: 1,200 Style: Ranch Appx Yr Blt: 1955 Waterfrt: No / Not Waterfront Fence: Y Parking: Detached, Garage, Driveway Pool/Ext Spc Feat: No Pool - Deck, Storage Shed Listed By: Nest Realty Group LLC

Lots of New -inside & out!! New roof, new siding, New HVAC. Large 1.5 car garage & workshop w. electric. Remodeled kitchen w. new cabinets, granite countertops, stainless steel appliances. New paint,carpet& ceiling fans. High ceilings. Master suite w.2 closets & gorgeous bath. Large backyard/ shed

SUMMARY OF COMPARABLE PROPERTIES

INTRO

Pending/Sold Listings Address

Beds

Bath

SqFt

List Price

Sold Price

Sold Date

620 73rd Street

3

2

1,250

$134,900

$132,900

10/25/2013

703 Paul Street

3

2

1,151

$135,000

$135,000

10/21/2013

706 74th Street!

3

2

1,200

$142,700

145,700

11/01/2013

5916 Orcutt Avenue!

3

1.1

1,107

$124,900

PENDING

7406 Orcutt Avenue

3

2

1,250

$129,900

PENDING

Active Listings Address

Beds

Bath

SqFt

List Price

629 Briarfield Avenue

3

1

1,024

$119,900

909 James Drive!

3

2.5

1,159

$133,800

902 James Drive

3

2

1,248

$150,000

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

SUGGESTED LIST PRICE

ANALYSIS

Suggestion is to convert the sunroom to a third bedroom and market home as a 3 bedroom with 1 full bath home.!

The suggested list price for the property $139,900.

Purchase Price Cost to Sell Mortgage Loan!

Estimate Net Profit

Option A!

Option B

$139900.00

$139900.00

$13990.00

$9793.00

$126,000.00

$126,000.00

-$90.00

$4107.00

Option A: !

Based on hiring a real estate professional to sell the property for you. This option assumes a purchase price of $139,900 and 10% in cost to sell. (6% selling/listing commissions, 3% buyer concessions and 1% to seller costs to close)!

!

Option B:!

Based on selling home as FSBO. This option assumes a purchase price of $139,900 and 7% in cost to sell. (3% to buyer’s agent, 3% in buyer concessions, 1% seller costs to close)!

!

These numbers are based on a mortgage loan payoff of $126,000 and purchase price of $139,900.

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

COMMISSION DISTRIBUTION

INFO

Selling a home requires the help of a variety of real estate professionals. Each person is compensated for their role in completing the sale of the property. Typically, there are 4 people involved: 2 agents and 2 brokers (one of each representing the buyer and one of each representing the seller).

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

WHY YOU NEED A REAL ESTATE PROFESSIONAL

INFO

Selling a home requires a great deal of information and resources, especially if you want to get top dollar sales.!

Hiring a real estate professional helps the entire process go smoothly and provides you with the most valuable! resource you can have. As such, here are key areas where a real estate professional earns their commission:!

!

Pricing!

When pricing your home, it is extremely important that it not be set too high or low of a price. Undervaluing or! overpricing can slow down or impede the sale of a home. Real estate professionals have access to neighborhood information and pricing trends and they are experienced in the home selling process.!

!

Marketing!

When you first list your home for sale, your agent has the skill and experience to recommend repairs and cosmetic work that will help enhance your home's appearance and marketability.!

!

Next, your agent will advertise your property. Most buyers go to the Internet first when searching for a home so that will be a big focus. A real estate professional will also provide exposure to other industry professionals and the public. It has been shown that many home sales come about as a result of previous relations with a client and client referrals.!

!

It is important that there is not an overexposure, too. This may cause buyers to see the property as distressed or! to assume that the seller is desperate.!

!

Security!

When selling your house, your agent will ensure that home showings are supervised. Buyers must go through your agent to schedule a showing, thus being prescreened. This gives you time to prepare your house and gives you a peace of mind knowing that buyers are chaperoned in your home.!

!

Negotiations!

Your real estate agent acts as an objective middle-person. They are perceived as unbiased professionals, and! buyers often feel more comfortable negotiating with them. Your agent will help with your initial agreement by! writing a legally binding contract to have both parties sign. Then, they guide you through the processes of! appraisals, financing and home inspections - all necessary to complete the sale of a home.!

!

Monitoring, Renegotiating, Closing/Settling!

There are many steps involved between a sales agreement and the closing or settlement of a sale. An agent has! many industry contacts who can be used every step of the way. Your agent will help you navigate through the steps and complete required paperwork. They ensure that as issues arise, problems get resolved and the intimidating amounts of paperwork get completed accurately

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

INTELLIGENT PRICING AND TIMING

INFO

Competitive pricing attracts more prospective buyers.

Based on the price pyramid, it is clear that more prospective buyers are brought in when a house is! listed at a fair market value than if it is listed at a higher than market value. Additionally, even more! buyers are brought in when a home is priced below market value.

It is imperative to price a home right from the beginning. Interest in a particular home peaks when it is! first listed. This is when the greatest number of real estate agents and prospective buyers come to see! a home. Therefore, the highest chance to sell a home at a fair market value is when it first goes on the! market.!

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

SHOWINGS/OPEN HOUSE CHECKLIST

INFO

Once your home is listed for sale, every effort must be made to keep your home "show ready" at all times. Before! each showing and each time you leave your home double check to make sure all is in order and ready for potential! buyers to see.!

!

General Preparation!

• Review "First Impressions" information.!

• Double check for cleanliness and ensure both interior and exterior repairs have been made.!

• Eliminate clutter in all areas.!

• Open drapes/blinds and turn on lights so the home looks bright and cheerful.!

• Consider filling candy dishes, putting out fresh flowers, etc.!

!

Kitchen!

• Make sure all dishes are clean and put away.!

• Clear off and wipe down countertops.!

• Consider baking cookies or simmering some vanilla/cinnamon to create a homey feeling.!

!

Dining Room!

• Place a pretty centerpiece on the table.!

• Consider setting the table with fine china.!

• Light the chandelier.!

!

Bathrooms!

• Wipe down all surfaces.!

• Close toilet lid and replenish toilet tissue supply.!

• Put out fresh linens and soap.!

• Consider putting out a lightly scented potpourri.!

!

Bedrooms!

• Make bed.!

• Put away clothes, toys, etc.!

• Make sure closets are neat and orderly.!

!

Other Living Areas (Living Room/Family Room/Den)!

• Straighten pictures on walls.!

• Fluff pillows and couch cushions.!

• Clear off clutter from tables, etc.!

• Consider adding a few neatly potted plants or fresh flowers.!

!

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

MOVING CHECKLIST

INFO

Several weeks before the move:!

!

• Clean out and sell/donate/discard items that you do not need or do not wish to move.!

• Request quotes from a few different moving companies.!

• Contact insurance companies to change address for coverage.!

• Contact Utility Companies to shut off existing service and to request service in your new home.!

• Medical/Dental: Have prescriptions on hand or transferred to new doctors; Get referrals for! medical professionals in your new area; have copies of birth certificates, medical records, etc.!

• Arrange moving your pet(s) if necessary.!

• Obtain packing materials and begin packing.!

• Change your address with the post office, credit card companies, magazine subscriptions, friends! and family, etc.!

• Cancel services such as newspaper delivery, lawn service, pest control, etc.!

• Use up perishable foods.!

!

Moving Day! !

• Have payment on hand for the movers.!

• Have cash/travelers checks on hand to cover expenses until you can get to a bank at your new! destination.!

• Hand carry valuables and important documents yourself.!

• Once your house is empty - go through and double check closets, cabinets, etc to make sure you! did not leave anything behind.!

• Have plans for pets and small children while the moving truck is being loaded.!

• Give the house a final clean up.!

• Leave your new contact information with the new residents so they can forward any mail that slips! through the cracks.!

• Leave house keys with your real estate agent.!

!

At your new address:! !

• If you are moving to a new state, register your car within 5 days to avoid penalties; apply for a new! driver's license.!

• Register children for school.!

• Find new doctors, dentists, etc.!

• Register to vote.!

• Begin unpacking. Take photos of any damaged items and save packing materials that involved! broken items to help support claims filed with the moving company.!

• Relax and enjoy your new home!!

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com

james river real estate, virginia licensed broker

Shari Rocks | Hard Rock Team | 47 East Queens Way, Hampton VA| Mobile 757.986.9125 | me@sharirocks.com