Neighborhood Market Reports-They Aren't As Easy As You Think
By Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News
(Integrity Real Estate Group)
For consumers it might seem easy to create a neighborhood market report. The data is in the local MLS right? The truth is a bit more complicated than you might think. The Northern Virginia MLS has some great market reports available for agents to use. Currently those reports compiled on the 10th of each month only go as deep as the zip code level. These reports are a nice overview and can give you a barometer of the health of area. But what is happening at the zip code level is not a good indication of a local neighborhood. However you always need to dig deeper to get an understanding of your own neighborhood and even then problems can arise. Some of those are simple such as your model versus another one and some are complicated by neighborhoods with split personalities.One of t...