A Clause of Your Own
If you are selling a home in today's market, you will likely be presented with offers that have contingencies. One contingency typically tacked on by buyers is the one that makes the sale contingent on their selling their own home. There is also a financing contingency, which allows buyers a certain amount of time to get a loan commitment.
While these contingencies are perfectly proper, seller's agents may suggest strategies for protecting their clients' best interests. For instance, experienced agents know that sellers may counter with a kick-out clause, which allows them to continue showing the home and consider other offers.
When you list your home for sale, you and your agent must work as partners to ensure it sells as quickly as possible, and for the best price. Accepting the contract with some contingencies is part of the process and your Realtor should help you decide how to respond.
For more information, please call ROY WHEELER REALTY CO. Our reputation for hard work, diligence and unsurpassed service to our clients has stood the test of time throughout the Central Virginia area.
Pricing your home correctly
Back in October, 2006, we wrote that the market was in transition and sellers and their Realtors had to be smart about pricing. 10 months later, this advice is more important than ever. The Charlottesville area now has a year’s worth of inventory meaning if noone else put their home on the market, it would take a year for everything to sell.
Because of this, find out how many homes are in your price range and how many of those homes have sold. Assuming, there are 30 homes on the market and 6 have sold in the last 3 months, a seller should do whatever it takes (especially in their pricing) to make theirs one of the next 6 to go under contract in the next few months.
Kudos for Charlottesville
Charlottesville has the wonderful distinction of being voted one of “The Best Places to live”, a top “Green City” as one of “America’s Healthiest Places to live”, and being known for its commitment to Historic Preservation.
Now, Money Magazine has added to the the Charlottesville/Albemarle honors the recognition of the “2nd Best Place to Retire Young”.This recognition was based on Positive Population Growth, within 100 miles of a major metropolitan area (DC as well as Richmond, VA), Housing costs below $350,000, cost of living, Economic health, college presence, and an abundance ogf Recreation, art, and culture opportunities.
In case you weren’t aware
People keep asking our agents, “Why is Charlottesville and the Central Virginia area so special”? Almost every time a survey comes out about best places to live, Charlottesvilleranks very high. Recently, another survey came outranking Charlottesville as a wonderful region for employment.There are many reasons for this continued recognition. Here are just a few:
1) A wonderful teaching Hospital 2) One of the Top Universities in the country 3)Some of the most beautiful countrysideyou can imagine anddriving distance to beaches and mountains4) Great sporting events and cultural activities 5) an up and coming wine region and 6) fabulous restaurants.
Now is the time to Buy!
This truly is a great time to purchase a home. There are lots of homes to see in all price ranges whether you are looking in Charlottesville or the surrounding counties of Albemarle, Greene, Nelson, etc.In addition, interest rates continue to hover around 6% with many loan products from which to choose but that could change asthe US dollar is struggling a bit right now and normally that results in higher interest rates.
So take advantage of motivated sellers andthe increased buying power of lower interest rateswhile both are an advantage to today’s buyer.
Listening to Buyers
Some buyers purchase the exact kind of house they said they were looking for, in the neighborhood they preferred. Other buyers surprise us by falling in love with a house that is the complete opposite of what they originally wanted.
So Roy Wheeler real estate agents listen carefully when buyers describe their needs and preferences. We screen the current inventory of homes to come up with possible matches. Since there is almost always some compromise involved when selecting a home, we may suggest alternatives that might work for buyers.
If you like a specific neighborhood where there are no homes in your price range, we may suggest homes in other areas with similar amenities. If you want four bedrooms, and one of them will be used as a home office, we may look for a den or family room that could serve your needs. When you look a home, your feedback is important to us. Without it we can’t know what you are thinking or feeling.
Working with buyers and knowing how to listen carefully isanother skill that we develop everyday at Roy Wheeler. Contact a Roy Wheeler agent today to let us help you too.
First Time Home Buyers
Are you getting ready to buy your first home? It is important to know how much you can afford before you begin looking at properties. Talking with a lender and getting pre-approved for a loan puts you in a stronger negotiating position with sellers.
As a rule, your monthly housing costs should not exceed 28% of your monthly pre-tax income. These costs include the mortgage payment, real estate taxes, and insurance. If you have long-term debts, such as student loans or car payments, your monthly payments, including your housing costs, should be less than 36% of your pre-tax monthly income. Some loans, such as VA and FHA loans, are more flexible with these basic guidelines.
Depending on which type of mortgage you select, you can consider houses in various price ranges. Your Roy Wheeler real estate agent can help you make the basic calculations. Call toll-free 1-877-560-2858 (ext 158) to talk to an agent today.
A money saving tip!
Did you know that by paying as little as $25 more than your required mortgage payment, you can save thousands of dollars of interest over the course of your loan. In fact, by paying $50 more a month, the savings can be as much as $40,000 and will allow your 30 year mortgage to be reduced to 27. Check with your lender to get actual figures as it relates to your loan.
Charlottesville Housing Opportunities
The real estate market continues to transition from a sellers market (where there weren’t enough homes to meet the needs of buyers) to a buyers market (where now there are more homes than there are buyers). Most of what you read is doom and gloom and yes, there are instances where folks are being negatively impacted.
Nevertheless, there are positive things coming from this market as well. 1) Buyers now have the time to make an educated decision on their purchase rather than being forced to make a split second decision along with waiving the important home inspection. 2) Prices have come down and interest rates have stabilizedso buyers now have the opportunity to purchase a home that was out of their price range a year ago. So if you are buying or selling, don’t believe everything you read in the media. Instead, contact a Realtor you trust, who will listen to what you are trying to accomplish and give you the facts you need to make an educated real estate decision
Replace Rather Than Regret
Is it really possible for a real estate deal to fall apart over a disagreement over a chandelier? Stranger things have happened when doubts arise over what stays with the buyer and what goes with the seller. Instead of allowing egos and matters of principle to enter into the negotiating process, sellers should clearly identify those elements of real property that are included with the sale of the house. Generally speaking, anything that is permanently attached to the home goes with it.
However, some sellers have every intention of taking chandelier or kitchen appliance with them. If so, they should make their intentions clear to prospective buyers at the outset. Otherwise, misunderstanding and disappointment can lead to broken deals. If convenient, it is best to remove any light fixtures or ceiling fans you plan to take with you and replace them before your home is shown to prospective buyers.
Listing your home with ROY WHEELER CO. gives you the advantage of having a team of experts apply themselves to the task of finding you a qualified buyer as quickly as possible. Our reputation for hard work, diligence and unsurpassed service to our clients has stood the test of time throughout the Central Virginia Area.
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Ednam Hall, 1100 Dryden Lane
Charlottesville, VA 22903
434-951-5155 or 877-560-2858 ext 158
