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.
Charlottesville FSBOS
Many prospective sellers consider the possibility of selling their homes on their own, not understanding that there is much more to the transaction than they could have envisioned. Actually, homeowners who sell their homes without the benefit of a real estate agent really get less than if they had used one. According to the National Association of Realtors 2004 Profile of Homebuyers and Sellers, homes that were sold without representation sold for almost 15% less than those that had a Realtor involved.
Even when the real estate agent's commission is factored into the equation, it is quite clear that sellers who are represented by real estate agents do better. Many sellers make the mistake of trying to save commission rather than focusing on how much money they will receive upon the successful sale of their home.
The experience of a real estate professional may get you a better price and help you avoid pitfalls in a real estate transaction. If you're thinking of selling your home, call ROY WHEELER REALTY CO. Since 1927, we have professionally served our clients with their real estate needs throughout the Central Virginia area. Whether you are looking for residential, country properties, farms, classic period homes as well as acreage and commercial real estate, we want to make your dream a reality.
HINT: According to the report mentioned above, nearly one-quarter of sellers who tried to sell their properties without the help of an agent indicated that setting the correct asking
price and getting the property ready for sale were their biggest tasks.
IN EVERYONE’S BEST INTEREST
A home inspection conducted on behalf of the buyer prior to closing once may have been considered to be potentially problematic. Over time, however, a professional home inspection has come to be regarded as a vehicle for avoiding complications. This enlightened attitude stems from the fact that both buyers and sellers are well served by having all the available facts on hand before entering into serious negotiations.
With this in mind, the savvy seller may offer a comprehensive home inspection by a reputable and independent contractor as a sales tool. If trust is the cornerstone of a solid deal, sellers have every reason to preemptively offer prospective buyers the findings of a professional home inspection. If you are selling, be aware that our area is fast becoming a buyer's market. Make all needed repairs unless you want your house to be regarded as a fixer-upper. Anything that's obviously broken gives potential buyers a reason to offer you a lower price.
Listing your home with ROY WHEELER REALTY 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. Since 1927 we have served the real estate needs of the Central Virginia community.
In Charlottesville/Albemarle, Pricing is the key!
Over the last few months, the Charlottesville/Albemarle market has gone through a market transition. Sellers must come to grip with the fact that their home will not get the price their neighbor’s did last year. Buyers know that prices will have to come down a bit given the increasing inventory of new as well as resale homes. Therefore the sellers whoprice their housesto reflect the changing housing market, willbenefit from the waitingbuyers who are not willing to pay last year’s prices.
Home Inspections in Charlottesville
I cannot impress on you enoughthe importance of a home inspection for the buyer and seller. The market has changed in the Charlottesville area allowing buyers and sellers the time to have a home inspection which will save everyone time and money while making the transaction go much smootherand with less angst.
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Ednam Hall, 1100 Dryden Lane
Charlottesville, VA 22903
434-951-5155 or 877-560-2858 ext 158
