The gap between the sellers price and what the buyers are willing to pay is finally shrinking. It has taken almost 18 months for sellers to realize that the 2004 and 2005 prices are a thing of the past. The good news is that when a seller gets their price right, there are buyers who are ready to make an offer. In fact, we have recently seen and heard about homes once again getting multiple offers. Pricing your home too high and waiting forthe right buyer in my opinion, is a bad idea.The longer it is on the market, the less chance you will even get an offer must less onewith which you would be happy. By you and your Realtor lookingat the comps and then pricing it aggressively, you will have a much better chance of receiving an offer that will be acceptable to you.
The Spring home buying season is here in Charlottesville, VA. Before you venture out to view Charlottesville homes for sale, farms and land for sale, why not be prepared to take full advantage of your house hunting time. Take a look at these helpful tips which will make your house hunting trip more productive: Before we begin our home search, we will eliminate any Charlottesville properties that do not meet your search criteria. This includes homes that fail to meet your price range parameters, your requested number of minimum/maximum bedrooms and baths and any properties that do not match your Charlottesville property type. Wear the appropriate clothing and comfortable shoes while you are out and about previewing homes Limit the number of Charlottesville homes you preview during your house hunting trip to 6 or 8 Albemarle County properties per day. Why? Because after the sixth property, all properties begin to blend together and it’s difficult to remember the unique features of each property you have visited. Remember each property you view by maintaining a notebook of the Charlottesville properties you’ve seen. I also recommend you take notes on each property to track property features, likes, dislikes and other valuable feedback. To help you remember each home’s features, bring along a video camera or digital camera to document each property. Never go house hunting on an empty stomach. I will supply plenty of drinking water especially during warmer weather. If you have small children, it might be a good idea to hire a sitter during your initial house hunting trip. Once you have narrowed down which homes deserve a second look, then bring your children along to include them in the experience. Be sure to consider the amenities of the neighborhood or area. Remember - you’re not just buying a home, you’re also buying the area and the lifestyle it conveys. What other Charlottesville house hunting tips would you add to this list? Happy House Hunting, Brian Chase Your Charlottesville Real Estate Resource P.S. If you would like to know more about financing a Charlottesville home, be sure to read this post at the Charlottesville Real Estate Blog.
We all know that in most situations sellers are having to reduce the price of homes to get their property sold. However, there is a silver lining. Assume that a seller has to reduce their $400,000 home by 10% to get it sold and are interested in moving up to a $600,000 home. Selling their home @ $360,000 on the face of it shows a $40,000 loss. If you consider the $600,000 has to reduce by that same 10%, in actuality, there is a $20,000 positive difference in the two transactions. In a strong market, the seller would have sold their home for $400K but they probably would have had to pay $600K for the home they want to purchase.
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.
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.
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.
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.
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.
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.
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.
