The market is improving. Most markets have either turned or are close to turning.
All real estate is local. Homes in great locations are always in demand.
Spring is coming soon. Many potential buyers are starting their online searches right after the holidays, making mid- to late February a great time to start marketing.
5 Sure Signs That Its Time To Sell Your Home
When should I sell my home? This is not always the easiest question to answer. A lot of people don't plan on living in their first, second, or even third home forever, but still knowing when to let go and move on can be tricky. It can feel like ending a long term relationship, it's…
6 Budget Tips For Staging A House To Sell In Arlington
If you are trying to land a great deal for your property in Arlington, then you can't afford to overlook home staging. You'll want to hold a terrific open house- one that leaves the attendees entranced. And the good thing is, you can do that without having to break the bank.
Staging Hints For Sellers With A Place At Stratford On The Potomac In 22308
Are you planning to list your residence? A home that isn’t staged may sell if properly prices. On the other hand, a staged place of residence will sell faster and for more money. What steps can you take now to sell your split foyers-style house in a Split Foyer-style community?
Luxury upgrades: Avoid trendy and frivolous renovation expenditures. Simple and relevant renovations are more likely to pay off in the long haul.
Amin & Will in Lowes
Garage conversion: Converting a garage to a family room can turn off potential home buyers. Some people want a garage and not a family room. Consider if you plan on selling in the future before you make the change.
Adding a swimming pool: Unless you live in a place that is warm year round, a pool might not the the best idea. Pool maintenance can prove to be very costly. Some home buyers will factor in this cost and decide to pass on your home. Also a pool runs the risk of being a liability for small children.
Bedroom conversion: Converting an office or master closet can deter a home-buyer. Some people prefer the home as it was built, without changes to the layout. If you are considering putting you home on the market, you might want to consider undoing these changes.
Making it too personal: Personalized fixtures, colors, finishes, and paint jobs might not be what the person considering buying your home likes. Neutral finishes, colors, and fixtures are a safe bet. Potential buyers might think your home needs renovation if your personalization is not to their liking.
Taylor, Jim. "Five Home Renovations That Negative Affect Resale Value." Five Home Renovations That Negative Affect Resale Value. Version 1. Realty Times, 25 Nov. 2013. Web. 9 Dec. 2013. <http://jimtaylor.realtytimes.com/advicefromagents1/item/26717-five-home-renovations-that-negative-affect-resale-value>.
“I’ll know it when I see it.” Buyers should come into the home buying process with a list of must-haves and wants. Buyers that want to be taken seriously get preapproved. This helps to expedite the process of making offers and also to pinpoint the price range of what the buyer can afford.
Stuart and Will Nesbitt discussing real estate related matters in the office
“I’m not in any hurry.” Realtors don’t expect to rush you through the home buying process. At the same time, they don’t want to waste their time with a client that doesn’t have any firm motivation to make offers or to buy.
“I’m not going to give it away,” or “it was good enough for me for 30 years, it ought to be good enough for a buyer.” Stiff prices based on feelings can result in a home with a price that will never sell. Realtors suggested prices factor in market value and current conditions.
“Let’s test the market at this price.” This usually means that the price is too high and that the house will set on the market until it gets stale. Because it the home sets in the market for too long, people start to think there’s something wrong with the home and as a result the home ends up selling for less. Realistic prices get realistic offers.
“My sister (brother, cousin, friend,) is a Realtor in another state and she told me that my house would be worth $XXXXXX.” This is a bad idea because no one, including another Realtor, can advise someone about real estate pricing in another state.
“Let’s toss this low-ball offer in to see how serious (or desperate) the seller really is.” A common effect of a low ball offer is rejection and no counter offer. Low-ball offers just offend sellers and result in the seller not taking the offer seriously. Realtors can help generate reasonable offers that will progress the home buying process.
“I’ve bought and sold lots of homes, so I know real estate.” Each real estate transaction stands alone because of several variables (e.g. property’s location, property’s condition, and market value.)
References:
Werner, N. (2013, November 19). Things your REALTOR doesn't want to hear.... Things your REALTOR doesn't want to hear.... Retrieved November 22, 2013, from http://normwerner.realtytimes.com/advicefromagents1/item/26647-things-your-realtor-doesn-t-want-to-hear
When it comes to selling your condo, it is always a good idea to enlist in the help of a Realtor. With the help of a Realtor, you will be able to reach a broader number of potential buyers through the MLS. A good Realtor will help to make sure all of the paperwork is in proper order for the sale to be complete. A Condo Alexandria Realtor specializes in condos and understands the benefits of condo living.
Make a list, sell it twice.
Make a list of the benefits of your condo. What makes your condo special? Why did you buy this condo? Where is the Metro? What's so great about your location? What are your favorite nearby restaurants and attractions? What do you love about your condo? What are the amenities at your condominium association? List all the benefits of your condo. Then, share that list with your realtor. Post it on your refrigerator. Make sure everyone who visits your home knows why it's a good buy.
Market your condo!
If your condo is for sale by owner, you'll need to prepare a marketing campaign. Start with the list you created above. Put this on index cards that you can post in offices, grocery stores and anywhere that a buyer might see your ad. Bold lettering that says,
Walk to Metro!
Close to museums?
Amenities galore!
Your Condo Alexandria Realtor will handle marketing the property. Although you can attempt to do this on your own, you could also cut your own hair, change your own oil and do your own dental work. Sometimes, it just makes sense to hand things over to a professional A Realtor usually has marketing experience and knows what works. So your realtor will be able to create more effective marketing methods and will be able to reach a larger number of potential buyers.
Work your network.
Once you have decided to sell your condo, it's time to spread the word. The goal is to sell your condo in a short period of time at the price you are asking for. So, tell your neighbors, friends, and family that the condo is for sale. Let your Facebook buddies know. Don't keep your condo a secret, even if you have a Realtor helping you out. These days every little beit helps!
Condos are special. When you sell a condo, you're not just selling a bedroom and kitchen, you're selling a lifestyle. The people who are attracted to your condo are people who don't want the benefits of home ownership without the aggravation of maintaining a yard or other problems that are commonly associated with home ownership.
About the Author --- Will Nesbitt is the principal broker of Nesbitt Realty and maintains Condo Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.
The listing agreement is an agreement or "contract" between a property owner and a licensed real estate professional. The listing agreement authorizes an agent to act on the behalf of the property owner for the purpose of selling the subject property. In other words, the listing agreement describes the powers and limits of your real estate agent when your sell your home. Listing agreements can be negotiated to include any number of terms specific to your relationship and property, but all valid listing agreements will always include the following elements:
Writing
In the Commonwealth of Virginia verbal real estate contracts are valid but not enforceable. What does that mean? Well in short-hand it means that all real estate contracts must be in writing.
Employment
The listing agreement is actually an employment contract for personal services offered by the broker to a property seller. This contract describes the terms and conditions of employing the broker. Often the broker will assign an agent to a specific property, but the listing contract is not between the agent and the seller. The listing agreement is an agreement with the broker employing the agent and the property owner. The listing agreement grants the broker and his agent the power to represent you in marketing and selling your home.
Entry
Compensation
For any contract to be valid, there has to be compensation. A listing agreement is no different. The listing agreement specifies the amount paid to the broker and establishes the timing of the payment to the broker. Most listing agreements charge a percentage of the sales price and this amount is paid at closing when the home sells.
In addition, the listing agreement will also describe instances where the seller might have to pay the broker even though the property has not sold. A rare example of this can happen when a broker finds a qualified buyer who is ready and willing to pay the asking price with the terms the seller wants, but the seller refuses to go through with the sale.
Title
The listing agreement requires the seller to make representations with regard to who owns title to the property. Obviously, only the owner of a property can sell a property, but the portion of the agreement also ensures against the possibility that there are additional owners of the property. All owners of the property must agree to the listing agreement.
Term
The seller authorizes the broker to act on his behalf for only for a specified period of time, or "term". The term is often 180 days and is only rarely less than 60 days. A listing agreement is a legally binding contract, so the property owner should never agree to a listing that doesn't specify a termination date. In the event that the listing terminates before the property sells, it is a simple matter to sign a new listing agreement with a new termination date.
Colecroft is at the Braddock Rd. Metro Station
Fine Print
There are of course other components to the listing agreement. Most of these are time-tested boiler-plate phrasings that are designed to reduce or eliminate the chance for confusion and prevent litigation. But the listing agreement is a legal document, so property sellers should read and understand the terms before signing. Your agent or broker can help explain the agreement to you, but if you require legal counsel consult an attorney. Lawyers, not real estate professionals, provide legal assistance.
Will Nesbitt is the principal broker of Condo Alexandria.Will Nesbitt is the principal broker of Condo Alexandria / Nesbitt Realty.
As the inventory of for-sale homes remains at low levels, sellers are getting more comfortable at the bargaining table and telling buyers to cool it with the contingencies. In competitive situations that attract multiple bids, some sellers are even telling buyers they want an offer without mortgage contingencies.
A mortgage contingency, often included in sales contracts, provides buyers with a safety net of being able to get out of the deal without forfeiting their down payment in case they are unable to obtain financing within a certain timeframe.
Some sellers are telling buyers they want non-contingent offers — and better yet, make it all-cash too.
“When you have a market that’s heating up, sellers feel emboldened to say to buyers, ‘I’m not going to give you this clause because I don’t want to take the risk that you can’t get your mortgage,” Marc Israel, the executive vice president of the title insurer Kensington Vanguard National Land Services, told The New York Times. “The last thing sellers want to do is tie themselves up with a buyer for some extended period of time just to have the buyer cancel the contract.”
This has put some buyers in a risky spot. If their financing is delayed or denied for any reason — which isn’t that uncommon in a tight lending environment — buyers may be left with having to turn over their down payment.
Peggy Aguyao, an executive vice president of Halstead Property, says in New York it’s not uncommon for even higher bids to be passed over by sellers in favor of lower bids because they are non-contingent or all-cash offers.
Gea Elika, a principal broker at Elika Associates, an exclusive buyers’ brokerage, says his brokerage never advises clients to proceed without a mortgage contingency. For those clients who insist, “we’ll try to go to a major lender that’s preapproved the building in the last three months. Then we may try to find a portfolio lender as a backup.”
Source: “Mortgages: When a High Bid Isn’t Enough,” The New York Times (May 9, 2013)
Pricing your home for sale
When you put your house on the market, setting the price is one of the most important decisions you make. Many Realtors believe that pricing is can make or break your sale. Under-price your home and you might cost yourself tens of thousands of dollars. Overprice your home and you risk watching it languish on the market. But how can a seller know exactly what the best price is?
Can you rely on Zillow? Not according to Zillow. Even in areas where the software has the highest confidence, Zillow says their pricing varies by 5% to 10%.
You can rely on your Realtor. Nesbitt Realty's agents have years of experience pricing homes for sale and helping buyers and sellers. They combine this experience with proprietary real estate software to give you a valuation you can trust and to help you make your best decision possible.
[Learn more about selling your home in Northern VA]
When it's time to sell your house, townhouse or condo here are a few simple tips for realtors and home sellers alike.
Turn on your heart light.
Turn on the excitement by turning on all your lights - both inside and outside. Whether you are showing your home in the evening or in the day, lights add color and warmth. Prospective owners feel welcome in spaces that are bright and airy.
Don't crowd your buyers.
Potential buyers often feel like intruders when they enter your home. Rather than giving your house the attention it deserves, prospects are likely to hurry through. When the homeowners are present people often feel uncomfortable looking in closets and laundry rooms an other private areas. Additionally, rooms filled with people give the impression that the space is small.
I love pets ... but not your pet.
Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. Some prospects are allergic to some animals. Sadly, many people love their pets, but they don't like your pet. It's in your best interest to keep the animals outside or out of the way of potential buyers.
Don't create distractions
Rock-and-roll will never die. But it might kill a real estate transaction. Most of us love music, but not all of us love your music. When it's time to show your home, it's time to turn down the music. Turn off your TV because the last thing you want is for one of your buyers to watch the game while his wife falls in love with your house.
Give a wide berth.
A smiling seller is a welcome site, but a pesky seller will chase a home buyer away. It's important to be friendly but avoid being conversational. Anything you say could be construed to imply a warranty or could cost you thousands in negotiations.
Put things in perspective.
Some buyers will point out shortcomings or flaws in the property. It's best not to respond orally to these challenges. Utterances like these are seldom personal in this context. So, never take offense. Understand that these statements might be an indication of the buyer's ignorance, but sometimes the buyer attempting to frame negotiations with these statements. To engage the comment is to agree with the premise of the utterance.
Sometimes a lender will try to pressure the agent/broker to take a commission cut in order to make a short-sale happen. Most usually this occurs at the 11th hour after all parties have invested a lot of time and effort making a deal happen. It's one thing to negotiate a lower fee before the work starts. It's quite another to wait until after the work is done to start negotiating a deal. So what when the lender tries to pinch the broker?
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