If you’re thinking about putting your house on the market, make sure to fix these six things first. This way you’ll avoid possibly undoing a sale following a home inspection.
1. Foundation issues. Problems with the foundation can undermine a potential sale. Look for cracks in the walls or ceiling as they can indicate that the foundation has shifted. Get problems repaired as soon as possible.
2. Water damage. Any sign of water damage, no matter how benign the cause, is likely to alarm potential buyers. Make sure all stains are removed or painted over once the issue has been resolved.
3. Wiring problems. Home inspectors can easily spot electrical work that isn’t up to code, so you’ll want to make sure everything is in order. Otherwise, you may be asked to pay for repairs.
4. An old roof. If your roof is nearing the end of its lifespan, consider replacing it. Many potential buyers will look elsewhere if the roof needs to be updated.
5. Inefficient heating and cooling. If you have an older heating and cooling system, particularly one that has an oil tank, consider updating it. Many buyers prefer to bid on homes with an energy-efficient system.
6. Plumbing issues. Since even minor plumbing concerns can become big problems, many buyers are unwilling to deal with homes that have them. Get your plumbing inspected — it might save you a lot of trouble.
Bad home inspection surprises can ruin a sale, so be sure to make all essential repairs beforehand.
3 home buying tips for military families
If you or your spouse serve in the military, here are a few tips that can help you buy a home and put down roots, even if it’s just for a few years.
1. Take advantage of incentives
The Department of Veterans Affairs offers several home loan programs intended to help service members buy a house without a down payment or by securing a mortgage with a low-interest rate. Plus, many home improvement companies such as landscapers and interior designers offer discounts for service members and veterans.
2. Think about resale value
3. Look for places to connect
It can be hard to start over in a new city, especially if you have children. To facilitate the transition, seek neighborhoods with plenty of gathering places and amenities that bring people together such as public pools, community gardens, dog parks, and outdoor fitness classes. These spaces also provide great opportunities for quality family time.
Finally, since you’re likely moving to an unfamiliar city, consult with a real estate agent who has extensive knowledge of the area and can help you find a property that meets your needs.
What to do if you inherit a house
If you inherit a house, there are different tax implications and financial responsibilities to consider depending on what you do with the property. Here’s a look at your options and their associated costs.
If you want to live in the inherited home, you’ll need to assume the cost of property taxes, upkeep, and insurance. You might also have to take over mortgage payments, depending on the loan terms.
If you sell the property later and it was your primary residence for at least two of the five years before the sale, you won’t need to pay capital gains tax.
Depending on the house’s location, it can be a good source of passive income. Keep in mind the cost of landlord insurance and maintenance. Additionally, be sure to check municipal regulations for short- and long-term rentals before you make a decision.
The biggest downside to renting out your inherited property is that you’ll be subject to capital gains tax if you sell it since the property wasn’t being used as your primary residence.
While any profit from the sale will be subject to capital gains tax, this is often the simplest course of action if the property has more than one heir. You’ll also be free from the legal and financial responsibilities of owning the property. Keep in mind the costs associated with selling a home including real estate agent fees, closing costs, and renovation expenses.
If you’re having trouble deciding what to do with your inherited property, a trusted local real estate agent can help you assess the market and determine the best course of action.
5 musts of buying a house sight unseen
If you’re considering bidding on a property without first seeing it for yourself, you should take precautions. Here are five things you need in order to minimize your risk if you want to buy a house sight unseen.
1. A reliable realtor
If you can’t visit the house yourself, you’ll need to rely on a real estate agent to assess the property on your behalf. Take the time to find someone you trust and who knows the market well.
2. A concrete wish list
3. A live video walk-through
Schedule a video chat with your realtor at the house so you can ask about creaky floors, dampness, odors, signs of wear, and other features that don’t show up in photos.
4. A general idea of the area
Use Google Street View to scope out the neighborhood. Also make sure to research local schools, public transit, and other amenities.
5. A full home inspection
A thorough assessment provided by a reputable professional is crucial if you want to buy a house sight unseen. Make sure to add a contingency clause to your offer if you plan to make your bid before the inspection.
Once you’ve found a house that checks all the necessary boxes, speak with your real estate agent about the option of having a virtual closing.
Warren County Market Report – October 2020
An incredible sellers market continues in Warren County. Watch this video for a quick summary of Warren County real estate for October 2020. Charts demonstrate the changes in the market, so be sure to click play!
In general summary:
- New Listings are UP 41.3.%.
- New Pending UP 18.8%.
- Closed sales are UP 31.7%
- Average Median Sold $280,000
- Average Days on Market 24
*If you would like a copy of this report emailed to you, please send request to email@example.com.
Resource: October 2020 Market Stats by ShowingTime
MRIS: Statistics calculated November 2020
Jennifer Avery, Realtor
“Your Happy Home Expert”
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
firstname.lastname@example.org | 540-683-0790
CRUM REALTY, INC | 318 S Loudoun St., Winchester, VA 22601 | 540-662-0400
Multi-generational living: tips to make it work
Multi-generational living is making a comeback. As more retirees choose to stay in their homes as they age, and economic trends make homeownership less accessible, an increasing number of families are choosing to live together. Here are some tips if you’re considering living in a multi-generational household.
Everyone has the right to expect a certain degree of privacy in their home and respecting it is a matter of establishing ground rules and choosing a home with the right layout.
If you’re looking for a new property for your multi-generational family, make sure to discuss the situation with your realtor. A good agent will be able to help you find the right type of house. Properties with laneways are often a good idea, as they offer built-in privacy.
Chores and upkeep
It’s a good idea to ensure every member of your household is clear on what responsibilities they have in the home. The advantage of more people living under the same roof is that upkeep tends to be easier when the work is shared.
Financial matters should be discussed sooner rather than later. Whether grownup children are moving back in with their parents or the entire family is looking for a new home, there’s an opportunity to pool resources. However, conversations about money should be had prior to the move so that everyone’s on the same page.
With a little planning and compromise, a multi-generational household can fulfill your entire family’s needs.
Virginia’s September home sales surge 35% over 2019
According to the September 2020 Home Sales Report released by Virginia REALTORS®, statewide, September home sales saw a staggering rise of 35% over September 2019.
Sales were up strongly across the Commonwealth, with the Eastern Region seeing a surge of nearly 80% over last year’s sales, the Northern Region seeing a 37% rise, and the Hampton Roads Region seeing an increase of 33%. In the Central Region, sales rose by more than 24%.
While home sales typically slow down after the summer, once school begins and families return from summer vacations, the COVID-19 pandemic has made this fall an a-typical season. “As a result of the pandemic upending the typical market patterns, the strong summer housing market surged ahead into September,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD. “Strong demand and low mortgage rates continue to fuel robust housing market activity.”
This strong demand has had a significant impact on home prices. In September, the median home sales price statewide was $329,900, nearly 13% higher than in September 2019. Homes are also selling much faster. Homes sold in an average of 37 days in September 2020, down from 48 days a year ago.
While demand for homes continues to be high, the lack of available inventory remains the biggest constraint on the performance of Virginia’s housing market. At the end of September, there were over 40% fewer listings than the same time last year.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full September 2020 Home Sales Report. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.