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How to make sure the home sale goes smoothly

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You get a robust offer on your house. You are ready to sell and get on with new plans. And just about that time – the sale falls through.

This is relatively unusual, but it does happen. In 2016, 4 percent of home deals fell apart.

One reason: The eager buyer takes a loan for new furniture or a brand new car to park outside the new home. Bad idea. Even when credit has passed a pre-approval check and the final loan approval seems imminent, that is the worst time to put a ding on a credit report.

During this time, home buyers do not want any credit inquiries on their report. There should be no large financed purchases. There should be no large changes in bank balances. This might prompt the lender to suspect the buyer needs money from family to cover closing costs.

Most importantly, large financed purchases can change the income-to-debt ratio, causing an increase in the interest rate, or killing the home deal completely.

Buyers are well advised to do nothing that could change their credit profile until the deal closes.

Lien issues can also get in the way. It’s possible that a lien is discovered on the property, preventing the seller from legally transferring the property to the buyer. This could be an ex-spouse listed on the title, and suddenly unwilling to sign off. Unpaid taxes. Unpaid debts. There can be no liens on the property.

Home inspections can uncover problems that trouble buyers, so much so that they back out of the deal. The fact is that inspections nearly always uncover some problem, but the big ones — roofs, HVAC and water issues — can cause a buyer to reconsider. Some deals can be saved if a seller agrees to a credit as compensation.

Appraisals can come in low. Buyers nearly always pay for the appraisal, but if it comes in lower than expected, the lender might be unwilling to finance. To avoid this, get a real estate agent to provide comparable home sales before the purchase contract.

Finally, when a buyer must sell an existing home before signing a new contract, but hasn’t been able to do so, the deal can fall apart. Some buyers might qualify for a bridge loan to make the mortgage payments on two properties.

Somehow, although many things can go wrong, most deals stay together.

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Jenspiration

Warren County Market Report – November 2018

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Watch this video for a quick summary of Warren County real estate for November 2018. Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. Volume is about the same as last year.
  2. Values are slowly going up.
  3. Homes are selling slightly quicker. (79 DOM)

*If you would like a copy of this report emailed to you, please just send your request to Jennifer@nexthomerealtyselect.com.


Resource: 2018 Market Stats by ShowingTime
MRIS: Statistics calculated December 6, 2018

Jennifer Avery, Realtor for NextHome Realty Select
BPOR, SRS, CNE, ASP, E-Pro Certified | Licensed in VA
jennifer@nexthomerealtyselect.com | 540-683-0790
210 E Main Street, Front Royal VA | www.nexthomerealtyselect.com

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Real Estate

Can solar panels increase your home’s value?

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You’ve probably heard solar panels can reduce your electricity bill and lead to major savings over time, but can they also increase your home’s resale value? Over the last few years, researchers have discovered that in fact, they do.

While installing solar panels may seem like a costly investment, a recent study by the Lawrence Berkeley National Laboratory (the Berkeley Lab) found that Americans are willing to pay more for homes that have solar photovoltaic (PV) systems. The study estimates that buyers typically pay about four dollars per watt of solar power installed, meaning that a five-kilowatt system can lead to an added value of $20,000. Even given the costs of solar panel installation, the study suggests homeowners end up making money when selling their homes.

It’s less clear whether solar panels add value when homeowners rent solar power systems instead of buying them outright. Because of the upfront costs associated with solar panels, many Americans choose to rent PV systems. These leases often last for 20 years and can make selling your house more complicated. Nonetheless, a 2016 survey by the Berkeley Lab found that leased solar energy systems don’t reduce a home’s overall value and in some cases add value. Overall, real estate experts are finding that in an era when homebuyers are looking to go green, investing in solar panels — whether you buy or lease them — is likely to make your home more valuable.

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Real Estate

Tips for getting your house ready to sell

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Decided to sell your house? Before it’s listed, you’ll need to get it in tip-top shape. Here are some tips for making your home appeal to potential buyers so that you can sell it quickly.

Think about curb appeal
First impressions are important and you only get one. Check that the light fixture nearest your door works and is clean so that visitors always have a good view of your home, even in the evening. Keep your grass cut and plants tidy and well maintained.

Remove personal touches
While you may love bold walls, they won’t help you sell your home. Paint every room a light, neutral colour to appeal to the greatest number of people. Remove personal photos and cute pictures your kids drew for you. The goal here is to make your home a blank slate so potential buyers can picture themselves living in it.

Get rid of excess stuff
No matter how long you’ve lived in your home, chances are you’ve acquired stuff. Too much clutter can make even the biggest room feel cramped, so before you list your house, take the time to pack up anything that you won’t need before you move. Clean and organize all your closets to make them look bigger and emphasize storage space.

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Real Estate

Things to disregard when house hunting

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When you’re shopping for a house, it’s easy to be distracted by things that won’t make a difference in the long term. Here are a few things that you can easily disregard in your search for the perfect house.

Bad decor: don’t worry if the house has dusty pink walls or orange shag carpeting. Look past the cosmetics and make sure the house has what you need — the right number of bathrooms and good-sized rooms. Everything else can be changed.

Chic features: instead of a high-end kitchen or bathroom, look for a house that has a solid foundation with no cracks, a roof that’s in good repair and a heating and cooling system that works efficiently. Once you have all of these things, you can make the kitchen look as fabulous as your budget allows. After all, wouldn’t you rather be choosing your new kitchen counter than shopping for a furnace?

A trendy neighborhood: living within walking distance to your favorite bars and restaurants may sound like the ideal situation, but you shouldn’t buy a house based on this. Instead, find a location in a good school district — a good selling point even if you never plan on having kids.

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Local News

Welcome Next Home Realty to Main Street

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The Front Royal/Warren County Chamber of Commerce has welcomed another new business to our community. Next Home Realty is located at 210 E. Main St. Front Royal.

Whether you’re a first-time buyer or an experienced investor, you’ll find useful information about how to choose the “right” property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed home buying decision in today’s market on their website.

If you currently own property and are thinking about selling it, their website contains information about preparing your home for sale, selecting the right agent, pricing your home appropriately, marketing it effectively, going through the inspection process, and receiving a timely market evaluation. Check out Next Home Realty if you need more information on anything, please feel free to contact their office at 540-667-9097.

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Real Estate

National Association of Realtors economic/research specialist to be speaking at LFCC

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WHAT MATTERS Warren – Mark your calendars for THIS THURSDAY, NOVEMBER 29th, to hear from a National Association of Realtors economic/research specialist at Lord Fairfax Community College in Middletown (173 Skirmisher Lane Middletown, VA).

Don’t miss this rare opportunity to hear from one of the country’s TOP REAL ESTATE EXPERTS as he answers “How’s the Market?” at the Shenandoah Valley Real Estate Market & Economic Summit sponsored by the Blue Ridge Association of Realtors.  Learn insight from speaker Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS®.

Yun will present a 12-24 month economic forecast of the national level in addition to a hyper-local forecast of the Shenandoah Valley real estate market.  Anyone who is thinking of buying/selling, investors, and members of the real estate industry are encouraged to attend.

Doors Open at 8:00AM for registration and the presentation runs from 9:00 to 11:00AM.  Following Dr. Yun, leaders from our local Economic Development Authorities will present updates from Frederick County, Warren County, and Winchester City (including commentary on Amazon’s recent announcement).

Cost is $15.00 in advance and $20.00 at the door, with FREE admission for BRAR Members.  For Reservations or more information, call 540-667-2606. This is a nonprofit event and all proceeds will benefit the United Way and the Blue Ridge Association of REALTORS Scholarship Fund.


ABOUT DR. YUN

Lawrence Yun is Chief Economist and Senior Vice President of Research at the National Association of REALTORS®. He oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1.3 million REALTOR® members.

Dr. Yun creates NAR’s forecasts and participates in many economic forecasting panels, among them the Blue Chip Council and the Wall Street Journal Forecasting Survey. He also participates in the Industrial Economists Discussion Group at the Joint Center for Housing Studies of Harvard University. He appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States, and has testified before Congress. Dr. Yun has appeared as a guest on CSPAN’s Washington Journal and is a regular guest columnist on the Forbes website and The Hill, an “inside the beltway” publication on public affairs.

Dr. Yun received his undergraduate degree from Purdue University and earned his Ph.D. from the University of Maryland at College Park.


A WHAT MATTERS INITIATIVE

Are you or your group in need of a free video that could be created to help market your cause or event?

Beth’s WHAT MATTERS Warren/Town Tip videos post on Facebook and YouTube. They are also shared with Royal Examiner online (most are distributed in their daily email blast to thousands of local residents). Sign up for Royal Examiner Email Alerts HERE and check out the “WHAT MATTERS Warren” tab under “Features.”

Visit www.whatmattersw2.com “Community” section to request a TOWN TIP or WHAT MATTERS WARREN BETHvid.

Learn more Beth’s nonprofit,  WHAT MATTERS, a 501 (c) (3), at www.whatmattersw2.com out the “Community” section to request a TOWN TIP or WHAT MATTERS WARREN BETHvid or contact her at 540-671-6145 or beth@whatmattersw2.com.


About WHAT MATTERS:

WHAT MATTERS is a 501(c)(3) that she started this year to enable people to have the benefit of a tax deduction for their donations through her fundraising matches.

Here is the Current Match Campaign for the children of Bunyade school project.

WHAT MATTERS has ZERO overhead as 100% of the expenses are funded by her real estate business (THANK YOU CLIENTS AND SUPPORTERS for making that possible!).  Every cent donated goes to the cause.

WHAT MATTERS is a 501(c)(3) that focuses on local and global outreach to help spread the word, support and raise funds for causes that matter. If you’d like to get involved, or travel to Africa with her on a future trip to work with the children of Light up Life Foundations, please visit www.whatmattersw2.com.

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St. Luke Community Clinic Annual... @ St. Luke Community Clinic
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Come join Gloria Howarton, self taught artist, and explore the rich medium of oil painting. This is a 4 week Thursday Evening Class from 6:30-9:00 pm. The dates are 12/06/2018, 12/13/2018 , 12/20/2018 and 1/3/2019[...]
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Create your own 5″ x 7″ koi fish paper sculpture with your friends! Schedule your own party for up to 8 people (3-person minimum). No drawing skills are necessary. Artist Tiffany Budzisz will walk you[...]
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Annual Community Christmas Dinner @ Front Royal Volunteer Fire Deptarment
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