Connect with us

Real Estate

I want to sell my house! Now, what’s a comp?

Published

on

The home you’ve cared for and loved might seem incomparable to you, but when you sell (or get a home equity loan), someone is going to have to find a comparison.

In the language of real estate and mortgage that is called comps.

Comps help answer the biggest question on your mind and a lender’s mind when you look to sell your house:

What’s my home worth?

The answer? It depends.

It’s important to note that home values boil down to educated — and sometimes uneducated — guesses. They are merely opinions, with the one that truly matters being the bank’s. Toward the end of the process, the buyer’s bank needs to approve of the purchase price in order for the loan to be approved.

Before then, however, you have a few ways of gathering information. The best is to consult with a real estate professional who can provide you with a figure based on “comps” — comparative sales. The agent will conduct a comparative market analysis, or CMA, and give you their professional opinion on your home’s potential sales value. This is generally a far better option than relying on your neighbor’s or your uncle’s opinion, as the agent is trained and experienced at comps.

What goes into a CMA? The agent will find recent sales of similar properties in your location; the best comps are within 90 days or less, though if you live in an area that’s less populated, you’ll likely use comps from six months back and sometimes longer.

If your home is ranch style, it should be compared to sales of other ranch homes. A cape or a contemporary is different. Comps also take into consideration the number of bedrooms and bathrooms, the acreage, whether there’s a garage and a basement, and things like central air and the type of heating.

The key is to work with someone who understands your specific market and who has a track record of accurately providing figures. Top-selling agents (not necessarily top listing agents) are generally the ones who do best at this.

As a seller’s agent, they know how to price your home to move while also getting you a fair price; as a buyer’s agent, they typically understand how to negotiate well.

Share the News:

Real Estate

How to safely dispose of burned out light bulbs

Published

on

When a light bulb burns out, you may wonder whether to toss it in the trash or take it to your local recycling center. However, the best action to take depends entirely on the type of light bulb you’re throwing out.

Incandescent bulbs
When a standard light bulb burns out, you can put it in the garbage with the rest of your household waste. The thin glass and metal wires are almost impossible to separate for recycling.

Compact fluorescent lights (CFL)

CFL bulbs contain small amounts of mercury that can damage the environment if the bulb breaks. Many municipalities have drop-off points for hazardous waste items and you should dispose of CFL light bulbs at these locations.

Light-emitting diode (LED) lights
LED lights don’t technically burn out like other bulbs, but they do dim over time. When this happens, you can safely discard them in the trash as they don’t contain mercury like CFL bulbs do. You can also check with your local recycling center to see if they accept this type of bulb.

Regardless of the type of light bulb, take care to wrap it in paper before you throw it away. This way you’ll avoid the possibility of someone getting injured by the broken glass.

Many hardware store chains have recycling boxes for CFL bulbs as well as batteries, left over paint and other things that can’t safely be thrown out. Check your local hardware store to see if they offer this service.

Share the News:
Continue Reading

Real Estate

4 ways to get your outdoor living space ready for summer

Published

on

Now that the warmer weather has arrived, it’s time to set up your outdoor living space for the season. But before you bring out the patio furniture, you should attend to these four tasks.

1. Wash your windows. Clean the frames and glass, and don’t forget to give the screens a scrub as well. You should also inspect the caulking around your windows and doors. If there are any cracks, apply new caulking

2. Get your deck ready. Clean your patio or deck and check for loose boards or anything else that looks like it needs to be fixed. Make repairs, then sand and seal wood surfaces.

3. Examine exterior surfaces. Inspect your siding for damage and ensure your foundation is free of cracks that might have formed over the winter. If you see any peeling paint on your shutters or window frames, make plans to have them painted.

4. Inspect your barbecue. Look out for signs of damage. Clear off spider webs, clean the grill and make sure animals haven’t nibbled on the gas line.

Once you’re done with the above, it’s time to set up your outdoor furniture. Give chairs, tables and loungers a good cleaning, then sit back, relax and enjoy soaking up the sun.

Share the News:
Continue Reading

Real Estate

Warren County Market Report – May 2019

Published

on

Watch this video for a quick summary of Warren County real estate for May 2019.  Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. Closed sales are UP by 13.8% compared to this time last year
  2. Average Median Sold $254,750.
  3. Average Days on Market 66

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

Resource: 2019 Market Stats by ShowingTime
MRIS: Statistics calculated June 2019

Jennifer Avery, Realtor for NextHome Realty Select
“Your Happy Home Expert”

BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jennifer@nexthomerealtyselect.com | 540-683-0790
210 E Main Street, Front Royal VA
www.jenaveryrealtor.com 

Share the News:
Continue Reading

Real Estate

Virtual reality: the future of real estate

Published

on

Virtual reality (VR) is a powerful tool that’s revolutionizing the real estate industry. It refers to the computer simulation of three-dimensional environments that can be interacted with by a person. Here are three key applications of VR in the real estate industry.

1. Virtual property tours. VR can be used to allow people to virtually tour countless properties from one location. By simply putting on a VR headset, you’ll be able to experience immersive, 3D walkthroughs of dozens of properties so you can decide which ones are worth visiting in person.

2. Virtual home staging. Studies show that furnished homes sell better than unfurnished ones, but investing in furniture and decor for staging an empty house is costly. Using VR technology allows you to experience what a property will look like when it’s completely furnished.

3. VR architectural visualization. VR can also be used to market properties that haven’t been built yet, such as new condo developments. With VR tours, interested buyers can see what the homes will eventually look like.

VR in real estate is a game changer for buyers and agents alike. For buyers, it saves time and allows them to browse for homes across great distances. For real estate agents, VR tools pay off in terms of heightened global outreach, increased sales and more satisfied clients. It’s predicted that VR will become commonly used in the real estate business in the years to come.

Share the News:
Continue Reading

Real Estate

iBuyers: are they worth the convenience?

Published

on

Instant homebuyer companies, also known as iBuyers, are tech companies that buy homes directly from sellers online and then put them back on the market. Without even visiting your home, iBuyers will make you an instant cash offer using a proprietary valuation model. If you accept the offer, you can close the sale in a few days.

While the appeal of selling your house to an iBuyer is understandable, the instant bids they offer may not be worth the associated convenience.

Keep in mind that though iBuyers claim to offer the full value of your home, the bids they make are typically below fair market value (in case they can’t resell the property at the full price). They also charge a fee for conducting the transaction, which is often higher than the standard brokerage fee.

Additionally, the bids iBuyers make on homes are generally lower than what the seller would get from working with a real estate agent. Experienced agents often get as much as 125 percent of a home’s fair market value.

What’s more, these companies strategically appeal to sellers who are in distress. They target people who’ve been unable to sell their homes or have expired listings. Those who are divorcing, in bankruptcy or have homes in foreclosure are also easy marks. Because the sellers are in difficult situations, they’re more likely to accept lowball offers.

Though selling your home to an iBuyer may seem like a good idea, you’ll gain far more from working with an experienced listing agent. A skilled realtor can help you sell your home at, or above, the property’s fair market value.

Share the News:
Continue Reading

Real Estate

Taking the temperature of the housing market: hot versus cold markets

Published

on

If you’re getting ready to buy or sell your home, it’s important to check the temperature of the housing market in your area to make sure the timing is optimal. Here’s what you need to know about how supply and demand determines market temperature.

Cold markets
The housing market is cold when there’s more supply than demand. This is the best time to buy because there are more homes available than buyers looking to purchase them. This means that you’ll have a greater selection to choose from and that sellers will be more willing to negotiate a lower price. You may even be able to purchase your dream home for less than the listing price. For all the above reasons, cold markets are also known as buyer’s markets.

Hot markets

The housing market is hot when there’s more demand than supply. This is the best time to sell because there are more buyers looking to purchase a home than houses available. This means that buyers will likely be willing to pay more than the listing price. Hot markets are also known as seller’s markets.

Neutral markets
A neutral market is when supply and demand are in equilibrium. It won’t favor either buyers or sellers.

MOI
Supply and demand in real estate markets is measured in terms of Months of Inventory (MOI). MOI is calculated by dividing the number of homes that were for sale during the past month by the number of homes that were sold during this time period. The resulting number is an estimate of how long it will take to sell all the homes for sale.

In a cold market, the MOI is six months or more. In a hot market the MOI is six months or less. During a neutral market, three to six months’ worth of inventory is on the market.

Share the News:
Continue Reading

King Cartoons

Front Royal
81°
Sunny
05:4620:39 EDT
Feels like: 82°F
Wind: 8mph S
Humidity: 41%
Pressure: 29.98"Hg
UV index: 3
SatSunMon
min 67°F
86/66°F
84/67°F

Upcoming Events

Jun
17
Mon
10:00 am Design a chair for the SPCA CHAI... @ SPCA of Winchester, Frederick, and Clarke Counties
Design a chair for the SPCA CHAI... @ SPCA of Winchester, Frederick, and Clarke Counties
Jun 17 @ 10:00 am – 5:00 pm
Design a chair for the SPCA CHAIR-ity Brunch @ SPCA of Winchester, Frederick, and Clarke Counties
Calling all artists!! Design a chair for the SPCA CHAIR-ity Brunch and save homeless animals. Pick up a chair from the SPCA Thrift Shop, build a chair, up-cycle a chair, paint a chair, or upholster[...]
10:00 am Summer Art Week – Session 1 @ Art in the Valley
Summer Art Week – Session 1 @ Art in the Valley
Jun 17 @ 10:00 am – 12:30 pm
Summer Art Week - Session 1 @ Art in the Valley
Summer Art Week for children is designed for students who love art and want to go beyond what they have experienced in the school setting, while meeting the Virginia Standards of Art. Recommended ages for[...]
Jun
18
Tue
10:00 am Summer Art Week – Session 1 @ Art in the Valley
Summer Art Week – Session 1 @ Art in the Valley
Jun 18 @ 10:00 am – 12:30 pm
Summer Art Week - Session 1 @ Art in the Valley
Summer Art Week for children is designed for students who love art and want to go beyond what they have experienced in the school setting, while meeting the Virginia Standards of Art. Recommended ages for[...]
Jun
19
Wed
10:00 am Summer Art Week – Session 1 @ Art in the Valley
Summer Art Week – Session 1 @ Art in the Valley
Jun 19 @ 10:00 am – 12:30 pm
Summer Art Week - Session 1 @ Art in the Valley
Summer Art Week for children is designed for students who love art and want to go beyond what they have experienced in the school setting, while meeting the Virginia Standards of Art. Recommended ages for[...]
Jun
20
Thu
10:00 am Summer Art Week – Session 1 @ Art in the Valley
Summer Art Week – Session 1 @ Art in the Valley
Jun 20 @ 10:00 am – 12:30 pm
Summer Art Week - Session 1 @ Art in the Valley
Summer Art Week for children is designed for students who love art and want to go beyond what they have experienced in the school setting, while meeting the Virginia Standards of Art. Recommended ages for[...]
5:00 pm Annual Wine Pull @ Blue Wing Frog
Annual Wine Pull @ Blue Wing Frog
Jun 20 @ 5:00 pm – 7:00 pm
Annual Wine Pull @ Blue Wing Frog
5th Annual Wine Pull | Thursday June 20, 2019 | 5:00 – 7:00pm | Blue Wing Frog, 219 Chester Street. Tickets: $40.00 – Includes food, glass of wine, and a bottle of wine or wine[...]
Jun
21
Fri
10:00 am Summer Art Week – Session 1 @ Art in the Valley
Summer Art Week – Session 1 @ Art in the Valley
Jun 21 @ 10:00 am – 12:30 pm
Summer Art Week - Session 1 @ Art in the Valley
Summer Art Week for children is designed for students who love art and want to go beyond what they have experienced in the school setting, while meeting the Virginia Standards of Art. Recommended ages for[...]
Jun
22
Sat
9:30 am Acrylic Pour Workshop – Level 1 @ Art in the Valley
Acrylic Pour Workshop – Level 1 @ Art in the Valley
Jun 22 @ 9:30 am – 12:00 pm
Acrylic Pour Workshop - Level 1 @ Art in the Valley
Learn the process and art of acrylic pouring with artist and instructor Jan Settle. You’ll have a fun & exciting experience creating your own original masterpieces in this workshop! Learn how to manipulate paint &[...]
1:00 pm Meet the Author: NP Haley @ Royal Oak Bookshop
Meet the Author: NP Haley @ Royal Oak Bookshop
Jun 22 @ 1:00 pm – 5:00 pm
Meet the Author: NP Haley @ Royal Oak Bookshop
Lily and the Ghost of Michael Thorne By local author, NP Haley Feeling someone or something looking at her, Lily peered into the shrouded forest and buildings surrounding the alley. Blinking rapidly to make sure[...]
7:30 pm Middle School Pool Party @ Claude A. Stokes Community Swimming Pool
Middle School Pool Party @ Claude A. Stokes Community Swimming Pool
Jun 22 @ 7:30 pm – 9:30 pm
Middle School Pool Party @ Claude A. Stokes Community Swimming Pool
Middle School Pool Party! FREE to all Warren County students who will be in the 6th-8th grades for the 2019-2020 school year. Event will take place at Claude A. Stokes Community Swimming Pool on June[...]