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

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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.

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Real Estate

6 things to fix before selling your home

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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.

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Real Estate

Warren County Market Report – July 2020

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Seller’s Market – Moving faster than ever!

You don’t want to miss this month’s market reports. Take the time to review. The market is very strong for listing your home. Houses are selling for top dollar, with multiple offers in the first few days of listing. The market can feel frustrating to qualified buyers because inventory is low compared to the number of buyers who are hunting the market right now. If you have thought about listing, NOW is the time. Be ready to move, the market is fast. How long will it last?

Recommendation to buyers, find yourself an aggressive agent who is available to show and write offers same day if you find the right home. Have your financing in order and a pre-approval letter ready to present with your offer.

Recommendation to sellers, be READY. You will have showings right away. Become educated on loan products so you can pick the right one for your sale if given the options. Don’t hesitate to do your homework and make sure your buyers have solid financing. Lenders are often willing to speak with the seller side to confirm basic questions about their loan and qualifications of the buyer.

Watch this video for a quick summary of Warren County real estate for July 2020. Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. New Listings are UP 19.6%.
  2. New Pending UP 55.7%.
  3. Closed sales are UP 33.8%
  4. Average Median Sold $275,000
  5. Average Days on Market 44

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

Resource: July 2020 Market Stats by ShowingTime
MRIS: Statistics calculated August 2020

Jennifer Avery, Realtor
“Your Happy Home Expert”

BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jenaveryrealtor@gmail.com | 540-683-0790
CRUM REALTY, INC | 318 S Loudoun St., Winchester, VA 22601 | 540-662-0400

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Real Estate

How to avoid buyer’s remorse

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If you want to buy a home, the fear of regretting your purchase could make it hard to commit to a particular property. Here are some tips for making a good decision and avoiding buyer’s remorse.

Check and double-check your needs list
It’s important to have a clear idea of what you need and want out of a property before you start looking for a new home. When deciding whether to make an offer on a house, check that it meets all of your non-negotiable requirements and that it’s within your budget. Choosing a property that truly meets your needs will help you keep regrets at bay.

Take outside input with a grain of salt

Sometimes avoiding regret means steeling yourself against external influences. Your friends and family probably mean well, but keep in mind that you’re the only one who really knows what you want out of a house.

Trust your real estate agent
One source of advice you should listen to, however, is your realtor. While agents can’t find the right house for you on their own, they can provide you with all the information you need to make a sound choice.

Finally, remember that there’s a difference between wondering if there’s a better house out there and having real concerns. If something about the transaction doesn’t sit well with you or a big issue is uncovered during the inspection, it’s all right to keep looking.

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Why your agent won’t make offers for you

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Real estate agents provide homebuyers with insider information, advice about the local market, and much more. However, they won’t tell you how much to offer for a specific property. Though they may suggest a range, making the bid is your responsibility. Here’s why.

1. The offer may be too low
A lowball offer can dissuade a seller. If an agent encourages a buyer to make a bid that’s judged to be too low, the realtor is likely to be blamed for any consequences.

2. The offer may be too high

If an agent tells their client to make an offer for a specific amount and the bid is accepted immediately, the client may feel like they offered too much. This can lead them to wonder whether the agent really had their best interest at heart.

3. The agent isn’t buying the house
It’s important to keep in mind that while realtors can provide valuable advice about the local market, they can’t tell you how to plan your finances for years to come. You’re buying the home and you’ll be paying the mortgage on it. This is why only you can decide how much to offer for a house.

The bottom line is that real estate agents have a mandate to act in your best interest. Telling you how much to offer for a home could actively work against this duty, and realtors have faced legal action in the past for doing so. For these reasons, bidding on a home is solely the buyer’s responsibility.

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How sellers can add a contingency clause to a purchase agreement

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If the sale of your home is contingent on you finding a new place to live, buyers may be dissuaded from making a bid. However, this clause doesn’t have to be a hindrance. Here’s how to best include this type of contingency in a purchase agreement.

Make it clear
Ensure that the contingency clause is as clear as possible. One of the main concerns buyers have with regard to these clauses is that they’re vague. Understanding the specific circumstances in which a seller may back out is likely to reassure buyers, as they’ll know what they’re signing up for.

Specify time frames

Provide a clear time frame within which you’ll find your new home. Then, determine how this contingency relates to other contingencies in the contract, such as those buyers generally include for things like home inspections.

Typically, the contingency of the seller finding a new home will take precedence on the buyer’s contingencies. In particular, if the buyer has asked for an appraisal or inspection and has specified a time frame within which to complete these, the countdown on finishing them won’t begin until after the seller has found a new property.

Finally, be clear about the seller’s right to extend the closing date should they fail to find a new home within the time originally specified.

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How to quickly sell your home

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If you want to sell your home in a hurry, here are a few tips to help you get it off the market in record time.

Hire a realtor
Choose a real estate agent who knows your region well and works for an agency you trust. Consider meeting with more than one realtor before you make a decision. A professional agent will be able to provide clear answers to any questions you have. Throughout the selling process, you should feel comfortable making inquiries about how the sale is proceeding.

Set a fair price

If the price of your home is too high, it could dissuade potential buyers and delay the sale of your home. On the other hand, a suspiciously low price may give people the impression that the house has issues. It’s crucial to draw on your realtor’s knowledge of the market to help you set a fair and competitive price. Additionally, a home inspection will help you determine your property’s value and bring it to light if repairs are needed.

Stage it
Thoroughly clean your home and remove all clutter. This will make each room look larger and more inviting. If you need to refresh the walls, choose neutral paint shades. You should also hide family portraits and other items that personalize the space. This will make it easier for potential buyers to imagine themselves living in your house. Consider hiring a home staging consultant who can help you showcase your home.

Get the word out
To increase the chance that it’ll sell quickly, show your home to as many people as possible. Once your realtor puts it on the market, there are several steps you can take to increase its visibility. Consider promoting the sale on real estate websites, in local newspapers, and on social media. Additionally, make sure the for sale sign is clearly visible on your property and will catch the eye of potential buyers who drive through the area.

Meet with potential buyers
Be upfront and answer visitor questions honestly. Make note of both positive and negative feedback you get about your house. If the buyers you meet have reservations about the property, try to determine the reason. This information can be used to justify a price adjustment or better market your house to the next visitors.

The housing market can be unpredictable, but following these recommendations will greatly improve your chances of selling your home quickly.

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