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Warren County Market Report – February 2020

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New this month we are adding some industry tips from the experts! Enjoy real estate market update from Jen Avery, lender tips from Jim Gordon, closing & title tips from Jennifer Gordon, and insurance tips from Ellen Aders!

Market Update

February was yet again a very strong month. Closed sales up 100%, sellers are closing their sales at higher dollar values than last year, and the closings are happening faster than last February as well! Weather and interest rates have definitely been positive influences.

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

In general summary:

  1. New Listings are DOWN -3.6%.
  2. New Pending UP 39.1%.
  3. Closed sales are UP 100%.
  4. Average Median Sold $265,000. 26.1% increase over last year.
  5. Average Days on Market 57 compared to 85 last year.

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

Resource: 2020 Market Stats by ShowingTime
MRIS: Statistics calculated March 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


Lender Tip

DOs & DON’Ts For Borrowers During Loan Processing
You want your loan approved. So do we. Here is a list of tips to improve your chances. While it’s usually best to avoid the actions below, we understand everyone’s circumstances are different. Please contact your loan officer with any questions about what is best for you.

Generally, DON’T:

  • Quit or Change Your Job
  • Allow Inquiries on Your Credit Report
  • Taking on Additional Debt
  • Co-Signing on Loans
  • Changing Bank Accounts or Transferring Money

Make Sure you DO:

  • Keep Paystubs
  • Pay on Time
  • Contact Your Loan Officer with Questions

Jim Gordon, Loan Officer
NMLS ID# 1728615

Alcova
Phone: 540.542.6133  | Cell: 540.729.3645
jgordon@alcova.comalcova.com/jgordon


Closing & Title Tip

Even if a survey isn’t required for closing, it’s always a good idea as a new home buyer to get their own survey. It will show you your land’s corners & boundary lines in case you want to do improvements like a deck or add a pool for fun or put up a fence for the kids or dogs to enjoy their new home and yard.

Jennifer Compton
Blue Ink Original

Phone: 540.635.9845 |  www.blueinkoriginal.com
425 North Royal Avenue
Front Royal, VA 22630


Insurance Tip

Spring is here and for those of us who live in the Shenandoah Valley, we love the budding trees! But, trees cause some of the biggest frustrations when it comes to insurance and claims. That’s because if your NEIGHBOR’S tree falls on YOUR property, causing damage to YOUR house or YOUR fence, the damage is covered by YOUR homeowners insurance, not your neighbor’s. That’s right! Your deductible applies and the claim is filed under your policy. So, be a Good Neighbor and maintain your trees!

Ellen Aders, CLU, LUTCF, LTCP
State Farm AGENT

Phone: 540.635.3336 |  ellen.aders.r5ef@statefarm.com
23 Church Street
Front Royal, Virginia 22630

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Real Estate

4 reasons an offer may be rejected

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Making an offer on your dream home only to have it rejected can be heartbreaking. To help you prepare, here are four reasons sellers may have for turning down a bid.

1. It was too low
If your offer is too low, the seller may think you aren’t serious about purchasing the property. If the house hasn’t been on the market for long, they may also think it’s too early to consider offers below the listing price.

2. It was too high

Offering a lot more than the asking price is a bad idea unless you’re paying cash. This is because realtors are likely to warn their clients that the house won’t appraise for the amount bid. Once the lender realizes the loan is for much more than the actual value of the home, the transaction could fall apart.

3. It was written by your agent
Sometimes, listing agents engage in what’s known as dual agency. This means that if they represent both the seller and the buyer, they’ll charge a slightly smaller commission. The end result is that the seller will net less money if they accept an offer written by the buyer’s agent. This practice is regulated differently depending on where you are, so it may not always be a concern.

4. It doesn’t meet their needs
Every seller is unique, and it’s a good idea to find out what they need from the deal before you make a bid. They may have a specific closing date in mind, or perhaps they’ll only consider offers that come with proof of pre-approval. Your real estate agent can determine what the seller requires.

Finally, it’s rare for a seller to reject an offer without countering, so chances are you’ll be able to negotiate.

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Real Estate

Market assessment vs. home appraisal

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One of the most important things in real estate is understanding the various ways to estimate the value of a home. This includes market assessments and home appraisals, two very different things that both provide valuable information.

What’s a market assessment?
Also referred to as a market evaluation or analysis, a market assessment is a comparative review of sold, expired, and active listings for similar homes in a given area. It’s meant to provide an overview of a neighborhood and of the value of homes within it.

A market assessment is a useful tool for both buyers and sellers. Buyers will have a baseline against which to compare the price of a home they’re interested in, and sellers will gain an idea of what’s a reasonable list price for the current market.

What’s a home appraisal?
A home or real estate appraisal is meant to provide information on the condition and features of a given house. Factors like repairs needed, square footage, number of bedrooms, and so on are taken into account. Home appraisals are valuable to lenders, as they help determine the value of the property.

A home appraisal will typically be required by lenders, but market analyses aren’t. Nevertheless, both will provide home buyers and sellers with valuable information.

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Why sewer inspections are a must when buying an older home

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A standard home inspection won’t include a look at the sewer line. However, if you’re considering buying an older home, you should have a plumber to assess it. Here are a few types of problems that may be found.

Tree root damage
If the home is more than 20 years old, the sewer line needs to be inspected. This is because the pipes can become damaged by tree roots within this span of time. All too often roots will penetrate and clog them, consequently leading to more serious plumbing issues.

The house has a cesspool

Some older homes relied on cesspools. While municipal sewer systems made them obsolete, many were left in place. Soil erosion and heavy rains can cause them to cave in, thereby leaving behind huge holes.

Tar paper pipes
Many homes built prior to 1950 have tar paper pipes, also known by their trademark name of Orangeburg pipes. Over time, they disintegrate, which can lead to serious water damage and the need for expensive repairs.

A sewer inspection is the only way to uncover these problems. If you want to buy an older home, be sure to get a plumber to take a close look at the sewer lines before you make a bid.

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4 reasons you should bid at the listed price

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If you’re ready to make a bid on a home, you may want to consider resisting the impulse to negotiate. Here are some key reasons why making an offer at the listed price could be a good idea.

1. You’ll get the seller on your side
Making an offer for the listed price is likely to make the seller more receptive to requests. For instance, they may be willing to pay for inspections or to accommodate your move-in schedule.

2. You’ll get the listing agent on your side

Matching the listing price that was initially suggested by the seller’s agent will make them look competent. They may be more receptive to your offer and to any requests you may make.

3. You’ll get an edge on other offers
If the seller received multiple offers, it’s likely that most of them are for less than the listing price. This will make your offer stand out in comparison.

4. You’ll make future negotiations easier
If you try to get a bargain upfront, there may not be any room to negotiate for repairs later. The seller is much more likely to be receptive to such requests if you offer to pay the list price.

If you find your dream home and can afford it, you may want to skip the negotiations. Besides, if the house gets appraised for less, the seller may be willing to lower the price.

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Real Estate

How to change realtors

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There are many reasons why you may want to change realtors. Here are some tips that’ll help ensure a civil split.

For sellers
Hiring a listing agent to sell your home usually involves signing a contract with them. Typically, it’ll state that upon the purchase of your home, the agent will get a commission, possibly even if they were fired. The best thing to do if there’s friction between you and your agent is to contact the brokerage and explain the situation. They may agree to let you out of the contract or propose a way to resolve the situation amicably.

For buyers

Buyers’ agents don’t usually require their clients to sign legally binding agreements, making it somewhat easier to part ways. However, it’s always better to be upfront and let the agent know before you hire someone else. This also gives them the opportunity to address your concerns and to salvage the relationship, which may be valuable if they’ve already put time and effort into helping you.

If you signed a buyer representation agreement with them, however, you’ll need to break the contract before you do anything else.

Even when done amicably, changing agents may involve a lot of work. The best thing to do is to select a good realtor from the get-go.

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Warren County Market Report – May 2020

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Spring market is coming late this year, but as restrictions due to COVID-19 begin to lift, more homes are starting to list. Stay positive Warren County. We will get through this!

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

In general summary:

  1. New Listings are DOWN -25.7%.
  2. New Pending UP 13.5%.  MAY 2019 = 89 vs MAY 2020 = 101
  3. Closed sales are DOWN -1.4%. MAY 2019 = 74 vs MAY 2020 = 73
  4. Average Median Sold $226,000
  5. Average Days on Market 33

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

Resource: 2020 Market Stats by ShowingTime
MRIS: Statistics calculated JUNE 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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Front Royal
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Clear
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Feels like: 74°F
Wind: 3mph S
Humidity: 75%
Pressure: 29.9"Hg
UV index: 0
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