If you’re entering the housing market in the fall, don’t worry about it being too late to make a sale. In fact, here are four reasons why listing in autumn might turn out to be a savvy selling strategy.
A different buyer pool
There are three types of buyers who tend to prefer less saturated markets: millennials, empty nesters and employers who need to relocate new hires. These buyers typically swoop in late to avoid high season real estate rates — you might even get a quick sale from employers needing to settle their hires fast.
Buyers are more serious
Spring buyers can afford to be picky because of the sheer number of houses for sale. It might be months before they decide to make an offer. But by the time September rolls around, you’re left with only serious buyers who know they don’t have much time before winter hits.
There’s less competition
Selling in the fall means competing in a much smaller market. Combined with the impending arrival of harsh weather and the holiday season, this is a strong bargaining chip that can help you close quickly.
It’s easier to make improvements
Selling in the fall means you can take advantage of the warm weather preceding the season to make improvements. When you’re ready to sell, your house will be too.
Though conventional wisdom recommends selling in the spring or summer, selling in the fall has a number of advantages and may prove to be the more lucrative time to list your home.
4 reasons an offer may be rejected
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
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.
Market assessment vs. home appraisal
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.
Why sewer inspections are a must when buying an older home
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
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.
4 reasons you should bid at the listed price
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
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.
How to change realtors
There are many reasons why you may want to change realtors. Here are some tips that’ll help ensure a civil split.
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.
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.
Warren County Market Report – May 2020
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:
- New Listings are DOWN -25.7%.
- New Pending UP 13.5%. MAY 2019 = 89 vs MAY 2020 = 101
- Closed sales are DOWN -1.4%. MAY 2019 = 74 vs MAY 2020 = 73
- Average Median Sold $226,000
- Average Days on Market 33
*If you would like a copy of this report emailed to you, please send request to firstname.lastname@example.org.
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
email@example.com | 540-683-0790
CRUM REALTY, INC | 318 S Loudoun St., Winchester, VA 22601 | 540-662-0400