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Virginia Real Estate Predictions 2021

In a normal year as part of local real estate association leadership, I would be attending the Virginia Association of Realtors Legislative Conference in Richmond. This year, due to the pandemic, that event has been held via zoom. Although the value of face to face interaction has been missing, there has been the interchange of timely information.

One of the meetings that I most appreciated was the opportunity to listen to the VAR economist Lisa Sturtevant speak about the state of real estate in Virginia.

One easy way to look at what is going on is to consider what is ‘IN’ and what is ‘OUT’.

OUT

Total work from home.
IN

Expect to see a shift to a hybrid model. Some days a week at home and some in the office.
OUT

Open floor plan.
IN

Flexible floor plan with separate spaces for different activities.
OUT

Home renovations.
IN

Second home purchases (beach, mountain, lake) If there is good internet you can work from home anywhere. The increase in sales has not been consistent across different localities. The shift to the country is rural. By the numbers sales have increased unevenly in the following areas: Urban by 3.7%; Suburban by 11.7%; and Rural by 17.9%.
OUT

Zooming with family members.
IN

Living with multigenerational and extended family
OUT

Extremely low inventory.
IN

Very low inventory. In December listings were down 38.3% from the same time a year ago. Statewide there are 30,000 fewer listings than a year ago. The demand for housing remains strong with low inventory continuing to be the primary constraint.


Virginia is currently at 95% of Pre-Recession job totals which is better than many states. But full recovery could take years.
New construction has gained. If we see the tariffs on Canadian lumber removed, it will be good for East coast new construction. The West coast has decreased supply as a result of the fires.

The savings rate spiked in 2020 as a result of people staying home with fewer opportunities to save money. This increased savings has allowed many new buyers to enter the market.

Job losses have been mainly concentrated among renters and as such does not impact housing sale. Mortgage rates are historically low. Pre-Covid housing demand was strong and will continue. Improvement will be related to vaccine availability.

Low inventory + low mortgage rates + high demand = rising prices.

CLICK HERE FOR MORE DETAILS OF THE 2021 VAR ECONOMIC AND HOUSING PREDICTIONS


 
*** These are statewide numbers and may not reflect the specific Central VA information given in our local market updates. ***

Filed Under: Blog, Information for buyers, Information for sellers, Market Reports Tagged With: Charlottesville real estate market, Virginia real estate market

Pre Listing Inspections for Sellers

A prelisting inspection can provide an advantage to Sellers. The process of selling a home can come with unwelcome surprises, and a prelisting home inspection can eliminate one of the most common Seller stresses.

The buyer contracts for the home with a provision for a professional home inspection. Their inspection could unearth things that the buyer didn’t expect or even anticipate. If it doesn’t trigger an action to terminate the contract, the buyer will inevitably ask the seller to make all or most of the repairs.

When presented with the buyer’s request, the seller may take the opposite position of not wanting to do any of the repairs. The buyer then must accept the property in its “as is” condition or negotiate a reduced price or credit with the seller in lieu of the repairs.

Any experienced agent can tell you that sometimes a mutually agreed negotiation is reached and other times, an impasse is met that cannot be resolved. Then the buyer elects to terminate the contract, and the house has to go back on the market. But this time the property may be stigmatized in the eyes of buyers. Importantly, deficiencies may be uncovered that require a disclosure that has to be made to all parties looking at the home and that may deter future showings and offers.

Taking a pro-active approach, by obtaining a pre-listing inspection, sellers can find out about things that will probably show up in a buyer’s inspection. They can get them repaired before the home is shown and it will help the buyer feel more confident with the home. Another option would be to disclose them as not working and make a price adjustment. Either way, the seller is in control and is taking a position of transparency with potential buyers.

In some cases, the pre-listing inspection may show things in working order that the buyer’s inspection indicates as needing repair. No two inspectors will find everything or see everything the same way. However, home inspectors are required to be licensed by the state and inspect accordingly. With two disinterested parties having opposing professional opinions, there is the basis for negotiations which will have a more likely chance for a mutual agreement.

Disclosing things that are not in working order can reduce liability in the future. Some deficiencies with the home may not be discovered prior to the closing and the surprise issues could lead to liability. The pre-listing inspection by a professional, combined with the seller disclosing major deficiencies properly, can reduce potential liability.

For the small investment in the pre-listing inspection, the benefits to the seller are well worth the expense. You and potential buyers will have a better idea of the condition of your property and know what to expect. You can present the property in a transparent way that will build confidence with the buyer. You’ll avoid unpleasant surprises as well as possible delays. Pre-listing inspections can lead to faster sales and satisfaction for everyone involved.

If you want to know more details about what happens with a home inspection, CLICK HERE.

 

Filed Under: Blog, Home selling tips, information for home owners, Information for homeowners, Information for sellers Tagged With: home inspection, home inspections

Home Buying Steps

WHAT IS THE PROCESS OF BUYING A CHARLOTTESVILLE VIRGINIA HOME?

It’s not just first time buyers who can become overwhelmed with the process of buying a home. If you haven’t purchased a home recently, this might give you a refresher of exactly what steps will be necessary to purchase a Charlottesville Virginia home, and in what order they are likely to occur. [Read more…]

Filed Under: Blog, Information for buyers, information for home owners, Information for homeowners, Information for sellers Tagged With: information for buyers, Tips for Buyers

Charlottesville Home Inspections

Like Charlottesville Virginia, each state and each region has its own customs and laws regarding property home inspections for potential buyers. It sounds like a simple topic.   It’s not.

Importance of Home Inspection in Written Contract

In Virginia the flow and the mechanics of conducting a property inspection or a home inspection in the Charlottesville area are governed by the written language in the Inspection Addendum of the Contract to Purchase.  For any contract to be enforceable in the state of Virginia, it must be in writing.  That Inspection addendum is signed by all parties as part of ratifying (our term for ‘completing’) the agreement to purchase.  The Inspection becomes a contingency of the contract, meaning that the completion of the contract is dependent upon completing the performance and terms specified in the inspection addendum as well.  If this is becoming technical or confusing, we apologize…. this is always best explained by an attorney in Virginia who specializes is real estate, but we’ll do our best to make it understandable.

There are many types of home and property inspections so we’ll deal with two of the main ones in our Charlottesville VA area which are (1) Residential Home/property Inspections and (2) Study Period Inspections (typically for large acreage farm or estate properties). If the buyer is purchasing a large estate or a farm with acreage, that’s when we recommend a Study Period for their inspections, and we’ll talk about that after we finish the standard Home Inspection section of this page.

Residential Home Inspections

Both buyer and seller can negotiate to agree on the terms of any inspection. Some sellers will not permit any inspections (not always to hide defects… sometimes the owner is quite ill or there are other reasons why an inspection would be a hardship). Some sellers specify that inspections may be conducted only for ‘informational purposes’, in which case the contract will also clarify whether the buyer must proceed to a closing regardless of the results, or whether the buyer has the right to end the process for a purchase based on the inspection findings.

What Does “As Is” Mean?

Many listings are offered “AS IS” and either of the above scenarios could apply to those terms. When a home is offered ‘AS IS”, it does not necessarily mean that there is anything wrong that an inspection would find.  Instead it might mean that the seller expects the buyer to conduct inspections but the seller has no intention of negotiating to correct any deficiencies that might have been discovered as a result of the buyer’s inspection process.

Buyer Beware in Virginia Home Purchase

During the inspection it’s also the time to sort out the marketing from the truth.  Virginia real estate law is a version of ‘buyer beware’ and it’s the responsibility of a buyer to verify any claims made by the seller in a listing or otherwise.  Marketing exaggerations should be tested.  Years ago I discovered the following discrepancy regarding what a Florida listing actually claimed: a “ski-able lake” is not a 30-foot pond with an alligator in it.  really.

In case you’re wondering,  in the event that we are representing a buyer of Charlottesville real estate, we recommend that our buyers hire professional certified inspectors to conduct the home inspection, even if their Cousin Louie knows a lot about construction and has offered to do it for the buyer for free. Professional inspectors provide photographic evidence of the details of their inspection, they provide summaries of anything they consider to be sub-standard, they offer remedies to correct the issues, and they provide a full report of their findings. Depending upon several factors, a home inspector may or may not be able to provide cost estimates to correct any problems.

Tell Me What To Expect With a Home Inspection

When a home inspection is scheduled, sellers in our area typically have agreed to leave the home so that the inspector and the buyers can have time together to critique the property findings and to discuss any issues freely away from the sellers.  Depending upon how large or how complicated a home may be, an inspection can last anywhere from a couple of hours to four or five hours or more. We strongly recommend that, if possible, the buyers should attend their own home inspection.  There are several reasons we recommend it.

Should You Attend Your Home Inspection?

First of all, when a buyer is present during the home inspection, he/she has the right to ask questions about the inspection procedure.  In the process of reviewing each inspected area of the home, a buyer is able to get additional advice about each system in the home as well.  Think of it as a “How To Use Your New Home” class. It is immensely informative for most buyers to see how the inspection is conducted.  Following is a typical scenario (the process varies from inspector to inspector):

Describe What The Home Inspector Does

An inspector might begin with one area of the home such as the electrical breaker box.  It will be checked (usually with a flashlight) to assure that the connections are properly installed and that the materials (wires etc) are in good condition and that they meet the current building codes in that area. Some older homes do not come up to modern code standards but as long as their installations match the optimum standard for the date when they were installed and the materials are in good condition, they are usually passable.  Any defects will be photographed and noted for the summary report.

As you move around the home with the inspector to the various locations, details that are not obvious will be pointed out to you.  Over the years we’ve seen many of them, but they might be things such as: how to operate the flue of your chimney; when the roof might require new shingles or the flashing is exposed; washer, dryer, and dishwasher may be tested to assure functionality; gutters and eaves checked for drainage; ceilings inspected for any signs of water damage, previous or current; walls and floors inspected for any signs of rodent or insect infestation; railing and stairs tested for sturdiness or damage; and windows and doors are examined for air leaks or cracks.

Water in Basement or Crawl Space

Mold At Charlottesville Virginia Home InspectionAnd then there’s the basement or crawl space.  If the home has any space underground, the inspector will pay close attention to the basement or crawl space…. even if the basement is finished and furnished. Any sign of dampness or mold is a cause for notation.  The possible points for drainage problems are also checked around the exterior of the home (even if there is no sign of dampness inside)…. and details such as the slope of adjacent ground or rainwater drainage will be noted.   Drippy exterior faucets are inspected. If any water damage has affected the structural integrity of the exterior steps into the home, they may be suggested for repair. Even sidewalk cracks or irregularities can be noted.


3 Rules of Water

One of the inspectors who worked in our Charlottesville area of Central Virginia for many years had a standard quote that he repeated to each person during an inspection.

He would get to the part about lower level mold or water damage and he’d offer what he called his ** 3 Most Valuable Inspection Lessons **.

  • Lesson Number 1: Keep the water away from the house.
  • Lesson Number 2: Keep the water away from the house.
  • Lesson Number 3: Keep the water away from the house.

As he moved about the property during his inspections, he repeated this mantra so often that it almost became a game. Soon the prospective buyers would chime in too, repeating the phrases in unison with him.


This inspector also routinely corrected people for mentioning the “hot water heater”.   He pointed out that it’s accurately just a “water heater” and there is no other alternative or ‘hot’ description needed.


A Realtor’s Usual Role in your Charlottesville Home Inspection

Let me digress for a moment to discuss your realtor’s role in your home inspection.  For us, because our clients are typically newcomers to the area or are unfamiliar with the inspectors locally, we might provide our buyers with a short list of two or three inspectors whom we know will be appropriate and experienced for their specific type of property.  As said before, we encourage buyers to attend their own inspection if at all possible.  Each realtor handles his/her own role during the inspection differently (often regardless of the realtor’s own particular training or expertise).

Let me explain.  Even if a realtor is also (extreme example) a certified licensed home inspector too, that realtor will likely choose not to participate in any part of the home inspection so that his/her role as a realtor does not become blurred.  Here’s a worst case scenario of how that could happen: your inspector fails to find a major defect somewhere in your new home and you become aware of it shortly after the inspection…. what would you do?  Fire your inspector/realtor (the realtor person who’s legally bound to advocate on your behalf)?  Demand a second opinion? And if the seller has offered to pay for the buyer’s realtor commission as is most common in our area, how would the fee to conduct an inspection be handled with that realtor?  Answer is: it can’t work well.

As a result, some realtors will opt to walk through the inspection along with you but they will remain silent and allow you and your inspector to have exclusive dialogue together.  They won’t offer you any inspection advice during or after the inspection.  We often encourage our clients to take their own notes so that those notes can be compared to results in the inspector’s summary report at the end.  Other realtors may sit on the porch while the inspection is going on, or they might linger nearby in a car to be ready if you should need to talk to them … but they remove themselves from any firsthand knowledge of your discussion with your inspector… so that there can be no misunderstanding that their role is as your realtor and not as any kind of inspector.  Even if they may have knowledge about construction and inspections, your time with a licensed inspector that you’ve hired, is when many realtors choose not to be involved, for the good of both of you.

My Realtor Role At Your Home Inspection

The way I typically attend a home inspection is a bit more hands-on. I do walk around the inspection with the client and inspector or ask the inspector to call me if he discovers something of significance. I want to make sure that I thoroughly understand the inspector’s concerns since I will be the person writing up the deficiency list and will be discussing it with the listing agent. Also I am a second pair of ears for the client and sometimes ask questions requesting further clarification from the inspector if I feel that the client is not “getting it”. Sometimes at the end of the inspection the clients are feeling overwhelmed by all of the little details and I may ask the inspector to outline the areas that he finds to be of most concern. Also often when we have looked at the home initially the buyer and I may have identified areas of concern to us and we will want to make sure to ask the inspector’s opinion on those areas. So I am a more active participant in the process on behalf of my clients than some other realtors may choose to be.

What About Inspecting Outbuildings and Other Structures?

In our Charlottesville area many properties also have outbuildings (they’re also called ‘dependency’ buildings here).  Maybe it’s a carriage house or a garage apartment or a fancy stable. Regardless, there are reasons why buyers may wish to investigate the details of buildings other than the main home.  We specify their right to do this when we draft the inspection contingency agreement that will be made with the seller, so that there are no misunderstandings later on.  It can be in this type of an inspection that much time becomes required to complete all of the inspection details.

So next let’s talk about what’s going on with the buyer and seller at this point in the inspection process.  The inspection is now complete, the inspector has submitted his report of his findings, and the buyers and sellers each will likely have decisions to make.

Buyer Attitude vs. Seller Attitude

Charlottesville Homes For SaleA TYPICAL SELLER:  they may have already reduced their optimum asking price in order to get a contract.  They worked very hard to get the property in good repair for the inspection.  They may or may not be a bit miffed that they won’t be permitted to monitor the buyer’s inspection while it’s being conducted, and they’re usually not in the mood to get bad news.  They are very eager to hear the results of the inspection so that they can get over the hurdle of the inspection and get on with packing for their next home.

Charlottesville Homes For SaleA TYPICAL BUYER:  they just spent hundreds of dollars to find any problems with their new property and they hope there will be no problems at all.  Surprise.  In my years in real estate I have never personally encountered an inspection that did not find some kind of flaws for the final report.  You pay someone to look for it… they’ll find it.  So now the buyer gets back a list of a few… or dozens… of recommended repairs or deficiencies.  And their perfect shining new purchase is looking a little tarnished, not quite the maintenance-free mecca they’d envisioned.  And they are disappointed and they want someone to make it right.   It’s time for the realtors to smooth the edges and make sure everybody allows their heads to rule their emotions.

What Is A Deficiency List?

Negotiations now begin regarding the Deficiency List.  If a deficiency is stated in the inspection report as ‘needing repair’, the buyers may have a right to request that the sellers fix it.  (“as-is” or other terms may change this scenario).  The sellers don’t need to agree to fix anything, but if they agree to repair 100% of the repairs that the buyer requests… everyone is on their way to a closing.  The buyers will be able to schedule a walk-through of the property near the time of closing/settlement to verify that the property is in the condition that everyone agreed.

Home Repairs vs Money at Settlement

But the seller might not be so agreeable to addressing all of the repairs that the buyer requested.  If the buyer asks for 5 repairs and the seller agrees to do only 3 repairs, a new negotiation will begin, in order to arrive at agreement.  The way most local contracts are written, if the buyer and seller cannot agree on repairs to deficiencies, the buyer might have the right to walk away from the purchase.  But that buyer will still have invested some amount of money, time, and effort to conduct a home inspection,  and the seller may have already purchased their next home and may be ready to go… so there is motivation on both sides to come to an agreement.  Sometimes buyer and seller will agree to exchange a monetary amount that will make the inspection repairs a moot issue…. this money exchange is usually conducted as an adjustment of money paid/due at the time of settlement.

Virginia Procedures for Home Inspections May Vary Locally

The entire process that I’ve described above is very typical for homes in Charlottesville Virginia and surrounding areas.  It may not be the case in nearby towns like Richmond or Roanoke, where purchasers might use different Home Inspection Contingency agreements in their contracts.  But the important elements are in all of the contingency forms… and those elements are basically to protect the rights of both buyer and seller during any inspection period.

What’s The Difference Between a Home Inspection and a Study Period?

I promised to speak a bit about another type of property inspection which we refer to as a Study Period in our contracts.  A Study Period becomes pertinent or necessary during the purchase of properties or farms that have large acreage or complicated geographical features… and it can also apply to commercial real estate purchases where feasibility studies may need to be conducted prior to settlement, but for now we’ll just talk about residential real estate here.

What Does Due Diligence Mean?

Charlottesville Home Inspection Due DiligenceBoth the residential Home Inspection and the Study Period are part of the buying process that we refer to as “due diligence”.  Again, it’s important to remember that it’s up to the buyer of real estate in Virginia to verify any claims or statements made by the seller.  Buyer beware.  This is important.  Not all states operate with this legal premise, and often our most experienced real estate purchasers are the ones who’re least able to wrap their minds around this part of our laws.  In other states, a seller may not be able to even put his property on the market without providing a guaranteed clear title, but in Virginia a buyer needs to examine and verify all details of the property without relying on information provided by a seller.  This period of inspection and verification is what we call “due diligence”.  The buyer must perform (often, invest) in research to make sure that the property is able to be sold as it’s claimed, and this may benefit not only the purchaser’s current transaction but also his ability to market this property in the future after his purchase is complete.

How Does A Study Period Work?

So a Study Period allows for extended days or weeks for the buyer to examine the property closely firsthand and to perform the buyer’s Due Diligence prior to completing the purchase settlement.  Each property may require specific areas of inspection.  During the due diligence period is when the buyer might hire a home inspector to conduct the inspections as we described earlier.  But the buyer might also want to conduct other studies to verify that the property is suitable for the buyer’s intended uses.  Often a surveyor is hired to verify the boundaries of the property (is that wonderful oak tree really going to be on your own land?).
Phase One Environmental Study Charlottesville Virginia

What’s a Phase One Environmental Study?

There’s a study standard called a Phase One Environmental study that encompasses a host of examinations of the land components, and we often recommend a Phase One inspector to our purchasers of large acreage.  During that study, water and soil and geographical elements are studied closely.  Is the soil suitable for your own farming purposes?  What did previous owners put into the soil for their own farms?  Is there runoff into water resources?  Are there any underground buried tanks or spills?  Is it permissible to construct a new pond or clear trees?  Are there any zoning restrictions that would prohibit the intended use of the property?  What is the condition of the outbuildings or fencing or pens?  Are there subdivision restrictions or deed restrictions? If the buyer intends to re-route any access paths, the Study Period is when the buyer must confirm that access will be permitted in those locations and permitted to be constructed in the manner that the buyer intends to do.  Is it possible to subdivide the property in the future and if so, when and how?  Sometimes there are extraneous benefits discovered during the Study Period… mineral rights or water rights previously unknown, for example.

Can Study Period Deficiencies Be Negotiated?

If issues are discovered during the Study Period, the Offer to Purchase may have been written in a fashion that allows the buyer to walk away from the purchase of that property if those issues are deemed unsatisfactory.  With large farms and estates there is great incentive for both parties to make the purchase happen, however.  For one thing, there are fewer prospective buyers who are able to consider a purchase for expensive or large estates and farms.  The seller’s pool of prospects is smaller.  But also the buyer’s pool of available properties is smaller too.  Once again, both parties have incentive to make concessions that will facilitate a sale.  Yet in the case of the buyer of large acreage or farms or estates, there are some features that will render it impossible for the buyer to proceed because the property simply cannot support the buyer’s intended use.  One example of that would be something like a vineyard, where very precise elevations and wind and sun angles and drainage features are necessary for growing grapes…. no compromise will work if those details are wrong.

So the Study Period allows a buyer the luxury of examining the details of the property as they pertain to the buyer’s intended uses, and in this way it overlaps with the examination of commercial properties for highest and best use.

Please Contact Me – I’d Love To Assist You

Although I can recommend a good agent for you if you’re considering commercial properties around Charlottesville, my own expertise and experience is in the residential areas of farms, estates, acreage, residential, and historic properties – – so please give me a call with any questions or referrals?  I know that the topic of inspections is full of important details and decisions not even covered here and I’d love to discuss those with you about your own home purchase….  as always, no obligation.

Call Now:    434-960-0161

Filed Under: Blog, information for home owners, Information for homeowners, Information for sellers Tagged With: home buying, home inspections, Home Selling

Top 5 Golf Course Features Found in Charlottesville Golf Communities

Many who have recently moved into any one of the beautiful and breathtaking Charlottesville Golf Communities continue to discover more reasons why they made the right choice. Whether you are a golf enthusiast or someone new to the sport, the excitement and lifestyle offered by these communities make them a perfect place to find your dream home.

Top 5 Golf Course Features Found in Charlottesville Golf Communities

 

For fervent golfers, these communities are like heaven on earth. Life in a golfing neighborhood allows unlimited access to the fairways, opening a lot of opportunities for players to hone their skills or to meet fellow golfers who will become playing partners. For beginners, living in a Charlottesville golf community will surely make them fall in love with the sport.

Below are 5 of the best features you can find in many of Charlottesville’s golf courses sought after by avid fans of the sport.

Variety of bunkers

Holes are more difficult when there are bunkers in the golf course. Bunkers are areas filled with sand. Others are small depressions in the land. Bunkers are positioned near the fairway or guarding the green.

Fresh air and beautiful views

One of the best features of these Charlottesville golf communities is the refreshing and captivating views that surround the area. Golf is a sport that goes best with clean and refreshing mountain air; and what better place to enjoy the sport than the rolling Central Virginia landscape. The breathtaking countryside that adjoins the fairways promises an enjoyable golfing experience.

Different hole characteristics

Each hole should have different characteristics to add complexity to the game. Features that add characteristics to holes include water hazards, fairway and greenside bunkers, and natural obstructions.  Each green will offer a different set of problems to be solved and this can change daily depending on pin position and speed.

Challenging Rough

Grass in the fairway should be mown carefully and uniformly. Alongside the fairway is the rough with longer grass that can be difficult to hit out of.

Top ranking clubhouses

After a round of golf, players love to have a place to rest and cool down. The clubhouse and its facilities complete the whole golf experience. Lounge areas are perfect for discussions between players after a game. The quality of food and service are also vital factors that keep players coming back for more.  These world-class clubhouses in Charlottesville’s golf communities are also available for other residents to hold private affairs and events like meetings, family gatherings, parties and the like.

There is a lot to love and experience in Charlottesville. If you want to know more about these neighborhoods and other homes for sale in Central Virginia, visit www.CharlottesvilleGolfCommunities.com

Call me, Pam Dent, today at (434) 960-0161. I have the professional and expert knowledge of the local housing market of Charlottesville including horse farms, golf communities, and other homes for sale in Central Virginia. It is my pleasure to guide you through the exciting and fulfilling journey of finding your dream home.

 

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Filed Under: Blog, Charlottesville, Charlottesville Golf Communities, Charlottesville Golf Community Homes, Charlottesville Homes for Sale, Golf Communities, Information for buyers, Information for sellers Tagged With: Central Virginia, Central Virginia Real Estate, Charlottesville golf communities, Charlottesville Homes for Sale, Charlottesville real estate, Charlottesville VA, Golf communities, Jump into Greener Pastures, Pam Dent

Top Summer Staging Tips for Homes for Sale in Charlottesville VA

Top Summer Staging Tips for Homes for Sale in Charlottesville VA


Summer is a great season for homes for sale in Charlottesville VA. The increase in listings and buyers makes the real estate industry really busy during this season. Don’t let this discourage you if you want to be among the brave sellers hoping to sell their homes this summer. There are plenty of ways to capture the right audience. Your home is your stage and you have all the help you need right here.

Top Summer Staging Tips for Homes for Sale in Charlottesville VA

1. Enhance your “curb appeal”

The first thing that buyers are going to see is the outside of your home. Make sure you get their attention right away. This is what they call “curb appeal.” You’d want to enhance the curb appeal of your home by making sure your driveway is smooth and clean. If needed, have your driveway repaired. Make sure your walkways are clean. Consider repainting or power washing the exterior of your home. Don’t forget your windows! Wash them clean and go further by polishing them for that extra shine. Plants add a lot to the aesthetics of your home as well.

2. Maintain general cleanliness

The size of Charlottesville horse farms can be hard to manage especially if you want to stage it for selling. No matter what the size of your home and property is, with proper planning and time management, you’ll surely make it in time for summer. Cleanliness is easy to understand. Always think about your potential audience. Think of what they might consider as clean. Think of areas that would easily stand out and make sure to get them spic ‘n span and ready for your potential audience. You’d want to carefully clean the floor, furniture, appliances, fixtures and even the sinks in the kitchen and in the bathrooms.  If you are selling a horse farm don’t forget that the stable needs to be clean and neat as well.  You’ll never know what your viewers might see or think so make sure you clean your home to the best of your ability.

3. Utilize the space to your advantage

Just like horse farms, Charlottesville golf communities would definitely have much space you can play with for staging. Different homes come in different sizes and no matter how small or big the space you have, there are always ways for you to utilize the space to your advantage. Consider rearranging your furniture. Is there too much clutter in your home? Try to get rid of things that you haven’t been using. Consider the functionality of every item in your home and see which items you can give up in order to give your home more space.

Every home for sale in Charlottesville VA is surely unique. You can also come up with your personalized staging methods. If you want to know more, you can visit this site www.JumpIntoGreenerPastures.com.

Call me, Pam Dent today at (434) 960-0161. I can assure you of the best quality service. I have the professional and expert knowledge on Charlottesville real estate, the local housing market, horse farms and golf communities that will guide you through the exciting and fulfilling journey of finding your dream home.

Filed Under: Blog, Charlottesville, Farms and Estates, Home selling tips, Information for sellers, Virginia Tagged With: Charlottesville equestrian properties, Charlottesville golf communities, Charlottesville horse farms, Charlottesville real estate, Charlottesville VA Homes for Sale, Jump into Greener Pastures, Pam Dent

Charlottesville Homes For Sale – How Do Interest Rates Affect Price?

Charlottesville Homes For Sale | How Do Interest Rates Affect Price?

Buyers and sellers alike have been keeping a close eye on interest rates.  Rates are still low by historic standards, but the reality is that they are slowly creeping up and many experts predict that they will  be up one to one and a half percent  by the end of the year.  What does this really mean to you if you are considering purchasing a home?

Rate Payment Relationship 2 small.png

A ½% increase in interest rate may not sound like much but it is roughly equivalent to a 5% increase in price.  It becomes obvious when you compare the payments.

If you financed 100% of the cost of a $250,000 home at 4.5% interest for 30 years, the payment would be $1,266.71 per month.  If the mortgage rate went up to 5%, the payment would be $1,342.05.  If the home increased 5% in value, the $262,250 loan at the lower 4.5% rate would have payments of $1,330.05.

The two payments are close enough to justify the statement that a ½% change in interest is approximately equal to 5% change in price.

Each time interest rates go up, fewer people can qualify to buy a seller’s home.  The mortgage rules that went into effect this year require buyers to meet specific payment to income ratios.  As demand picks up for the seasonal market, most experts expect rates to increase.

Buyers will be doubly challenged in the current market because prices are rising (NAR reports 11% last year) along with the anticipated mortgage rates.  Buyers who wait will inevitably be paying more to live in the same home had they acted sooner.

Check out on how Interest Affects Price for a home in your price range.

If you have a Charlottesville home for sale, the increase in interest rates will also affect you.  It may mean that you will have a smaller pool of buyers who can qualify to purchase your home.  Also many sellers are waiting for prices to rise before putting their home on the market.  But the reality may be that a rise in home prices in tandom with rising interest rates will price many buyers out of the market.

If you are considering buying or selling a Charlottesville home, it may be a good strategy to to act now, if you are able to, rather than waiting for later in the year.

Filed Under: Blog, Information for buyers, Information for sellers, Mortgages Tagged With: buying a home, Charlotteville homes for sale, information for buyers, information for sellers

How Should I Prepare My Charlottesville Home For Winter?

How Should I Prepare My Charlottesville Home For Winter

home maintenance 250.jpg

With winter storms and bitter cold affecting much of the country, there are plenty of Charlottesville home owners who wish they were better prepared.  Even when you live in warm climates, some of these things are important to check periodically, and tthis year we have just seen snow stoms in areas that never get snow.

Preparing for the change of seasons can make your home more comfortable and protect your investment.  Regular maintenance extends the various components of a home and can generate savings in operating costs while avoiding expensive replacements.  Plus if you are offering your home for sale, buyers will pay attention to the maintenance that has been performed.  A well maintained home will sell more quickly and for more money.

Below are some actvities you can do to make sure that your home is ready for winter:

  • Weather strips around doors and windows should be checked for possible air leaks.
  • Caulking around windows and doors should seal out moisture and air leaks.
  • HVAC should be inspected and serviced by a professional annually.
  • Smoke and carbon monoxide detectors should be tested regularly.
  • Ductwork and supply lines from water heaters should be insulated.
  • Fireplace chimneys should be cleaned regularly and fireplaces should be inspected for cracks in mortar and to see if the damper closes properly.
  • Gutters should be free of leaves and debris to prevent rainwater build-up.
  • Tree branches touching or hanging over your roof should be trimmed

Please contact me if you would like recommendations for service providers.

We still have a lot of winter left, so its still not to late to prepare your Charlottesville home for winter, and we have a couple of warm days coming up this weekend that would be perfect to get outside and do some exterior work.

Filed Under: Blog, information for home owners, Information for homeowners, Information for sellers Tagged With: Charlottesville home, selling a Charlottesville home

My Charlottesville Home is Sold But How Do I Choose A Moving Company?

My Charlottesville Home is Sold But How Do I Choose a Moving Company?

Your home is sold, the closing date is coming up and you still have to choose a moving company.  Do you know what questions to ask or do you hire the first company that you find in the yellow pages or online?  All moving companies do not offer the same services.  Here are some factors that you should consider before you contract with a particular mover.

Moving to a Charlottesville Home

Moving to a Charlottesville Home

Fees

  • What is the charge for packing?
  • Does it include boxes? If  not, what do they cost and will you deliver them?
  • Is there an additional charge to deliver some items to a storage unit?

Insurance

  • How is a damage claim handled?
  • What insurance do you provide and is there a cost?
  • Does the insurance cover  items packed by the owner?
  • Can additional insurance be purchased and what will it cost?
  • If items are covered by my Homeowner’s insurance, whose insurance pays first?

Unusual Items 

  • Can you ship my car(s)? Will  they be in the moving van or towed?
  • What are the charges for shipping cars, lawn tractors, etc?
  • What items cannot be shipped?
  • If a shuttle truck is needed  because of the location of my house or size of the drive way, is there an additional charge?
  • If packing and loading are on  different days, can you leave the beds and other basics out for us to use?

Dates 

  • What dates are available for our move?
  • What date will you pack and how long will this take?
  • What date will you load the  van?
  • What date will the van arrive at my new location?
  • If my new home is not ready for delivery, how many days can it be delayed before there is a charge?
  • What is the charge for additional days or weeks?

Terms 

  • Are there any additional fees  that I’m responsible for that have not been discussed?
  • What are the terms of  payment?
  • Is a down payment required?
  • When will the balance be due  and who is authorized to accept it?

As you can see there is a lot to consider, but getting these things straight ahead of time will save headaches later.  When you know what questions to ask, you will have the ability to select the best mover and the final step of selling your Charlottesville home will be a breeze.

Filed Under: Blog, Information for buyers, Information for sellers Tagged With: Charlottesville home, choosing a mover, selling a Charlottesville home

Should I Have A Home Inspection Before I List My Home For Sale?

Should I have a home inspection before I list my home for sale?

Home inspection.jpg

One of the anxiety highpoints during the sale of a home is waiting for the buyer’s home inspection report.  Most sellers willingly disclose what they know about their home to any potential buyers.  The concern stems from the inspector finding something that they’re totally unaware of and that it will either cost them a lot of money to correct or the buyer will simply use it to void the contract.

If the inspection does reveal some unknown problem with the home, it’s probably as big a surprise to the buyer who is not as emotionally or financially invested as the seller.  It is human nature to fear what you don’t understand and when a report identifies defects, they may simply opt-out of the home.

The solution to the situation may be for the seller to have the home inspected prior to putting it on the market.  There is still a risk of becoming surprised by an unknown defect which at that point, would have to be disclosed to potential buyers or repaired by the seller.  The advantage is that it creates a baseline to compare discrepancies that may arise when a future buyer has the home inspected.

If the seller’s inspection report is made available during the marketing process, it could give buyers a sense of confidence about the home even though they may still choose to have the home checked by their own inspector.

The cost of the inspection, possibly $500, keeps some sellers from taking this initiative when selling their home.  In an effort to minimize their expenses, they forego getting valuable, disinterested 3rd party advice that could help sell their home.  On a $175,000 home, the fee for the inspection will probably be less than 3/10 of one percent of the sales price.

Another option to the seller to increase marketability of the property and bolster buyer confidence in the home would be to offer a buyers home warranty.  Generally, the seller doesn’t incur cost for this coverage until the home is sold.  The benefit to the buyer is avoiding unanticipated expenses for specific items that are covered during their first year of ownership.  Another option for the seller is a seller’s home warranty which will cover the home during the listing period.  Under the seller’s home warranty many of the repair items found in the inspection report will be covered under the warranty which translates to less money out of pocket for the seller and a happier buyer since their list of requested repairs are being addressed.

Contact me for recommendations of home inspectors or home protection plans. 

Filed Under: Blog, Information for sellers Tagged With: home inspection, selling your home

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