PAM DENT

Jump into Greener Pastures


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Broadband and Internet Access in Virginia

People love to purchase country homes or rural properties in Virginia…. often as an alternative to their previous homes in cities or suburbs. We get it. The sheer beauty of our state, the horse farms, the privacy of large acreage, all combine for very good reasons to purchase country properties. So, in the enthusiasm of choosing possible properties, there is a detail that can be overlooked. Most people want or need internet access in their new homes.

The last thing you want to discover in your new home… is that nobody in your new area has access to the internet.

Below are tools for you to use, to research the various broadband connections for your next Virginia property.

You can look up specific addresses to know in advance what is available before you even look at potential property listings.

  STATE OF VIRGINIA BROADBAND:
The state sponsors an online tool called Commonwealth Connection. Here is INSTRUCTION TO GET AND USE COMMONWEALTH CONNECTION.

After you’ve gotten some search tips, you can look for details of Virginia broadband by looking up specific addresses at THIS SITE TO SEARCH FOR INTERNET ACCESS BY ADDRESS.

  NATIONAL BROADBAND & INTERNET ACCESS:
Nationally, the FCC sponsors a site where you can look up the broadband access anywhere in the country. It will tell you if there’s wireless, DSL, cable, fiber, satellite, or other methods to access broadband at a particular address. You can CLICK HERE FOR AN FCC MAP TO FIND BROADBAND ACCESS ACROSS THE U.S..

In addition, your realtor may provide more details of internet access for each listing as well as advice on local broadband options for properties.


Filed Under: Area Features, Blog, Information for buyers, information for home owners Tagged With: country homes, information for buyers, Tips for Buyers, Virginia Info

Adjustable Rate Comparison

An Adjustable Rate Mortgage (ARM) is not as common as a Fixed Rate (i.e, 15 or 30 Year Mortgage), but an ARM may be a better choice for a homeowner who knows they are going to stay in the home for less time than the break even point.

An ARM might easily be 1/2% less than a fixed-rate during the first period of the loan, which can reduce the monthly cost of housing compared to a fixed rate.

The actual rate of an ARM can go up or down during the life of the loan, depending on an independent financial index. If the index rate is higher on the anniversary of your mortgage, the rate of your ARM could go up. But if you believe that rates are going to trend down during the time you own the home, then an adjustable rate could be to your advantage.

A mortgage financial advisor can provide you with a comparison of an Adjustable Rate vs a Fixed Rate to estimate when a Fixed Rate would have been a lower way to finance. There is a breakeven point in terms of months and years.

The ARM may be a better choice for the homeowner who knows they are going to stay in the home less time than the breakeven point. But if you plan for this to be your Forever Home, a Fixed Rate will likely be the better choice. If you’d like a recommendation, please let me know.

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

Make Your Best Offer First

Buying a home in today’s low inventory real estate market requires a new mindset for purchasers. This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home. It may be difficult to understand until you have lost a few homes to better offers but when the reality of the situation is that there are not that many homes on the market, the competition heats up and different tactics are necessary.

Sales in December were annualized at 6.76 million, a 22.2% increase year over year according to the National Association of Realtors. The median sales price nationally is $309,800 which is up 12.9% from the previous year. Inventory for December fell to 1.9 months’ supply from 3.0 months’ supply in December of 2019. Six months inventory is considered a balanced market.

Things that work in a buyer’s market will not work in a seller’s market. The shortage of available homes for sale has led to not only shorter market times but multiple offers that have sales prices above the listing price. Buyers, especially in entry to mid-level priced ranges, may have lost out multiple times to buy a home.

Buyers must be strategic if they want to successfully put a home under contract. There are some things that are absolutely essential to just be in the game.

Unless you are paying cash and have adequate proof of funds, you need to get pre-approved. Realtors and financial advisors have been saying this for decades, but it is critical now. There are plenty of reasons that benefit the buyer but most importantly, it is to show that a buyer is serious and has gone through the effort to have a lender run his credit and verify his income, expenses, employment, and credit. Sellers want to make sure that the offer they are choosing will be able to go to closing.

If the home fresh on the market, in a desired location and price range, you need to assume there will be competing offers and you may never even get a counteroffer from the seller. You need to consider making your highest and best offer first, as if you will not get a second chance. This is more difficult for some people than others because of their bargaining nature.

Many properties are going under contract at more than asking price. One strategy that buyers are employing is the escalation clause. For example a buyer will offer full price, but their offer will state that they are willing to escalate their offer by $1,000 (for example) over any competing offer up to a specified amount. With the offers that are coming in at over asking price, there is the chance that a property will not appraise. Some buyers may show the ability to pay an amount between the appraisal and the sale price, if the property does not appraise, thus effectively removing the appraisal contingency. Of course since a cash offer will not have an appraisal, this is another reason that makes a cash offer more desirable.

Earnest money that accompanies a contract shows that the buyer is acting in good faith. The amount that may be customary may not be enough in a competing market. Consider two or three times what might be normal. Talk to your agent about what would make an impression on the seller.

While contingencies like loan approval and inspections will protect your earnest money from specific concerns like loan approval and inspections, the seller will look at them as ways that the buyer can get out of the contract and as a result they’ll need to put the home back on the market. If a seller is presented multiple offers, they might be prone to accept one with the least contingencies, especially, if the prices are comparable.

There is usually a period connected to the different contingencies that are allowed to complete them. By shortening these times as much as possible limits the time the seller might feel they are in limbo.

If you have the flexibility, you might express your willingness to move the closing and/or possession dates to accommodate the seller’s schedule. This could be an important factor in your favor and could be done in a verbal statement conveyed from your agent to the listing agent.

These are things buyers should consider and discuss with their agent before they find the home that they want to buy. While you are formulating your position, another offer may be accepted before you even make yours.

Filed Under: Blog, Information for buyers, Market Reports Tagged With: information for buyers, Tips for Buyers

Customer or Client

A Virginia realtor is required by law to treat you like either (A) a customer, or (B) a client.  In Virginia, buyers and sellers are required to sign a document saying that they actually want to be a realtor’s client before we can assist with any transaction.  See below to learn how buyers are required to be treated if they are a Customer or a Client in Virginia……  [Read more…]

Filed Under: Blog, Information for buyers Tagged With: information for buyers, Tips for Buyers

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

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Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


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