Virginia Realtors Help With Buying and Selling Fixer Uppers

Filed Under: Virginia real estate    by: Steve Kayhill

virginia-realtorsHave you heard of the term “fixer upper?” This type of home is in need of some TLC, and often sits a little lower on the price scale as a result. Virginia realtors tend to agree that fixer uppers are a tougher sell. Many advise sellers to complete home improvement tasks before putting their home up for sale. Why is buying and selling fixer uppers a challenging task and can these transactions turn out well?

The Fixer Upper Challenge

Most home buyers want a house that delivers a comfortable, safe standard of living from day one. Fixer uppers often require a significant amount of work to be done before that standard of living can be achieved. We’re not talking about finishing the basement for additional living space; a fixer upper may be missing doors, have inoperable appliances or need extensive plumbing and electrical work before residents can reach a state of comfort.

This isn’t the case for every home labeled as a fixer upper. In some instances the finishes may require updating or improvement projects like new windows and roofing are required to boost the energy efficiency. Seniors moving into a retirement home may be looking to list a property in this condition, and Virginia realtors are happy to connect their clients with potential buyers. But sellers need to be aware of the disadvantages that come with selling a home in this state.

Fix It Up First

Unless time and physical conditions make it impossible, your realtor should recommend that some of the issues in your home be fixed up before the property goes on the market. Doing that will allow you to set a better price for your home, as well as attract more qualified buyers.

Two things flash through the minds of potential buyers as they tour through a home that requires an extensive amount of work. In the face of both major and minor house problems, buyers will wonder whether the home has been maintained properly. Those buyers are more likely to pass on the house due to a cautious nature and worries about hidden problems.

The second reaction of potential buyers is to knock thousands of dollars from the asking price to cover the necessary repairs and upgrades.

Sellers may come out ahead by fixing the problems within their house and sticking to a higher asking price. Otherwise they are at the mercy of buyers, who will use the issues as a bargaining tool to reduce the price.

It Is Possible

It’s important to note that buying and selling fixer uppers works for many people across the country. When time and economical circumstances do not allow for the repairs and upgrades to be done before the transaction, buyers snag a good deal and sellers offload their property. As long as everyone is aware of the circumstances and full disclosure has been practiced, this type of transaction can go through smoothly.

Virginia realtors are here to help, whether you’re selling a fixer upper or looking for an affordable way to move into the market. Their expertise and industry knowledge will guide the transaction, protecting the interests of both parties. Contact a local real estate professional to ensure your fixer upper sale is handled well.

To Buy or Not to Buy | Virginia Realtors Weigh In On This Pressing Question

Filed Under: Virginia real estate    by: Steve Kayhill

virginia_realtors_helpIt is a commonly held assumption that buying a home is more advantageous than renting. But it’s also important to note that buying real estate is a serious decision and should be undertaken in the right way and at the right time. It should be much easier to decide whether or not it’s the right call for you with the help of experienced Virginia realtors who are working for your best interests.

What Every Realtor Knows

The market moves in all different directions. What is an ideal time to buy for one family may be the perfect time to sell for another. First time home buyers are best to get in while mortgage interest rates are relatively low, but it is never a good idea to stretch your budget too thin. That will only get you into trouble and, eventually, that trouble will head back into the market in the form of foreclosures and stifling financial conditions.

If you are recently out of school and have not been working at your job for long, it may be wise to rent for a time while shopping for real estate. That will allow your credit rating to improve and increase the time elapsed at your workplace. Mortgage companies look favorably on dependable income, so the longer you’ve been at your job, the better.

That being said, even students with a healthy financial situation can secure mortgages. The trick is to be sure that the Virginia real estate you purchase is affordable and priced well. When your credit rating and balance sheet (what you own versus what you owe) looks good approaching a financial institution about mortgage preapproval is a wise first step. Then you can shop for the ideal first home with more confidence.

Why Renting Doesn’t Pay Off In the End

There are a few major disadvantages to renting. In the first place, your monthly payments are serving to line the landlord’s pockets as opposed to building up equity for yourself. Even at the opening stages of a large mortgage amortized over a long period of time you are paying off some of the principal. The longer you pay that mortgage (without borrowing against it), the more equity is building up. After years and years of renting, you will essentially have nothing of value to show for it.

Rental increases are out of your control, meaning you cannot be sure of the overall cost of your place over a long period of time. Mortgage rates, however, can be locked in for substantial terms – from six months to twenty years, depending on the financial institution. In that case your mortgage payment will be set for the term. Most likely the mortgage rates will have changed by the end of your term. But the principal will have decreased, giving you flexibility and control over the size of those payments even beyond the initial term.

Virginia realtors are ready and willing to help first time home buyers and those re-entering the market. They can show you what’s out there and are willing to offer advice on your personal situation – advice that will help you answer the tough question, “to buy, or not to buy?”

Four Different Ways to Easily Keep In Touch With Virginia Realtors

Filed Under: Virginia real estate    by: Steve Kayhill

virginia_realtorsIn the world of real estate it is often communication that will make the difference in your experience. Buyers and sellers that have Virginia realtors with excellent listening and communication skills will have a much easier transaction than those who do not. Homeowners that attempt to sell a house on their own soon find out just how valuable a real estate agent can be and those who are shopping around without one soon recognize exactly what it is they’re missing.

It takes both parties to make this business relationship work, but with very little effort you can reap the benefits of communication with the leading realtors in Virginia, making your experience with the real estate world a smooth and enjoyable one.

How Can You Communicate With Virginia Realtors?

There are many different methods of communication today and not all of them will suit your lifestyle. The important thing is finding a realtor who offers the methods you are comfortable with and then utilizing those methods.

The four main methods of communication with your realtor are:

  • Physical Visits – Many realtors prefer to stick with traditional knock-on-the-door visits. Whether that is how they meet with you (coffee on your break at work, meetings in the evening around your kitchen table or conferences in the boardroom at their office) or how they view each property you are considering, this method does take the most amount of time. It can disrupt your schedule to meet with the realtor every time there are prospects for your real estate sale or purchase. But in the end these types of face-to-face meetings will also create trust and help both of you to make more meaningful decisions.
  • Phone Call Updates – Even if your realtor prefers to meet in person initially and likes to physically view properties that meet your criteria, they will often use the phone for any other questions and information. This works well if you have a cell phone handy most times or can be accessed via a land line, but if your realtor will be leaving messages most of the time or you are inaccessible due to your job or schedule, phone calls may not work.
  • Emails and Texting – For those who have smartphones this type of nearly instant communication may work best. Your realtor will likely only communicate this way if you are comfortable with it, otherwise it can seem impersonal. Be sure that you verify each major decision in person or over the phone, as there are many situations where a text message or email may not fully communicate the meaning and tone of a phrase or word.
  • Online Video Calling and Web Forums – This method works very well for those shopping for real estate from abroad or from across the country. With long distance phone calls available online (through Skype, for example) and web forums offering the ability to view and comment on virtual listings, technology can be used to your advantage in real estate transactions. Think about how these methods of communication can help you make better decisions, either through virtual photo tours or the ability to speak to people face-to-face even over long distances.

Experienced and reputable Virginia realtors will often use all of these methods well. Let them know which types of communication you prefer and build your relationship from there. In the end, if you can effectively communicate with your realtor the entire transaction will be much more successful.

Why Using Virginia Realtors Is the Best Method of Selling Your Home

Filed Under: Virginia real estate    by: Steve Kayhill

save_money_on_virginia_realtorsIn a tough real estate market every dollar counts. Whether that dollar is related to the price of your home, the closing costs or the realtor fee, most homeowners are on the lookout to save money on their real estate transaction. Selling your home on your own without the help of Virginia realtors may seem like a good idea to save money, but this transaction may cost you much more than when handled by a qualified professional.

What a Realtor Offers You

Hiring a realtor will often cost you four percent of the sale price. But that cost will cover a wide variety of services that you literally cannot get from any other source. From legal advice and rock solid paperwork for offers and closing to the marketing that will bring buyers through the door, an industry professional has the network and knowledge that you need.

When the real estate market is hot all you need to do is minimal marketing with a sign and an online listing. But when the market is flooded with properties for sale homeowners simply do not have access to the tools required for a quick and profitable sale.

Going on Your Own May Cost You Money

Virginia realtors generally charge a flat fee that is a percentage of the sale price. This is all that you will pay and motivates the real estate agent to negotiate for top dollar. On the other hand, selling the home yourself means there is no limit to the overall cost.

You will be in charge of the fees for any website listings, as well as signage. Your family will need to run all open house dates, answering questions and providing any and all relevant information. If that doesn’t lead to a sale, you’ll also need to spend the time and money necessary to draw in more potential buyers. And this can get expensive. Very expensive, depending on the amount of time your house is up for sale.

Because the average homeowner has not been trained in real estate transactions and the applicable laws, mistakes can easily be made when a realtor is not involved. Sure, you may save money on the realtor fees, but when a law suit occurs after the sale was handled incorrectly or you end up making monetary concessions for errors, those fees can seem insignificant in comparison.

Consider the Value

Instead of counting each dollar and looking for shortcuts, why not consider the value of certain costs? The realtor fee is a significant expense, but the services offered in exchange are extremely valuable. These services will sell your home quicker, keep your stress level low and help you avoid mistakes that are easily made when homeowners go it alone.

The limit on these fees are another attractive feature, meaning that no matter how long your home is on the market, the fees are set. If, for some reason, your current real estate agent does not get your home sold, once the contract is up you can shop around for another agent. Look for an experienced professional and rest easy, knowing that your money and your home are in the capable hands of Virginia realtors.