QUESTIONS THAT SELLERS ASK WHEN THINKING TO SELL HOME IN VIRGINIA BEACH, VA
As a real estate agent in Virginia Beach, Virginia, I worked with Homeowners who sold or were thinking to sell their homes in Virginia Beach, VA. It is not easy for the homeowner to make a decision to sell their house and there are couple reasons for that; among them are emotional and financial reasons. Thinking to sell, most of the Homeowners asking questions like:
- How much is my house worth?
- How long will it take to sell my house?
- Do I need to do any repairs to my house?
- Why should I use real estate agent instead of selling it myself?
- How much does it cost to sell my house?
I will start with question How Much My House is Worth. Even if you are considering to sell your home by yourself, ask a real estate agent to prepare the market analysis of the homes sold in your neighborhood within 12 months. Most of the realtors or agents will gladly do it for you, though we understand that we may not get your business. Instead of relying on Internet, it will take only couple minutes for the agent to email you the market analysis (simple report); the information prepared by professional will be much more accurate. After reviewing the report, you will get a good idea of how much your home is worth.
Now, let’s talk about How Much Does It Cost To Sell The House. Roughly, it costs about 10% of your sale price to sell the house. Here is the breakdown of 10%:
- 3% – for closing costs assistance that Buyer commonly asks Seller to contribute;
- 3% – for Buyer’s Brokerage Agency
- 3% – for Seller’s Brokerage Agency
- 1% – Inspections, Seller’s closing costs
***Depending on the condition of your Home and how the contract negotiations go, the buyer may ask you to do certain home repairs as well. It means, the seller will need additional funds for required by the contract repairs.
Step 1: Figure out for how much you can potentially sell your Home.
Step 2: How much you will need to set aside for closing costs and possibly additional funds for home repairs.
Step 3: Check what is owed on the mortgage and do the math. Hopefully, you have built some equity on your home and you can sell the house with some cash in your pocket. There is actually term for that – Seller’s Net. Depending what those numbers tell you, you will be able to make the right decision if it is a good time for you to sell your Home.
Does Seller need to do any repairs to the house? If house is in a great condition, the touch of paint, new carpet would be a great additional feature to sell your home. When previewing a house in Virginia Beach, potential Buyer usually prefers a very clean, freshly painted with new carpet house over the one full of personal items, kind of worn out carpet and walls in need of attention. On the other hand, I want to emphasize that Buyers find very important such items as the age of the roof, HVAC (AC and heater) system, plumbing condition. So, if the main items of your home (roof, windows, HVAC, plumbing and electrical systems) are old and not in a good shape, painting the walls and replacing the carpet is probably not a good idea and most likely will not help your sale. I recommend my Sellers to do the home inspection before they put the house on the market. Home inspection report will point out the things that need to be addressed and may come as surprise for Seller. Lots of deals fall through because Seller and Buyer would not agree on repairs. If Seller knows in advance what he/she will be facing during the sale, they can fix it before the house goes on the market or it will not be such a big surprise when the Buyer is asking for certain repairs. This way the sale can be planned in a better way. Though, the Seller would have to spend their own money on home inspection, but knowing what to expect makes a difference in the sale.
Condition of your property will affect the price. No one will pay higher price for the house with the roof that needs replacing in 3-5 years or AC and heating will last only couple of years. The reason the house stays long on the market is because the Seller sometimes is not realistic about the listing price. This will answer the next question How long does it take to sell the house. The market analysis will help you to see how long it takes to sell your home in your particular neighborhood (average market time in certain neighborhoods can be 10, 15, 20, 40, 60, 90 days). It is important to put the house on the market at the right price in accordance with its condition and market value in the neighborhood, so you don’t have to low your price every two weeks and live through that disappointment. We all out there for the better deal for ourselves; and Home Buyer is for sure wants to find a good deal.
I have one more question to answer, Should Seller use real estate agent or sell home for sale by owner? I personally did both, and I will never sell “For Sale By Owner” again. First of all, no one can find your property; those who do want to bring the low ball offers. People automatically think that since the Seller already saving on real estate broker’s commission they can offer much lower price. As much as I like do things independently (DIY), I recommend you to sell your home with real estate agent ONLY. First, it will be listed in MLS which means that your home will be found by the most number of potential buyers; second, let your agent handle the sale on professional level.
Neighborhoods of Virginia Beach
Neighborhoods of Virginia Beach Great Neck Road part 1.
Pink Pearl Real Estate is attempting to accomplish a major undertaking by mapping out and describing the great neighborhoods of Virginia Beach. We are not sure how long this will take as the research alone is fairly intense. As far as we know this information it is not located in any single place. Each new blog will contain a brief video of the neighborhood as well as a listing of schools, and price range of homes. We are using Great Neck road as our starting point because Great neck is a major thoroughfare but not an exceptionally long one. It connects Virginia Beach Blvd to Shore drive. Great Neck road has its own access (Bike Path) into 1st Landing State Park; direct access to I 264; and of course access to the beach from multiple roads. Great neck neighborhoods also Border on multiple waterways (Lynnhaven Bay, Broad Bay, and Wolfsnare Creek) with access to Lynnhaven inlet and the Chesapeake Bay.
The first neighborhood we will showcase is Wellington Woods one of the great neck road neighborhoods. It is a very nice community off of Great Neck road; it is in the school district of Trantwood Elementary school, Lynnhaven Middle school, and Cox High School. It appears on Google maps as a part of the Wolfsnare Plantation section of Great Neck Road.
This small neighborhood is marked by the intersection of three different streets; Great Neck Road, First Colonial Road, and Old Donation Parkway. This particular neighborhood is pet friendly as you will see the very nice dog park in the short video, ( https://youtu.be/V3MJRS1ZJgk ) as well as lots of nicely kept lawns. The homes in this neighborhood have a median cost of 356,300 according to the latest on Zillow and the housing market here is classified as hot; or in other terms very desirable.
There is lots of shopping available close by, multiple parks, a Virginia Beach Recreation center, as well as near 1st Landing State Park. Fine dinning as well as nice family restaurants are very close to this neighborhood. All in all a very convenient place to live and raise your children.
We welcome any feedback on our new venture, and are open to your suggestions for future neighborhoods. For more information contact us at firstname.lastname@example.org.
Thanks, this is
Tim Blogging for Pink Pearl Real Estate
HOW TO CHOSE THE RIGHT NEIGHBORHOOD WHEN BUYING HOUSE IN VIRGINIA BEACH, VIRGINIA
When you are looking to buy a house in Virginia Beach, they say location, location, location. Looking for a right home for you and your family, here is what you need to consider: property taxes, safety of the area, property value, school district, geographical features. The priority of thigs to consider are very individual and depend on your personal preferences and circumstances. For example, you may choose to pay higher property taxes if you have family with kids and you prefer certain school district.
Let’s talk about some of the things you definitely need to take into your consideration when buying home in Virginia Beach, Va.
As I mentioned, if you have kids (or planning to have them soon), schools are important to your family. Before buying home make sure you research all the information about schools in the area you are looking to buy; sometimes the house may be located right on the border of the school zone, do not hesitate to make a call to Virginia Beach public school office and find out for sure if this home is zoned for the school you want your child to attend. School districts as well as community centers and parks also tend to affect home value.
Go to Virginia Beach city website to find out more information about good things city has to offer to enjoy the area you want to live in.
Many Buyers (especially first-time buyers) seldom think of the property taxes before the home purchase. They get so excited about moving into the new home, they often forget to ask their real estate agent a simple question, how much are the property taxes in the area I am looking to buy? Property taxes can play a very important role in your cost of living. When your loan officer gives you an estimate of your monthly mortgage payment on the house you are thinking to submit an offer, ask if the payment includes property taxes and home insurance. Adding those two items into your monthly payment may significantly change the size of your monthly payment. Some people, choose to pay taxes and home insurance policy separately (to save on the yearly payment), just remember to open a saving account in order to have funds when it is time to pay property taxes and home insurance.
Check out this simple tax map in Virginia Beach and Hampton Roads.
Everyone wants to live in a safe environment with low crime statistics. It is Buyers’ job to do due diligence about the neighborhood they are moving into. All real estate agents or realtors follow the guidelines of the Fair Housing Act; they cannot voice an opinion about the neighborhoods. Study the area well for safety and crime reports before you sign the purchase agreement.
Search sites like Virginia Beach City profile or Virginia Beach neighborhood scout. You will find a lot of good information on overview, real estate, demographics, crime and schools about the area you are looking to buy a home in Virginia Beach.
How do you know that the home for sale you are thinking to buy is priced correctly? Certainly, there are lots of online resources to get an idea. To be precise and accurate to form an educated opinion about true value of this particular home, you will definitely need help of real estate professional. Your real estate agent or realtor (the one that you will chose to work with) will provide you with accurate data of the latest market sales (SOLDs) and which is the most important information on the condition of the similar homes. The real estate agent has more detailed information and tools available to do market analysis to determine the current market value of the home you want to put an offer for taking into consideration the condition of the homes that were recently sold in this neighborhood.
To search for homes for sale in Virginia Beach, inquire more information about the home you liked, check if it is still available to show or provide you market analysis contact me at 757-309-5760 or email at email@example.com
HOW TO PRICE MY HOME IN VIRGINIA BEACH, VIRGINIA
1. Price Your Home Right:
Pricing your home right will result in a quick sale with the most money in the seller’s pocket. Educated buyer will know that your home will not be available on the market for a long time so they have to hurry up and put an offer. The rest is just the matter of the negotiations. And with a good agent you, the seller, will get yourself a good contract with a satisfying price.
By pricing your home high when your home goes on the market is a big mistake. You can lose a lot of money and time that in some situations is even more valuable than money. Sellers often think that pricing home high at first, they have a good chance getting what they are asking for. It can be true only for high demand locations when home maybe sold even before going on the market. This a very rare situation. When your house is overpriced, the price is dropped couple times; it remains on the market for months it gives reason for the potential buyers think that there is something wrong with that house and they are hesitant to put an offer or simply will bring low ball offers. It all boils down to sellers’ motivation. Sometimes the sellers just want to “test the waters” and if the home does not sell they just take it of the market. They are not very motivated to move. The others, need to move asap so they are pressed into time so they understand the importance of pricing home right. They are motivated sellers. Sometimes sellers are strongly motivated but do not understand the reality of the market.
2. Common Mistakes When Pricing Home:
Home usually represents your personal sentimental value, you made it the way you love, it has personal memories, you built many things with your own hands. Not to mention how much money you had put into your home to make a comfortable living. It hurts to know that the value of your home is lower than you think it should have been. Smart Renovations are still worth making your home comfortable and cozy for you and they should reflect the neighborhood. As seller, it is your decision to have top quality tile and granite counter tops (if it is your preference) in your kitchen where the most homes in the neighborhood have laminate/linoleum type of renovations. Though your home may be the most hunted in the NH, you will not get the equal dollar return on your renovations investment.
Another common mistake, the sellers often put too much trust into online information. It is great we now have free access to lots of information. Still the professional help of the human being is more valuable than any online search. The estimate of home search websites is often wildly inaccurate. A Virginia-area real estate research was conducted and it was compared actual sold prices with predicted online estimates for several hundred homes in the area for the past few years. The research concluded the predictions failed half of the time. Your home value depends on location, size, and condition. Evaluating your home, it is hard to see from online data that condition of the same house as yours was in the same condition; it really takes a deeper look.
Consult a real estate agent or Realtor in Virginia Beach, VA about the best strategy to sell your home fast with the most money in your pocket. The real estate professional will help you to determine the appropriate listing price. The agent will not just look at your neighbors, but also will be seeking out near-identical homes with similar floor plans, square footage, and amenities that sold in the last few months. After presenting the seller a list of similar homes (solds within 3-6 months), the real estate agent can make a pretty realistic estimate of what your home is worth. The numbers may not be what you expected, but listing your home at the right price — based on the today market — is a sure way to avoid the aches and pains of a long, drawn-out listing that just won’t sell.
4 people you need to know when Buying Home in Virginia Beach, VA
1. Real Estate Agent – The Person Who Finds your Home and Guides through the home buying process
A real estate agent or realtor is usually the first person that most people speak to during the home buying process. When you are thinking of buying home, especially first time home buyers, you often do not know where to start. So, most people just start their home search online. Many property listing sites provide great information, potential buyers often face the fact that those active listings are not updated immediately and too many of them are already under the contract. Real estate agent or realtor has access to the latest information and tools to provide it immediately to the buyers saving them time and disappointment.
Real Estate Agents usually represent buyer or seller. When you’re buying a home, it’s important to have your interests represented by the professional – real estate agent, whose responsibility is to you, not the seller. Sometimes buyer does not know what questions to ask. The real estate agent will be the first one to advise you on the market value of the homes in the area you are planning to buy. The agent will guide you through the process of submitting an offer, negotiating the right price for you, educating you on every transaction detail.
The real estate agent or realtor will be the person who will connect you with other important people absolutely necessary to start and complete your home purchase: Loan Officer, Home Inspector, Real Estate Attorney.
2. Loan Officer – The Person Who Helps to get your Loan approved
With all that information available online, you can find anyone without any recommendation. I highly recommend asking your real estate agent or realtor for a good professional referral. It is important to choose a trusted lender to ensure that your home financing goes smooth and results in successful closing. Loan officer helps you understand the ins and outs of getting a loan, as well as any requirements or conditions.
If you are currently renting and would like to keep the same monthly payment, the simple Mortgage Calculator will help you to figure out the approximate price range for your future home purchase. It is so much fun to play with the numbers! Make sure that when you plug in the numbers you include homeowners insurance, property taxes paid into an escrow account, and, if you put down less than 20%, PMI or private mortgage insurance. Remember: The bank will provide an initial number of what it thinks is your buying power based on your gross monthly income. But it’s up to you to account for your own personal budget and living expenses. Maybe you would like to add couple extra hundreds to pay off your mortgage sooner. But it is a separate conversation.
Once you’ve spoken with the lender, it’s worthwhile to get a preapproval letter, which shows how much the bank would be willing to lend you based on your full financial picture. Without this letter, most sellers won’t take you seriously and may not even accept your offer. Get Loan application checklist.
Related: How to choose Your Lender
3. Home Inspector – The Person Who Inspects the Home
You talked to the lender, found Home in your price range and desirable neighborhood, made an offer, and signed the contract to buy. It’s time to hire a home inspector. The purchase agreement in Virginia will specify how many days you have to get the inspection. It depends on each individual agreement, it may be 7 to 14 days (commonly, in Virginia Beach, VA). The home inspector will come to check things like structural integrity, plumbing, electrical systems, heating and cooling, the condition of windows, walls, door frames, ceilings, the attic — basically anything that can be seen without going into walls. Again, trust your agent to get a good professional referral for Home Inspector. Most likely they had worked together before.
Related: Why do I need Home Inspector?
4. Real Estate Attorney: The Person Who Checks Ownership of the Home
You can choose between Title Company or Real Estate Attorney. I personally prefer to refer my clients to real estate attorney. The law office will make sure that all the legal steps are done correctly: check the ownership of the home to make sure there are no potential disputes with previous owners (the title is clear). The future owner will be required to purchase title insurance for the property. This insurance protects you and the lender if there are claims or lawsuits against your ownership of the property.
Each person has a distinct role in the home buying process and being informed about exactly what you need from them helps make the process run smoothly. The key is patience — it’s all worth it when you get the new keys to your home!
Related: Why do I need Title Insurance?
Topic: Buyer’s Check List
Real Estate Market Outlook
The Real Estate Market
Did you know National Association of Realtors has a lot of information on the current, past and projections for the future Real Estate Market? They do this and more; the most recent information I read and felt was important to pass on to through the blog was this: Eighty percent of First time home buyers put less than 20% down payment to buy their home. So from December of 16 through February of 2017 more first time home buyers took advantage of the low down payment loans compared to all of the homebuyers. This is mostly due to the incentives out there trying to get more people into their first home. At Pink Pearl Real Estate we also try hard to help the first time home buyers cross the mountain of issues associated with buying that first home. This information is also good for home sellers, and talks about home on the market or inventory of homes. When we talk about the Real Estate Market we are usually referring to The Home inventory, Mortgages and lenders, Home Buyers, and Home sellers. Combined these things make up the real estate market; of course we can not forget all of the other people who depend on the real estate market such as: Realtors, Home inspectors, Termite Inspectors/service, Home repair trades (Plumbers, Electricians, Construction, Roofers, Air Conditioning specialists, Foundation experts etc..), and photographers.
First Time Home Buyers
For those who are buying their first home Pink Pearl Real Estate has lots of information on how to prepare yourself to buy that home, how to prepare your financial outlook, how to pick that new home, and yes how to find a lending institute suited for you. Many first time homebuyers are currently renting either an apartment or a home and in many cases the monthly cost you pay for rent will more than cover the cost of your mortgage. In fact if you are renting a house you are paying someone else’s mortgage as well as a little extra; that is how investing works. You use your good name and credit to buy an investment that pays for itself and also generates a monthly cash flow for the investor. If getting something on top was not there why would anyone invest in real estate? If you are renting an apartment you could also most likely buy something of the same size or even slightly larger that where you are currently living. Pink Pearl Real Estate offers our home buyers a lot of good information, just follow the link.
Real estate Inventory
The National Association of Realtors also (April 2017) states that There is a reported “Low Inventory” of houses to buy. This means that the supply of homes on the market has gone below the average for the period that was being reported on. One of the key things people (from an economics perspective) look for to make this determination is the fact that desirable homes are getting multiple offers , this generates competition for homes and will actually end up driving the prices up over time. Yes when multiple people want to purchase the same home the asking price will be met and the contingencies will be driven down. So does this mean that literally there are less homes on the market? Maybe yes and maybe no; lets say you have a city like Virginia Beach, with many desirable neighborhoods. The inventory (number of houses up for sale) may be the same but homes in the best condition (“Move-In Ready”) are being competed for. For you home sellers out there; by having your home in the best shape you could have buyers competing to buy your home. For the buyers when you find the home you like and it is in the condition you want be prepared to act.
The Real Estate Market final words
At Pink Pearl Real Estate we like to leave you with some “Pearls of Wisdom” whether you are buying or selling timing is very important. For the seller; selling when the market is flooded it is hard unless you make your home more desirable than the next. For the buyer; when you start to look at homes you need to be completely ready to buy: You need to have your pre-approval letter, You need to be ready to move, You need to have your down payment ready to go, You need to know what are must haves and what are nice to haves in the home you are searching for, and finally, You need a good Realtor ready to follow through with your Offer.
This is Tim Blogging for Pink Pearl Real Estate
Termites for those in the real estate market
Let’s have a discussion on termites! They are bad, but they are also natures way. Why do I say that; from a nature stand point, they are the only creatures who take care of the fallen trees and branches. Without them the wood that falls off of trees would produce molds and fungus that are harmful, and they get rid of the wood before these other things become a problem. On the other hand without the dead fall they still need to eat; and that means YOUR home, or fence or shed which ever seems to be handy. If you see termites then it is too late, you are infested; the only remaining question is how badly. Also what treatment.
With termites there is what you see, and what you don’t see. Most experts will tell you that the most damage is found to be hidden and the minimal part is what is seen. For example if you had a two by four and could see some damage on the end near the ground, that would be an indication of termites. But what the termite does is enter the wood and work its way to the center then up the two by four. So you may see a small amount of damage near the bottom but in no time at all the two by four could be ruined 4 or 5 feet up the two by four. Also keep in mind termites are not the only wood destroying insects out there.
Termites from a Real Estate perspective
When you decide to sell your home, and a buyer wants to buy; part of the contract will be a termite inspection. Most lenders will want this done as well to protect their side of the deal. So there will be a termite inspection most of the time. Finding a problem at that time is bad for everyone. The Lender now wants assurance the property he is using as collateral is good, the buyer wants to be sure the home he is buying is safe, and now you; the seller need to know things are good. The inspection is relatively inexpensive (as inspections go); however, the treatment is not so cheap. At this point the treatment is also no longer a DIY project. So first there is the inspection, then the treatment, then comes the repair, another expense that could be significant. Not only are the repair costs significant but they can also be the thing that comes between a property sold and one that is back on the market. If you are planning to sell in the future, better to get the inspection done early and KNOW for sure one way or the other.
What kinds of treatments are there, and how hard are they to complete? There are treatments that have very harsh chemicals all the way to the other end of the spectrum of “Natural Remedies” that are not harmful. This is where the professional comes in; in the area you live there are regulations regarding what you can and cannot use. Why you ask, is this so? Well here in Virginia Beach many areas are very close to the water table, as well as the “Run Off” from our yards leading straight into water ways. So some of the best ways to treat termites (From an Effectiveness standpoint), are off limits. When I say best I am of course at this point referring to “Quickest” since the longer the termites remain the more repairs will be needed. From an environmental perspective the best would be nematodes or natures own remedies. They are not as fast but certainly the safest with regard to nature, or your own pets. If you search the internet for treatments you can find the whole list of them. YOU have to decide which method you want to use. If you reach the point where you are in the middle of negotiations for the sale of your home you will be limited in your choices.
Annual Termite Service
Is annual termite service needed or not? That is a difficult question; here are a few thoughts on the service. Number one, do your neighbors have termites or annual service contracts? If your neighbors do and you don’t where do you think the termites will migrate too if everyone else is chasing them off. Number two, piece of mind. If you live in an are where termites are common you may want to have the service because they can also monitor your yard for termites and alert you BEFORE too much damage is done. Number three, if you have had them before better to keep on looking for more. This is again where the professional comes in handy; however there are plenty of DIY methods out there the research I did on these methods lead me to believe the Jury is out. I personally can not say they work or not, and even if I could the answer would be do they work for you. In other words how comfortable are you in your ability to monitor and treat any occurrences of termites. If the answer is MAYBE I can; probably better to get the professional involved.
Blogging for Pink Pearl real estate
Blog on Polybutylene plumbing
This Blog will be bringing you current and relevant issues for the purchase, renovation, and resale (sale) of homes in the Virginia Beach area. For example did you know how many homes in the area STILL have Polybutylene plumbing. Whole neighborhoods were built with this plumbing and only a small number have had them replaced. Polybutylene plumbing was used extensively in the area for water supply piping from 1978 until 1995. Polybutylene plumbing and piping is a form of plastic resin that was inexpensive to use. It also had/has lots of problems and many homeowners don’t even know they have it. If you google this you will find a whole lot of data and many of the articles. The problem is they talk about it but will not spell out how bad this is. So let me put it in simple terms. If you have polybtylene pipes in your plumbing they are deteriorating from the inside out from the day they were installed until they fail. Yes basically it ends up being when and not if. A lot of people get into big discussion about phase 1 or phase 2 piping. The difference is basically the connectors used to assemble your plumbing system. Phase two connectors are much better. The pipes themselves are simply deteriorating in place and will eventually fail and cause a major leak.
I am in the rehab business and see lots of homes where the pipe failed and only a small section was replaced; the area with obvious problems. As a homeowner you should know what type of piping you have in your home, and you should consider the advantages and disadvantages of each type of pipe used for your main water supply. Yes each type of pipe has its advantages and disadvantages so you should ask your plumber the pluses and minuses of each type. Why do I recommend a plumber for his/her opinion? These are the professionals that do daily repairs to homes in your area and KNOW from first hand experience what works and what does not, believe me they know more than just the CODE for a proper installation. While I consider myself a handyman that can do lots of different home repairs the opinion of professionals is very valuable.
This is Tim Blogging to you from Pink Pearl Real Estate hoping to pass on some useful information.
Completely Renovated Home in Norfolk, Ocean View Park
The Best Home is Your Home!
Pink Pearl Real Estate
Margaryta Booth, Realtor