Buying a property in Virginia can be a great experience if you are lucky enough to find the professionals who can help you do it. Virginia is a state where rural and urban make a unique scene making sure that you can find whatever you search for. However, bear in mind that there is a long way from having an idea to move to Virginia to actually making the final decision and signing the necessary papers. There are some specific rules you need to be acquainted with, so you will need some help from a realtor. Here are some things that every real estate agent in Virginia needs to know.
Before hiring a realtor
Here are some things that you should know about working with a real estate agent in Virginia:
- Let’s start with some good news – usually, the seller pays the commission which is divided between a seller’s and a buyer’s agent.
- You should always check whether the agent you want to hire is licensed to do the job. Don’t rely on customer reviews on websites only and always ask for personal referrals.
- Before you hire a real estate agent, you should try to figure out what you are actually looking for. Make a list of all the characteristics that you expect your new home to have. That will make yours and your realtor’s job much easier. While at it, you should decide what you are going to do with the possessions you are not planning to relocate. This might seem like thinking too far ahead, but it isn’t. Once you find the home that you want to buy or rent you will be too busy dealing with paperwork, credits, and inspections. The solutions for storing furniture in Virginia will probably be the last thing on your mind. A tip: Find and book them in advance!
Every real estate agent in Virginia needs to know the statistics
Numbers and figures are something that every real estate agent just has to know no matter where he/she lives and works. Virginia is a huge real estate market with a lot of great listings so that everybody can find the property they are searching for, be that a flat, an urban home, a ranch or a vacation home. The Commonwealth of Virginia has it all!
At the moment, Virginia real estate market is very hot. The average time that a home stays on the market before being sold is 64 days. The hot market also means that over the past year, the prices of listings have gone up 4.3%. The median home value in the state at the moment is $264,200. Moreover, the predictions are that, within the next year, the price will rise as much as 2.8%. The median value that the sellers in Virginia expect to get for their property is $310,325. On the other hand, the average amount that people are paying for their home in the state is $269,900.
The average rent in Virginia is somewhere around $1,700 per month.
A good realtor is expected to know the history of listings they are showing
Buyers are curious, especially when they are about to make such an investment as buying a property. And, who can blame them? Besides the common facts that the realtor is expected to know about the property he/she is trying to earn on, here are some of the questions that buyers in Virginia tend to ask:
- Was this property the site of a meth lab and if so, was it cleaned properly and in accordance with the regulations?
- Are there any defects to the drywall in the house?
- Is this place within the area of military air installation? – It might sound silly, but these are the questions that a real estate agent in Virginia just has to be able to answer.
And, a lot more
More details about residential property disclosure can be found within Residential Property Disclosure made by the Virginia Department of Professional and Occupational Regulation. Plus, a good real estate agent would have to at least know to point their clients in the right direction where they can find the answers he/she cannot give them directly.
One of the qualities of a realtor that cannot be learned by heart is just being friendly and welcoming to the newcomers wanting to buy a property and stay in Virginia. They will like to know more about the neighborhood and the county wherein they are searching for a place. A good real estate agent has to have some additional info up their sleeve. For instance, they should be informed about the top things to do in Orange County if that is the area of the buyer’s interest. Or, they should have some basic data on local schools in the neighborhood.
A real estate agent in Virginia needs to be familiar with paperwork a buyer needs to go through
Whether you are a Canadian buying a property in Virginia, or a local citizen moving to another street, you will have a lot of paperwork to handle before becoming an official owner of a Virginia property. What is specific about the real estate market in this state is that a lot is left to the buyer to do. That is where a helping hand from the good realtor is priceless. Other than signing the purchase agreement, you will have to deal with taxes and mortgages. A realtor who always has a good piece of advice when needed is worth their weight in gold.
There are some more things that need to be done in order for a buyer to completely disclose the purchase. They have to provide the inspection report after having a house inspection done. This is done in order to identify the problems with pests, structure, drainage, mold, electrical, plumbing, heating, etc. Ok, how can a real estate agent help me with that? – you might be asking yourselves. Well, after you get the inspection results, a realtor can help you negotiate the price with the seller.
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website lakeofthewoodsvirginia.com