When you’re making an investment of any sort, there’s one
thing more important than just securing all the funds you need. You also need
to do enough research to make sure you’re going to end up making a truly
informed decision. And in this regard, real estate investments are no
different. Especially if you’re a buyer in a seller’s market – you need to have
all the right data and info. And that’s precisely what we’re going to talk
about here!
Working With A Proper Realtor
If you’re buying in a seller’s market, before you actually
present an offer to your seller of choice; you want to have all the right
information. And in order to do that, you need to have the right representation
while you’re buying a property. If you’re facing a steep
seller’s market, a good real estate agent will make all the difference in the
world. For example, they’ll be able to ask all the right questions when talking
to the seller’s agent and figure out all of the activity on the home that you
need to know about.
Doing Research In A Timely Manner
When you’re buying a home and moving there, you need to do everything you can in regards to making your relocation less expensive than it needs to be. And that means doing all the prerequisite research; not just on the specific property, but on the market in general. Once you’ve gotten the sense of the kind of home you want, or even the preferred neighborhoods that you have in mind; you should start learning all you can about them. This is another thing your real estate agent will be good at, so finding one early on is important.
An informed decision is the only good one!
Separating Needs And Wants
One of the realities of buyers in a seller’s market is pure
and simple – you’ll need to get your priorities in order. It doesn’t matter
whether you’re looking for a vacation home or a house you’ll
primarily be living in. You still need to forego a couple of your less urgent
wants and focus on what you truly require. So, a few compromises on the home’s
condition, the local amenities, or the location will simply have to happen in a
seller’s market; coming to terms with this reality is good for you.
Stay Within Budget
A seller’s market is, as the name suggests – one where, to
paraphrase the old adage, buyers can’t be choosers. With this in mind, you need
to say goodbye to the idea of presenting low-ball offers to your sellers. Find
a price range you’re completely comfortable with, and make sure you stay within
it. If you’re hoping that the seller might drop their listed price down to
something more acceptable for you; that isn’t one of the smart things to do in a demand-heavy market
where sellers have their pick.
Don’t let your chase for a dream home make you unrealistic!
Scheduling Flexibility
Before you can find a good moving company like bluebellmovingandstorage.com
to help you out with your relocation to a new home; you will need to do
everything in your power to make sure you can nab the right property. And that
means one thing – flexibility! You need to learn of the seller’s time schedule
and adjust yourself accordingly.
Usually, it’s useful to learn why the seller in question is
moving away; that’ll be a great hint in terms of your closing date. If they’re
looking to leave in a hurry, they may want someone who can deal with a quick
closing date. On the other hand, they may require extra time to relocate. If
there are other buyers you’re competing with (and in a seller’s market, there
usually are), this will net you bonus points with the seller. Never underestimate
goodwill as a factor!
More Cash Upfront
This isn’t something you can always influence, depending on your budget and personal finances. But generally speaking, a seller’s market reasonably favors people who can offer a larger amount of earnest money. This will, logically, pique the seller’s interest in negotiating with you. When sellers have favorable market conditions and receive lots of offers, a big deposit could be what makes the crucial difference.
Having more cash to offer will differentiate you from the rest of the buyers!
Get Personal
Depending on the seller in question, including some humanity
and emotion into the equation could also be the deciding factor. For example,
you could write up a letter that you’ll include with the purchase offer, in
order for the seller to know your personal reasons for buying the home. Try to
become friendly with them through the letter as well – for instance,
complimenting their home decor or well-kept outdoors.
Remember – many of the sellers still like the home that
they’re selling. That’s why they’d also like for the home to go to someone
who’s going to love it just as much!
Look For Potential
As we’ve mentioned above, a seller’s market does demand a certain
level of compromise from a buyer. That’s why you shouldn’t take any home at
face value; try to find the promise and potential within a good property.
Perhaps you’ll be able to change a currently unfavorable layout later on?
Don’t Overdo Due Diligence
So far, we’ve talked quite a lot about the importance of making an informed decision. However, you should bear the other side of the coin in mind as well. Remember – real estate markets are a dynamic place. In certain situations, sellers will use the “other people are making offers” ploy as a tactic to get you to panic and agree to a less favorable price. Bear in mind though, that in a seller’s market, this is sometimes truly the case. You need to strike a careful balance between due diligence and overthinking, or the perfect home may slip away!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern 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 licatagroup.com
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!
Buying a property is probably one of the greatest investments you’ll have
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.
Whatever you are searching for, a good real estate agent in Virginia will help you find it
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.
You will have to sign a lot of papers to disclose the purchase
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.
Buying a house out of state can be a big bite for many of us. Some are even scared to try, and rightfully so. There are many things that can go wrong even when you are buying a house in your neighborhood, let alone somewhere far away. But, don’t be discouraged. If your mind is set on buying a property out of state, this guide will help you ensure the deal goes smoothly.
Do a thorough research
It goes without saying that you should do thorough research before buying a home wherever you decide it should be. Don’t rely entirely on your real estate agent. Of course, he or she is there to help you find the best place for your relocation, but there are some things that should be doublechecked. Furthermore, there are some details about the neighborhood that not even your agent is familiar with. Google can lend a helping hand, you just have to know where to search. Arm yourself with patience and start browsing. There are many neighborhood guides that can be very helpful for getting to know a community of your interest. These guides are great because they tell you a lot about local crime rates, employment potential, weather, and economic stability.
Always do thorough research before making any big decisions
Start early to avoid stress
Searching for a home to buy is stressful under the best of
circumstances, but buying out of state can be incredibly stressful. A house is
usually the most expensive thing that people buy, so the process should be
performed with the utmost care. You can
help yourself a lot by starting the search as early as possible. If you
have decided to move, the ideal time to start searching for your new home is six months before the due date of your
relocation. Three months is also a doable period, but don’t let yourself start
a search later than that.
Be careful when choosing an agent for buying a house out of
state
When
you decide to relocate out of state, you need to find a real estate agent who
will do most of the work for you. And, there is a lot of work to be done. An
international move often means a lot of paperwork, so some people are not sure
whether they should hire a real estate agent or a lawyer when buying
a property.
The best decision you can make is to hire a buyer’s agent in the state you are relocating to. Do not ask a listing agent to represent you since he or she will probably represent the seller. In that case, their job is to sell a certain property for the biggest amount of money and they only have the seller’s best interest in mind, not yours. So, you should choose a buyer’s agent.
A good buyer’s agent is your biggest help
How do I choose a buyer’s agent for buying a house out of
state?
The
buyer’s agent is definitely a better option than a listing agent, but still, you shouldn’t pick one randomly.
Instead, you can discuss it with a real estate agent in your present community.
Find one that you trust and ask him/her
to refer a colleague from the area you’ll be moving to. If the real estate
agent is a member of the National
Association of Realtors, he/she will have access to various databases. They
can even see their colleagues’ success rates. By getting a referral, you can
ensure that you do not become a victim of various realty scams.
Hire a relocation specialist
Have
you heard of relocation specialists?
No, that is not the term used for professional movers such as Gibraltar
Van Lines who can help you relocate wherever
and whenever you feel like. A relocation specialist is a person who can help
you with many aspects of your move. The only thing that they do not do is
negotiate your home purchase. However, they can:
help you find a real
estate agent to start home-hunting;
connect you to moving
companies;
give you the necessary details about the education and employment system in your
future home town;
help you sell and close on your current home which is an important part of
the procedure you have to go through when buying a house out of state.
It
is a common practice for companies that are relocating to hire relocation
specialists. That is why many people do not know they are available to
individuals as well.
Take a trip and get an inspection of your potential home if
you can
If
you are buying a house out of state you will probably not be able to go to
every showing in person. What you can do is ask your agent to give you a virtual tour of the houses that you have
shortlisted. Speaking of such tours, don’t fall for online virtual tours
because they are usually a part of a moving scam.
When the time comes for you to make an offer on the house, you should really make an effort and see everything in person. There are many things that even the best real estate agents will not notice. You will be able to feel the space, and that is something no virtual tour or agent’s descriptions can replace. And you wouldn’t want to make a mistake when making such a crucial decision as buying a house out of state, would you?
Try to go and see the property you are interested in buying in person
Many
sellers would work on some features that make their home sell faster while neglecting some major issues about their property.
That is where a home inspection comes in handy. It might be a burden to your
budget, but at least you will know what you are dealing with.
Close on your current home first
If the out-of-state closing is scheduled on the same day as the closing on your current home, you might have a problem. The lender for your new house must receive a closing statement from the old one. The best thing you can do is schedule the closing on the new house a few days after the closing on your current one.
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.
If you’re thinking about buying a home, you’ve probably heard, “location, location, location!” on repeat. Finding the perfect city or town is one thing, but you’ll need to take it a step further. The right neighborhood matters more than you think, so before you start your search, we have some tips to help you find the perfect spot!
Do Your Research
Before you start driving through prospective neighborhoods, you’ll want to do some research at home first. Finding the right place to live can be time-consuming, but some quick online searches can help narrow down your options. Many agents also spotlight certain neighborhoods on their website and tend to offer more in-depth guides—as well as more listings and home-buying tips.
After doing your initial research, you’ve probably narrowed your list down to a few neighborhoods. Now it’s time to delve deeper and look at these places by the numbers. It’s worth looking at stats like crime rate, HOA fees, and average property taxes. You might want to start your search with sites like Neighborhood Scout and City-Data—these sites give you localized data on demographics, schools, and more.
Scope Out What’s Around
While the actual neighborhood might seem perfect, what’s around matters a lot, too. Remember, you’re buying more than just a home—you’re finding a new place to thrive. If you’re looking for convenience, a community far-removed from amenities you love might not work. Be sure to take your commute into account, as well as the driving distance to places you go all the time.
School districts also play a big factor in which area you choose, especially for your kids. Even if you don’t have children, home prices in good districts are consistently higher than others, so it’s still something you should take into account. Want the inside scoop? Compare options by looking up which schools serve a community and exploring their ratings on sites like Niche.com.
Take a Stroll
Now it’s time for some field research! Once you’ve picked some neighborhoods that seem like a good fit, go do some exploring—you’ll want to do more than just drive around, though. Get out of the car and take a stroll during different times of the day! This is a fantastic way to meet potential neighbors and see the condition of homes.
You’ll want to ask yourself some crucial questions during each visit. How well do residents maintain their homes? Do you see a lot of people outside, or does everyone seem to keep to themselves? Is there any common space or amenities you’ll want to use? This is the best way to picture yourself living in an area before actually committing to a home.
Narrow Down Your Options
If you don’t have a clear winner in your head after you visit each community, it’s time to down and weigh the pros and cons. You should also evaluate the market—there might not be a home for sale that suits your needs in the neighborhood you love, so consider all of your options.
If you have any other questions, be sure to reach out to a real estate professional. They’ll use their expertise to help you make an informed decision, and can also show you spots you might have missed!
Ready to Find the Neighborhood of Your Dreams?
No matter where you are in your home search, we’d love to help make the process easier. We’ve got you covered, whether you’re still searching for the right community or are ready to look at homes. Give us a call today so we can chat—we can’t wait to be your local experts!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat 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 Lake of the Woods properties, please visit our site.
