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Displaying blog entries 1-6 of 6

 

Housing Inventory IncreaseWow, it is hard to believe that we are almost half way through 2014 and summer is just about to get into full swing.  It is going to be interesting to see how we get through the real estate market this summer as we had no true spring selling season.  Now that school is about to get out, people will be taking their vacations.  So it is important for sellers to be prepared for the upcoming situation.

Our inventory levels have continued to escalate since the warm weather broke in May.  It has resulted in us having more homes for sale than any time since October on 2011.  As we enter the summertime, the season generally slows down which will increase inventory as well, so sellers need to do all they can to attract the buyers that are out looking for a new home.  Sellers need to position their properties accordingly, as there is currently a 2 month supply of houses on the market.  The inside and the outside of the house needs to shine and show like a model home, as well as be priced to sell!  We are not able to “push” prices like we did earlier this year. What it takes to sell your house in 2014The sellers who overprice their properties, even just above what we recommend, sit on the market.  Additionally, we are having appraisal issues with properties in areas where there are no sales to support the higher values – even in multiple contract situations in arm’s length transactions.  The underwriting guidelines have made it tougher to get above market values approved, so please price your house accordingly.

 

-Ron and Susan

5 Tips for Selling a Home in the Spring Market

by Ron and Susan

Spring is among us, but that doesn't mean it's too late to start preparing for a home sale in the booming spring market! Packing, clearing away clutter, improving your home, interviewing realtors, and researching the market are five tips that can use to help you sell your home faster and more efficiently. Check out this blog post for more information: 

http://www.realtor.com/advice/5-ways-home-sellers-can-prepare-for-the-spring-market/

-Ron and Susan

Unlike the weather, the real estate market is HOT!

by Ron and Susan

We currently have a 1.8 month supply of houses on the market in Northern Virginia.

Interest rates remain low so buyers are buying homes and jobs in the DC Metro area continue to be created so people are looking for housing in our market.  We expect this trend to continue for the next several months.  Sellers are in the proverbial driver seat if they do the right things to their property before putting it on the market.  If you are considering selling your house, read more below…

winter-scene.jpg

As mentioned, right now our biggest issue is finding houses to sell.  We currently have 3,850 properties for sale in all of Northern Virginia – down from a high of the last year when we had 6,005 in the second week of October.  That is a 36% decrease in houses for sale in just 3 months.  We expect more properties to come on the market as the ice and snow melt, as well as, into the spring market but we have a lot of people looking so it shouldn't have a huge impact in regards to our inventory level moving forward.

The low inventory situation has resulted in multiple contracts on properties that are in great shape, priced well and show well.  As properties come on the market that are in the same situation, they too will have multiple contracts.  Therefore, buyers need to be prepared.  Sellers need to seek our advice when selling so we can help stage the house, give direction on what improvements/repairs need to be made and to price the home properly so they can take advantage of the market.

 

-Ron and Susan

Income Property Flips to Sell through Renovations

by Ron and Susan

Having a good visual appeal to your house will not only attract buyers, but will also increase its value. Here is an example of a homeowner that renovated their house and got it sold!

http://www.hgtvremodels.com/interiors/income-property-flips-to-sell/index.html

Happy Decorating,

Ron and Susan

Home Improvements that are Worth the Price

by Ron and Susan

Whether you are renovating a home to sell now or possibly in the future, there are some renovations that take priorities over others. For example, no buyer will want a leaking roof! Check out what home improvements will give you a return on your investments and get your house sold.

http://www.hgtv.com/home-improvement/which-home-improvements-pay-off/index.html

-Ron and Susan

Abbreviations That Will Confuse Your Clients

by Ron Kowalski

 

Abbreviating may be shorter, but readers may miss the message.

     In my 10 years as a real estate professional, I’ve seen a lot of things that make me say, “what?”.  One area where I see a lot of ambiguity is in the property descriptions for houses for sale in the Multiple Listing Service (MLS).  Communication is VERY important in our industry and being as clear as possible can help market a home more effectively, avoid misunderstandings, and even reduce legal liability.

     As listing agents, we have 400 characters in the MLS to describe the home, showcase the community, and provide any special instructions such as showing times, or to tell a buyer’s agent whether Fido will bite.  I understand that we want to squeeze in as much information in as we can, but sometimes using abbreviations can lead to confusion.

     So, in the interest of having fun, and not trying to pick on any particular real estate professional (because we’ve all done it), here is a list of real estate abbreviations from actual listings in our area.  See if you can figure out what they mean and comment below.  Answers will be posted next week.  Happy sleuthing!

 

“SS appls”                                                          

“LR, FR, DR, Kit”

“w/o LL”

“Hrdwd Flrs”

“frpl”

“MBR w/sit rm & wi closet”

“S.L. 3-car gar”

“Lux BA w/whirlpl jets & sep shwr”

“SGD”

“Sit Rm”

“LL: FF, RR/FP, wet br”

“ESIK”

 

Displaying blog entries 1-6 of 6