Charlottesville Real Estate

Is your home worth the asking price?

Is your home worth your asking price? The best way to answer that question is to separate what’s relevant to home buyers from what’s not relevant.

Starting with the bare basics, home buyers choose homes based on:

Price – their lenders tell them what they can afford
Location – they know where they want to live and why
Condition – they want homes that are well-maintained and move-in ready
They look at the available inventory – your home and its competition.  The greater the inventory, the more room they have to negotiate terms.

They narrow their choices to a short list, based on what they perceive to be the best value.

They buy according to what’s most important to them – price, neighborhood, and/or condition. For example, a buyer who wants a certain neighborhood may choose a home in less than perfect condition, but only if the price is right.

What you should consider before you price your home

Your market

When home sales volumes increase, prices go up, and inventories of homes for sale fall below about six months on hand, (meaning it would take six months or less to sell all the homes for sale on the market to zero on hand) the market is said to be a “seller’s market,” because the market’s conditions favor sellers. 

When sales volumes decrease, prices decline, and inventories of homes rise above about six months on hand, conditions favor the buyer, making it a “buyer’s market.”

To sell your home in the current market, you have to consider the market’s conditions.
You may adjust your price and terms accordingly.

Your competition

Your competition is not only other similar homes in your area, but what buyers can get if they buy brand-new.  Your buyer is comparing size, number of bedrooms and baths, amenities, updates, views, landscaping, and décor. You can’t put a price on many features, but some qualities, such as fine workmanship, room flow, and convenient storage are simply worth more money to buyers. 

Your urgency

If you’re relocating or have another reason to be in a hurry, you don’t have time to test the market. You have to price your home to get immediate and serious offers to buy.

What’s not relevant to home buyers

Your emotions

If you’re sentimental about your home, remember your buyer hasn’t formed the same attachments. Your buyer may appreciate your home, but will still compare it to other available homes in terms of price, location, and condition before weighing emotion. 

What you paid for the house

Many area home prices have receded as much as five to ten years. Sellers who paid high prices for their homes, purchased too recently to build equity, or took out second liens or equity loans may find that what they paid is not what the home is worth in today’s market. Buyers are only concerned with what they can afford.

What you paid for improvements beyond ordinary maintenance

Your swimming pool may be beautiful and add some value to your home, but some buyers may not want the upkeep or the insurance liability, so they’ll tend to offer less for the home than a buyer who really wants a pool.

What buyers expect is for homes to be properly maintained. Even if a home is in the most desirable of neighborhoods, it will never sell for as much as similar homes if it is in poor condition or lacking updates comparable to newer homes in the area.

Tags: Albemarle Homes, Charlottesville Homes, Charlottesville Homes for sale, Charlottesville Real Estate, My Charlottesville Home

NEW PRICE!

Great home in sought after Forest Lakes!

3817 finished square feet
5 Bedrooms/ 4 1/2 Baths
Walk out basement
Fantastic floor plan!
Now priced at $469,000!

Complete property information, photos, and virtual tour under Featured Real Estate

Tags: Albemarle Homes, Charlottesville Homes, Charlottesville Homes for sale, Charlottesville Real Estate, forest lakes homes, forest lakes homes for sale

Selling Tips in a Buyer’s Market

A buyer’s market means it’s the seller’s turn to be flexible, especially with sale terms. Purchase price, closing dates, move-in dates, storage, appliances, window treatments, points and fees may all require a little negotiation. Whatever the terms, don’t let personal feelings stand in the way of a good deal.

The basics

In a buyer’s market, curb appeal, cleanliness, overall good condition and updates are especially crucial. Any little flaw should be taken care of before the first buyer drives up.

• Attend open houses in your neighborhood to see what “sell-ready” really looks like. If you’re shy, ask your Better Homes and Gardens® Real Estate sales associate to walk you through a few sell-ready examples.
• Back home, start with the exterior to ensure you’re making a good first impression. Reseed or throw down some turf on lawn patches, change the lights in the lamppost, and if necessary, reset the walkway stone.
• Clean the interior beyond your standards. Even if they are impeccable, rent an industrial carpet cleaner or hire a professional cleaning service. Brighten the interior ambience with light fixture updates, as new lighting is one of the most inexpensive and noticeable improvements you can make prior to listing.
• Fix leaky faucets and make sure the water pressure is strong in both the kitchen and bathrooms.
• If necessary, a great way to improve the appearance of your home is to paint. Use only neutral colors that can easily lend themselves to different décor and styles of furniture.

Don’t reject low offers; negotiate

• Don’t dismiss lower-than-expected offers. Instead, consider buyer incentives that help you meet your asking price. Offer to pay the buyer’s closing costs, moving costs or loan origination fee. These can help the buyer with upfront costs. As well, you may consider offering a limited home warranty that covers HVAC systems and some appliances for a definitive period of time.
• Be careful of purchase offers that are contingent on the buyer selling their home first. Their home may be in a softer market than yours and you could be in for a long wait. Be sure that the purchase agreement includes a contingency-release clause. This way you’ll be able to sell if another buyer comes along.
• Work with your Better Homes and Gardens® Real Estate agent to find creative solutions to make a deal come together. The purchase price is just part of the deal. Anything that makes your property stand apart from the competition will give it an edge in a buyer’s market.

Today’s Charlottesville Real Estate market has opportunities for YOU!  Considering a move in the greater Charlottesville area, contact Todd today!

Tags: Albemarle Homes, Charlottesville Homes, Charlottesville Homes for sale, Charlottesville market update, Charlottesville Real Estate, Charlottesville real estate market update

New affordable housing complex going up in Albemarle | Daily Progress

A new, 88-unit affordable housing apartment complex is being built in Albemarle County. It’s said to be the first affordable, multifamily rental community of its kind in the area in 15 years.

Project leaders and government officials launched construction Wednesday, aiming to have the $13.7 million complex ready for occupancy by the end of 2011. The community will consist of four buildings and a clubhouse.

Treesdale Park is located on about 7 acres in the urban ring of the county off Rio Road, about 2 miles east of U.S. 29.  

 Continue Reading Full Article–New affordable housing complex going up in Albemarle | Daily Progress.

Tags: Albemarle Homes, Albemarle Housing, Charlottesville Housing, Charlottesville Real Estate

Charlottesville Parade of Homes

The Blue Ridge Home Builders Association’s annual Parade of Homes will take place this weekend, October 9 and 10th and next weekend, October 16-17th throughout the greater Charlottesville area.  This year there are 29 homes that will be open for people to tour from 12:00 to 5:00pm.  Prices range from the low $200′s to over a million dollars.  With a variety of homestyles and price points there is something for everyone!  These two weekends are a great way for people to see what is happening within new construction in the Charlottesville Real Estate Community.  The forecast is looking perfect . . .I look forward to seeing you at the Parade!   For a complete list of homes and property details visit: www.blueridgeparadeofhomes.org

Tags: Albemarle Homes, Charlottesville Homes, Charlottesville new construction, Charlottesville Parade of Homes