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!

3118 Turnberry Circle
Springridge at 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

Just Listed, Hollymead

1053 Somer Chase Ct.
Hollymead Townhomes
2475 sq. feet
3 Bedrooms & 3.5 Baths
$269,000

Beautifully maintained spacious townhome with FULL BASEMENT. The open floor plan features 9ft. ceilings, hardwood floors, large eat-in kitchen, half bath, dining area, great room w/ fireplace and built-in bookcases on the main level. Master bedroom with vaulted ceiling, large walk-in closet, and luxury bath w/ soaking tub and separate shower. Large terrace level has recessed lighting, full bath, storage room, and french doors. The home offers beautiful year round pond views. Great value! Virtual tour and photos under Featured Real Estate section.

Tags: Charlottesville Homes, Charlottesville Homes for sale, Charlottesville Real Estate, Charlottesville townhome, Hollymead

Just Listed, Forest Lakes

2735 Jasmine Terrace
3075 Square Feet
4 Bedrooms
3 1/2 Baths
2 Car Garage
$416,000
Meticulously maintained, move in ready home with large rooms will not disappoint! Highlights of the house include: extensive moldings, hardwood floors, built in bookcases and brand new carpet on the second floor. Completely remodeled master bath with cherry cabinets, spa tub, glass tiles, and oversized shower with body sprays. Bright walk out terrace level has a full bath. Private back yard has a large aggregate patio and oversized deck. Complete property details, photos, and virtual tour in the Featured Real Estate section.

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

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