Here is a quick real estate market update for Virginia Beach and the surrounding areas of Hampton Roads (Chesapeake, Suffolk, Norfolk, Portsmouth, Hampton, and Newport News). The median home sales prices are gathered from data last updated July 2018. More information can be obtained from The Real Estate Information Network. Read more here. . .
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YOU MIGHT BE ONE OF THE SEVEN!Statistics show that when a property sells, there are seven people in a 250 home radius considering making a move. As a result of marketing that home, we have a few buyers still looking in your neighborhood. Are you thinking of moving?
YOUR HOME'S VALUE HAS CHANGEDYour home may be worth more than you think! Find out what current home market values are in your area.
All About Contingencies
I get calls from buyers asking if the house is still for sale, but at times it may be unavailable due to a contingency. What does this all mean, and what should you do?
What is a Contingency
Once a purchase contract is accepted by the buyer and seller it is usually labeled Active with Contingencies. They are usually contingent on the following:
- Mortgage lender funding the purchase
- Satisfactory home inspections by licensed professional
- Requested repairs from the buyer
- Bank appraisal
What is an Active Kick Out
I’ve not run into these with this market, but you may come across this type of contingency. Active kick out is a contingency that the seller places on the offer. Both the buyer and seller have agreed to the purchase offer, but if a better offer comes along the seller reserves the right to accept it and “kick out” the previous buyer. The seller holds the offer as a backup and has to give the buyer 48 to 72 hours to either remove the contingency or move forward with the purchase or back out of the contract and accept the newer offer.
Make sure your agent goes over all the details of the purchase agreement, including contingencies, so you are able to make an informed decision.
WHAT’S YOUR HOME WORTH?
Homeowners: It’s good to keep up with the market whether you’re ready to move next month or next year. If you’re thinking of selling, now may be the right time. If you’re curious about how much you could get for your home . . . .
This is a great time to consider selling your house! Find out your home’s value here.
How To Buy a Model Home
The sights and sounds of a new community being developed is very inviting for buyers, especially those who are purchasing their home for the first time. Regarding model homes as well as new construction, what are some things to consider?
One great thing about model homes is that they are “move-in” ready, so you don’t have to wait for it to be built. When you walk into the model home it will equipped with all the “bells and whistles.” The builder wants to show off its upgraded features and floor plans to so you can get an idea of what they offer. Cosmetically, the home may look great but you can’t see behind the walls. The builder will provide a warranty. However, just to be on the safe side it’s best to have your own inspection.
By the way, have you considered that the model home is not really new?
Although no one has ever lived in it, it’s still used. Think of all the people who have toured this home. Model homes are usually located at the front of the community to attract buyers. It may also be near the community center, pools, tennis courts or other amenities. There will probably have more traffic and noise, so that may be something to consider.
Price can be one of things that make buying a model home appealing. It’s not brand new, so the builder should be selling it at a much lower price than other homes in the community because it is a model.
What about New Construction Homes
If you’re not buying a model home. builders usually don’t negotiate the price because they’ve figured out the cost to build the property. Getting in at the beginning of the building phase of the community can help you obtain a house at a substantially lower price. As more homes are sold the price tends to go up due to demand.
You may think you don’t need an agent since there’s one on site – but you do! The site agent represents the builder, not you. Your agent may be able to negotiate upgrades such as Corsica to granite counter tops or a fence at their expense. The agent can guide you through property inspections and make sure all goes well.
In either case, many builders have their own contracts, so having your own agent to represent you is a smart move. Plus – it costs you nothing as the builder pays the agent! Your agent can go over your options, review the contract, and guide you through the process. Why not shop for new homes with your agent!
If you’re not able, be sure to let the on-site agent or salesperson know you’re represented and offer your agent’s contact information or business card.
There’ll always be something to consider when buying any home, so find out about the new community, the builder’s reputation, and have an agent there to help you through the process. All my best to you!
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