Here is the April 2019 Market Outlook for Virginia Beach and the surrounding areas of Hampton Roads.  More information can be obtained from The Real Estate Information Network. Read more here…. 

Best Home Improvements

If you’re ready to sell your home and are looking to improve the appearance of your home or you just want to update it for your own enjoyment, there are a few things you need to consider before you begin.

You can splurge on something purely for pleasure ­like an outdoor Jacuzzi under an attached gazebo ­ or you can make practical improvements that will increase your home’s market value, such as updating the air­ conditioning system, repairing or replacing the roof . When you make these improvements be aware that you can’t recoup what you put in always.  Many real­ estate brokers agree that just because you put $25,000 worth of improvements into your home doesn’t mean that your house is worth $25,000 more!

Exactly how much of your investment you’ll get back depends on a number of factors, such as the “big picture” housing market, the value of the homes in your neighbor­hood, when you plan to sell, and the exact nature of the improvement. Also, consider that the longer you live in your home after a project is completed, the less likely you are to get its value.

Below are some examples of a few improvements that usually pay off ­ and some that rarely make a difference (no matter how much you paid for them) when it comes time to sell your home.

Painting

If you’re planning to sell your home in a year or two, a fresh coat of a neutral ­tone paint could make the sale easier. A professional exte­rior or interior paint job may also recoup close to 75% of its cost. Let’s face it ­ we all like things fresh­ looking, and a new paint job does that for a home.

Kitchen

With  just  a  few  basic  improvements,  your  kitchen can practically pay you back with interest! New paint and flooring always entice buyers. You  might  even  consider sanding, staining  or painting  worn­  looking cabinets. Replacing old cabinet hardware is a low­-cost improvement that makes a big  difference  in appearance, especially if you upgrade the cabinet hardware.

Full kitchen remodeling recouped 80% of its cost, the more moderate remodeling was valued at 87%.

Area Conversions

Generally speaking, increasing the functional space of your home holds its value longer than remodeling just to make a house look better. It’s also much less expensive than adding an addition to your home, such as converting attic space into a bedroom, for example.

Bathrooms

You usually can’t go wrong by adding an extra bathroom, especially in neighborhoods that were originally built as 1-bath homes. A new full bath can recoup 81% of its total cost! Also, updating the sink, flooring and lighting in a bathroom is an inexpensive way to add value to a home.

Deck

Adding a deck is a very cost­-efficient way to add square footage to your house. Decks  generally recoup 75% of their value. Compared to other outdoor improve­ments (except painting) that’s an excellent return.

New Windows

Your utility bill savings may make up for the iffy resale value, however, a good set of standard windows should get you around 68% back. If you start getting too fancy with custom shapes and sizes, though, don’t expect to get as much in return.

Swimming Pool

In a word ­ don’t if you’re looking for a return when you sell! Unless you’re putting it in for you and your family to enjoy then great! They sound nice, but pools are very expensive to maintain. In addition, if pool accidents are something nobody wants to experience.

Picture-Perfect Gardens

If the potential buyer doesn’t have a green thumb, chances are your gardening  won’t add to the offering price. The same can be said for expensive fences and stone walls ­ they look nice, but buyers don’t pay up for them.

Basic Is Better

It may not sound very exciting, but it’s the basic improve­ments you make to your home that may have the greatest return on its value. A beautiful new bathroom won’t make up for a leaky roof. So if you’re thinking of selling your house in the next year or so, be sure to address any problems the home may have before you install that sunroom you’ve always dreamed of.

Check out these great Virginia Beach Properties

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I hope that you enjoyed this January 2019 Real Estate Market Outlook post!

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Here is the March 2019 Market Outlook for Virginia Beach and the surrounding areas of Hampton Roads.  More information can be obtained from The Real Estate Information Network. Read more here…. 

THREE TRICKS TO GET YOUR FINANCES IN SHAPE

You’d prefer to buy a home, but you’ll need money for a down payment and other costs involved with buying a home. How can you do it? Here are 3 approaches that will work to get you financially ready.

1.  Spend less.

Nobody likes being on a diet. However, we know that in a short time we’ll love the results. For instance, buying 1 cup of coffee a day it can run up a couple of hundred dollars over the course of a year. Likewise, monitoring your spending habits will help you see where money is going so you can stop the bleeding so you can reach your goals quicker.

2.  Save more.

Review your month-to-month expenses to see where and how much you can save, then using automatic bill pay to put the money into a short-term savings account, CD account or other type of account on a regular basis. Use this savings exclusively for buying a home.

3.  Pay off revolving debts.

Get tough with yourself (just a little bit). Leave the debit cards at home. If you have the money pay down credit card balances. Start with the smaller card first and as you pay off that card and apply the money to the next card for a snowball effect.

For motivation, create a vision board that describes your dream home and strategies to keep your goals of buying a home top of mind. You’ll be pleasantly surprised at how quickly you can make your dreams happen.

Check out these great Virginia Beach Properties

Wondering how much Your Home Value is? Use our House Value Estimator!

ARE YOUR THINKING ABOUT BUYING OR SELLING IN hampton roads, VIRGINIA?

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LOOKING FOR MORE INFORMATION ABOUT hampton roads, VIRGINIA?

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I hope that you enjoyed this January 2019 Real Estate Market Outlook post!

Find More Valuable Information and Read My Blog!

Here is the February 2019 Market Outlook for Virginia Beach and the surrounding areas of Hampton Roads.  More information can be obtained from The Real Estate Information Network. Read more here….

Towards the end of the year most people start dreaming and planning their New Year’s resolutions. What is your New Year’s resolution?  If it involves real estate, then we need to talk!

For Real Estate, is your New Year’s Resolution to:

• Own your own home? Building equity, not just throwing money away every month in rent, is a great goal. There’s a few steps to take, such as getting pre-qualified for a home loan and helping you find a place that fits your needs and budget. Others are becoming home owners. You deserve to be one too!
• Sell your house, and move into a larger home? Your current property may be worth more than you think.  It’s good to plan ahead. Getting a snapshot of today’s market in your neighborhood, tips to prepare your home for a successful sale, and a list of homes for sale in the area where you want to move helps you prepare to successfully move.
• Buy investment property? Investing in real estate is a great way to build wealth. Depending on your goals, real estate investing is a good fit. Having an agent with the right tools needed to make a smart investing decision reduces risk and makes the process rewarding.

The sense of helping people enjoy the accomplishment and security that a new home brings is indescribable. Helping people achieve their goals makes me happy.

From the moment I meet someone who is interested in selling their home or buying a new one, I give them my all. It’s the little details that mean the most to in a transaction. Providing a service where buyers and sellers trust and recommend me is the hallmark of success in real estate.

Let’s make your real estate goals for the New Year come true! Call me today.

Check out these great Virginia Beach Properties that were Just listed

Wondering how much Your Home Value is? Use our House Value Estimator!

ARE YOUR THINKING ABOUT BUYING OR SELLING IN hampton roads, VIRGINIA?

I’m here to help guide you through your home buying or selling experience.

Connect with Me Today!

LOOKING FOR MORE INFORMATION ABOUT hampton roads, VIRGINIA?

You’ll receive the benefits of learning about great neighborhoods, trends and hot spots.

Explore Our Communities

I hope that you enjoyed this January 2019 Real Estate Market Outlook post!

Find More Valuable Information and Read My Blog!

Here is a quick real estate market update for October 2018 for Virginia Beach and the surrounding areas of Hampton Roads (including Chesapeake, Suffolk, Norfolk, Portsmouth, Hampton, and Newport News).

More information can be obtained from The Real Estate Information Network. Read more here. . ..

Home Sellers

Selling a House With Tenants

Having a tenant in the home while you’re trying to sell it can be great – or a deal breaker. It all may depend on the relationship you have had with them. Some tenants may be very cooperative and helpful during the sales process, and some can make it impossible to sell a home.

Having a tenant who is uncooperative will make selling your home next to impossible. Understanding what it takes to sell a house with a tenant is very important if you want to get the best price for your property.

You are going to need your tenant’s cooperation, so it helps to have a little empathy for their situation. They will have to find some place to move, so being respectful and transparent in explaining why you want to sell will take the edge off.

Before enlisting the help of an agent, it makes perfect sense to ask the tenant first if they would be interested in buying it. The tenants probably love the place and may not want to move, so give them the option of buying the home. It may turn out to be a win-win situation for the both of you – they won’t have to move and you won’t have to market your home to find a buyer.

First Things First

Laws can vary from one area to another, so it’s important to know your rights as well as the tenant’s rights before you decide to sell.  This is a time where you may find it beneficial to talk with a real estate attorney if you’re not sure. This may save you time and hassles later on.

What are My Options?

Wait for the lease to expire
Why rock the boat if you can wait for the lease to expire? It will make property showings go more smoothly. The house will be more presentable, especially if the tenant isn’t the neatest person. Also, if there are any renovations or repairs that need to be done prior to putting the house on the market, it helps if the tenant isn’t occupying the property. Tenants don’t understand the process of selling a home at times because they may have not owned a home in the past.

Don’t expect them to be as cooperative in giving access to the property, scheduling showings, hosting an Open House, doing inspections, making repairs, etc. It takes a lot for a person to maintain a house for showings and the tenant may not want to be bothered with this aspect, especially if they have to move, so waiting may be in your best interest. Having a tenant occupying the property at this time may prolong the length of time the house is on the market and reduce your chances of getting the best price.

Make Them an Offer
Give incentives to enlist their help and cooperation. Money can be a great motivator.  Some homeowners may lower the rent, which would be a great incentive to the tenant.  Helping to cover tenant moving expenses can motivate them to find their next place before the house is sold.

Many tenants will be ready and willing to help you sell your property, especially if there’s some type of incentive for them to do so. If the tenant doesn’t want to cooperate, you can always wait until the lease expires to sell the house. Consider how you will deal with this situation to be able to sell your property in the shortest amount of time, for the most money the market allows, and with the least hassles for you and the tenant.

WHAT’S YOUR HOUSE WORTH?

It’s good to keep up with the market whether you’re ready to move next month or next year. Maybe you have been thinking of moving to a bigger home, downsizing, relocating, or just are ready for a change.  If you’re curious about how much you could get for your home . . . .

This is a great time to consider selling your house! CLICK HERE to get your home’s value now.

home buyers

What if a Seller Receives Multiple Offers?

 Being in a multiple offer situation is great for the seller, but it can be the worst thing to happen for a buyer. What happens in a multiple offer situation? Well, that depends on the seller. Here are a few ways to handle it.

Your Highest and Best Offer
The seller gives a chance for buyers to submit their offer again, offering their “highest and best” price they’re willing to pay. Price may not be the only factor in this situation. What are the best terms and/or contingencies can the buyer can make to present their highest and “best” offer?  A lot of times, it isn’t the price that gets the offer accepted.  Consider what you’re asking for from the seller and see how it may affect your offer. At times, buyers don’t like the idea of being involved in a “bidding war” and may move on.

Working One Offer At a Time
Having multiple bids can be a bit challenging for a seller. They may look at all the bids that came in and decide which ones may be worth countering, dealing with one buyer at a time. If one buyer turns down the counter offer, the seller has the option to go to the next offer until they get what they’re looking for.

Seller Accepts an Offer
A seller isn’t required to counter offers or disclose even if they may have multiple offers. If the terms meet what the seller wants, they may accept an offer as is. At this point, it’s not uncommon fora home buyer to submit their highest and best offer from the beginning because they don’t want to lose out on getting the home they want. Submitting the highest and best offer makes it harder for the seller to wait for another offer.

For buyers, there isn’t a lot of inventory at this time. A buyer can look at many homes, but in a competitive real estate market like ours, a buyer should never assume that a seller will accept or counter their offer. The chances are that if the seller receives multiple offers, the buyer may not have an opportunity to submit their “highest and best” offer. Think carefully about your terms and conditions . The goal is to give the seller an offer they would have a hard time refusing.

If you need help buying a home, let’s walk you through the entire buying process from start to finish. Contact me today!

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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. . .

Do you Love Hampton Roads?

Do You LOVE Hampton Roads?  I do! I enjoy sharing information about real estate in an entertaining and informative way. Whether buying or selling, I’m committed to helping you achieve you real estate goals.

It’s all about your dreams. I’m ready to help you from beginning to end when you’re ready to buy or sell a home in Hampton Roads.  Click Here LIKE Hampton Roads Virtually! Share this with a friend!

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709 Bottino Ln, Virginia Beach VA 23455

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?

If you have any interest in selling your home, please contact me at (757) 943-9184 or CLICK HERE to get an INSTANT snapshot your neighborhood to get an idea of what your home is worth.

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 INSTANTLY 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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