Category Archives: Real Estate Practices

Buying A Home In Northern VA – Should I Do A Home Inspection?

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Should I Get a Home Inspection

If you’re buying a home in Northern VA, you may be wondering whether or not a home inspection is worth the expense. After all, home inspections can cost anywhere from $300 to $800 depending on the size of the home.

Here at The Belt Team, we almost always advise our clients to get a home inspection done. (Now – whether or not to make your contract CONTINGENT on a home inspection or whether to just have one “for informational purposes” is a whole other question!)

Why do we recommend home inspections? Well, our experience is that it is in your best interests as a buyer to have one. But in today’s market (which in most areas is a Seller’s Market), the purpose of a home inspection is not what you might think. Some buyers approach the inspection as a time to re-negotiate the original contract terms based on the laundry list of items that often come up. And while sometimes that is possible, oftentimes the Seller will just void the contract and put it back on the market – especially in cases where there were competing contracts to start with. So in this regard, the home inspection is a good educational opportunity. The home inspector will show you all kinds of things you need to know – where the water cut-offs are, where there are GFI outlets that need adjusting, items that may need repaired or replaced, etc. If you’re buying a “resale” home, you should expect to have a “honey do” list of items. After all, it’s not a new home.

However, there is great validity to finding out whether there are any “major” issues you might not have anticipated. When you look at a house with your agent, there are a number of things you may notice that need doing – things like fixing windows, cleaning carpets, repairing crown moulding, replacing an older HVAC unit, etc. So when you write your offer to purchase, you can take these into account before you decide on what price to offer.

But, there may also be “major” things that need doing that you need a professional to point out. For example – structural damage that is not easily apparent, roof issues that are spotted from a ladder or signs of mold that are found in the crawl space. These are items that may cause you not to want to buy the house after all, or things that may cost you significant amounts of money to fix. We want our Buyers to buy (or not buy!) with their eyes wide open and a home inspection allows you to do that. (Note: A home inspection is not a 100% guarantee that every possible issue will be found. But it is the best way to arm yourself with as much knowledge as possible.)

Last year, despite our recommendation for a home inspection, we had clients who decided against having one. The husband was a construction supervisor for a commercial builder. And he felt comfortable that he had looked over the house & could deal with whatever he found when he moved in.

A week after we ratified the contract, the couple wanted to go back over to the house to do some measuring for curtains and furniture. So we arranged access and met them back at the house. On that visit, the husband noticed something that had escaped notice the first time. MOLD. It wasn’t readily visible. But since they were looking at things more closely to get exact measurements, he became aware of it. At this point, we asked a lot more questions of the Seller. The Seller called in an expert and it turned out that there was a MAJOR mold issue the Seller had not been aware of. Our clients decided they did not want to buy the house. (Although the Seller offered to fix it at his cost, the Buyers had allergy issues and were not comfortable with the situation.)

Thankfully, although they had not followed our advice about a home inspection, they HAD taken our advice and at least made the contract contingent upon one. So, after lengthy negotiations, we were able to get them out of the contract. They since bought another home, had a professional home inspection, and are happily ensconced in that home!

Moral of the story? Have a home inspection. And have it done by a professional who knows what they are looking for (even if you are in a related business!). It might cost you $400, but that’s a $400 investment toward education and insurance against unknown future problems.

(And if you decide not to have one, whether it’s because you are competing to buy a particular home, or because you want to save money – make sure you discuss the implications with your Realtor ahead of time!)

You can find more Home Buyer Tips and Home Buyer Reports on The Belt Team’s web site.

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Call The Belt Team at (703) 242-3975 to discuss buying a home!

Our mission is “Changing Lives For The Better – One Family At A Time!”

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Does Staging Your Home Make A Difference In Sales Price?

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If you’re selling your home, you may be thinking about staging & whether it’s really necessary. Maybe you’re wondering . . . . .

  • What percentage of Sellers stage their homes?
  • And what’s the return on investment?

If so, check out this short video and then contact The Belt Team at (703) 242-3975. We work with stagers that can make magic happen. But we can also advise you personally on whether YOUR home needs staging or not. It’s not always necessary and we make it a point to advise our clients on what is best for them. We don’t want you to have to spend money if it’s not in your best financial interests! (That’s one reason our clients think we are the best Realtors in Northern VA!)

3 Tips For Surviving The Northern VA Real Estate Jungle

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An experience this week with a longtime friend got me thinking about the Northern VA real estate market and how it’s become a jungle out there. “Kill or be killed” as the saying goes.

Monday morning I got a Facebook message from my friend Tarzan that said “So Jane and I stopped by an open house yesterday just for grins . . . Uh Oh Chongo, we need The Belt Team!“. (Note: Names changed to fit the jungle theme – and to protect our clients.)

Apparently Tarzan & Jane had been debating over the past few months whether or not to renovate their current home – or whether to buy another home that was already updated. As part of their decision process, they had been stopping in to open houses to see what was out there, what other people had done and how much homes were going for. They weren’t ready to jump in to anything. Just gathering info.

But lo & behold, they walked into an open house on Sunday and fell in love. Hence the call to our team.

Well, if you have been following our Northern VA real estate blog, you know the market is crazy – with many areas (maybe even most areas) in a Seller’s Market. The home Tarzan & Jane were interested in had gone on the market the previous Friday. So, by the time they contacted us it had been for sale for 3 days. We reached out to the listing agent on their behalf and it turned out they had already received a contract and were close to ratifying it. Unfortunately, Trazan & Jane did not already have a loan approval letter (since they were not “serious” about buying until they saw this home). Jane works for a credit union and could make that happen quickly. But the Seller preferred the “bird in the hand”, did not want to wait and so their dream home home sold to another buyer.

Moral of the story? It’s a jungle out there! Whether you’re in the market to buy or sell now – or whether you’re just thinking about it – you have to proceed like animals do in the jungle. “Kill or be killed.”

Act Like A Cheetah:

Northern VA Real Estate Market Tips

Cheetahs don’t closely approach their prey and then slowly go after them. (Like what Tarzan & Jane did.) Instead, they stalk the animal and then charge it from a slight distance – at speeds no other animal can match. They also often hunt in groups. In the Northern VA real estate market, buyers need to act like a cheetah. They need to stalk the market, gather facts from expert hunters in their group (top notch Realtors), and then when they are ready – go in for the kill and do it fast. Realtors with long term partner relationships can make things happen fast.

I think folks who are contemplating buying or selling often hesitate to call a Realtor because they don’t want to be pressured, especially if they are not ready to do anything and are just in the fact gathering or mulling over the options stage.  While this might happen if you speak with a Realtor who does not do much business, it’s not the case if you talk to a trusted Realtor with years & years of happy clients. Our reputations have been too hard won to risk losing by pressuring a client into buying or selling when they are not ready. People also tell us “we don’t want to bother you until we know what we want to do”. But, really, it’s not a bother. We want to make sure you make the best decision you can and one that is right for YOU. Talking to us can sometimes provide clarity and additional things to think about that you had not previously considered. And it’s our pleasure to provide that service.

Protect Like A Lion:

Lion Yawning

The lion is known as the “King of the Jungle”. They protect themselves with their roar, their large mouths and their claws. This jungle animal also travels with other lions (in prides). In the Northern VA real estate market, you need to protect yourself like a lion. And a top notch real estate expert can help arm you with the claws you need – with counsel on loan approval, inspections, pricing, staging & more.

Eat Like An Elephant:

Elephant

Elephants are known for eating massive amounts of food (some say African elephants eat 600 pounds in a day!). We’re not recommending chowing down at your local “all you can eat” buffet; but if you’re contemplating buying or selling a home – you need to consume information the way an elephant eats. Now, you can do this yourself or you can do it with the help of a professional. In the African elephant’s case, he eats like this every day, day after day. He’s an “expert eater” so to speak. On the other hand, if you took that African elephant and put him in Antarctica every 5-7 years and watched whether he was good at gathering food, we’d guess probably not as good as the penguins. The same thing goes for real estate. You need to eat real estate info the way an elephant eats – market statistics, interest rates, renovation costs, buying conditions, legal implications, resale issues, tax considerations, etc. And since you probably don’t do real estate on a daily basis year after year, it’s kind of like the elephant in Antarctica. He’d find a lot more food if he consulted the local eating professional (the penguin). And so will you by consulting the best Realtors in Vienna, Oakton, McLean or wherever you are looking to buy or sell.

Click here if you would like to set up FREE email listing alerts for Northern VA about homes coming on the market in the area you’re looking to buy or sell. It’s a great way to be educated to the market BEFORE you’re ready to make a move. (There’s no obligation.)

For more tips on how to survive the Northern VA Real Estate Jungle, contact The Belt Team or call (703) 242-3975.

When Homes Sell Quickly, Does It Really Matter Who Your Agent Is?

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When homes are selling as fast as they are in Northern VA, you may wonder whether it really matters who your agent is. When the market is tough, it seems Sellers seek out the top Realtors in the area. But when the market starts to come back, some Sellers are lulled into thinking it doesn’t really matter and so they list with an agent for the “wrong reasons”.

What are the “Wrong Reasons” to list with an agent?

  • Your relative is an agent.
  • The agent “liked” your house.
  • Your neighbor is an agent.
  • The agent gave you the highest price.
  • Your exercise partner is an agent.
  • The agent is a solo agent instead of part of a team.

Whether the market is “good” or “bad”, it’s important to remember that you are trusting your most important financial asset, as well as your family’s well-being, to the person you hire as your Realtor. This is a business decision and you need a professional to advocate for & guide you.

Your relative is an agent. Your neighbor is an agent. Your exercise partner is an agent.

Family members, friends & neighbors can make good Realtors. But the fact that they are a relative or someone you already know is NOT the only criteria to weigh. We often hear “But my friend/relative will be so upset with me if I don’t list with him/her.” If this is the primary reason you are choosing them, it might be the wrong reason.

The agent “liked” your house.The agent gave you the highest price.

Sometimes people select a Realtor because when they interview agents to hire, there is one who is really complimentary of the house and/or one that gives a higher price that is more in line with what they are thinking. These are often the Sellers that come to us to list their homes when they don’t sell with the first Realtor. Hire a Realtor who will be honest with you.  Realtors who gloss over possible issues and/or “buy” the listing by quoting the highest price are often the same Realtors whose listings take longer to sell and sell for a lower percentage of list price. The longer a home is on the market, the less it will sell for.

The agent is a solo agent instead of part of a team.

In Real Estate One Person Can Not Do It All

Another comment we hear is “I want to list with so-and-so because she is not part of a big team. I’ll get more personal attention that way.” Imagine hiring a doctor who was a solo praticioner with no support staff. That would mean he would check you in, do your insurance paperwork, weigh you, examine you, diagnose you, treat you, collect your check, schedule your next appointment and then call you to remind you of your appointment. How much time would he really have to spend doing the most important part – diagnosing & treating you?

Real Estate Teams Work Better

Working with a team actually means that you will get a LOT more attention and attention from people who are experts in each part of your real estate transaction. You will have the counsel & care of not just the agent, but their professional photographer, stager, listing manager, marketing specialist, closing manager, etc.

IF YOU WERE GOING TO ASK YOUR POTENTIAL REALTOR JUST THREE QUESTIONS, WHAT SHOULD THEY BE?

1. “What is the average days on market and sold-to-list-price ratio in my area and what are your statistics?”

Example: So far in 2013 for homes sold in Northern VA, average days on market is 55 days. The Belt Team’s average is 6 days. Average sold-to-list price in Northern VA is 95.9%. The Belt Team’s average is 99.2%. Our listings sell faster AND for more money than average. So a Seller of a $900,000 home would have netted an extra $30,000+ and saved almost 2 months mortgage payments & 2 months hassle.

2. How many homes did you sell last year?

Example: The average Realtor in Northern VA sold 4 homes last year. The Belt Team sold 116. (Conclusion: Experience counts. Why? Experience begets mastery. Mastery is one reason our homes sell faster and for more money.)

3. Where can I read client reviews about you on a 3rd party site?

Example: You can find reviews about The Belt Team on Zillow.com (and Trulia and Yelp). We are not able to preview or approve the reviews since this is a 3rd party site. These reviews will tell you a LOT about your potential agent and what it will be like to work with them.

Real Estate Review Terry Belt and The Belt Team

BOTTOM LINE: It DOES matter who your agent is. With inventory so low in Northern VA, it’s likely your home will sell. And sell quickly. But it will sell FASTER, easier and for more money with a top agent. Call (703) 242-3975 NOW if you are thinking of selling.

Seller Tips: Curb Appeal Matters

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When you’re selling your home, you don’t get a second chance to make a good first impression. And most of the time, this “first impression” happens online. Here’s why curb appeal matters:

If your mortgage payment is $4,000/month, and you sell 7 days faster, that means you save $1,000. Isn’t it worth the small investment to make sure your curb appeal is at its best?

Contact The Belt Team to schedule an appointment for a home walkthrough. We’ll give you all sorts of tips to maximize your investment and save you time. After all, time is money!

How Much Is My Home in Northern Virginia Worth?

Call (703) 242-3975 NOW!

Appraisal Issues In A Rising Housing Market

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Low Appraisal Northern VA Real Estate

Inventory is down. Prices are coming back up. And as a result, the “ugly appraisal issue” is rearing its head. Sometimes what you get is a roll of the dice!

Most contracts on homes in Northern Virginia contain an appraisal contingency. In other words, the contract is contingent upon the home appraising for a certain value, often the sales price. However, appraisers hired by lenders are held to very specific standards. For example, they must use 3 settled comparables (meaning 3 homes that have sold and gone to closing). They can add a 4th comp that is under contract and even one that is just listed & not sold yet. However, the value is mainly derived from the settled comps.

So when we are in a rising market, as we have been for about a year in our area, appraised values often lag true market values; and we see appraisals coming in low.

Earlier this month, a home in Vienna received 11 contracts. It has not settled, so we are not sure of the final price, but it’s very likely it sold well over list price. If the winning contract contained an appraisal contingency (and it may not due to the competition involved), the appraiser may have a big challenge supporting the value. In this case, when so many people are bidding up a property, it’s unlikely the sold comps will support it. (This is where we see market value not matching appraised value. And the reverse can happen in a declining market.) It will take time for sales to happen that are cash purchases or for buyers with large down payments. Once these happen, appraised values can start rising again.

Market Value Does Not Equal Appraised Value

So what happens? Does this mean your home sale or purchase is automatically derailed?

The short answer is – it might or it might not. (About 18 months ago, The National Association of Realtors reported that one in five contracts was canceled because of “appraisal issues”.)

In one case we had, the appraisal came in over $100,000 below the agreed upon sales price in the contract. Since the contract was contingent upon a satisfactory appraisal, the purchasers had the option of voiding the contract. The Buyers & Sellers tried to come to an agreement to lower the price, but could not reach an accord. And the contract fell apart. The home went back on the market.

What was interesting to note about this case (and very frustrating to all concerned!) is that the appraiser was not familiar with our area. Not only did he live in another state, but he was so unfamiliar with Vienna (where the property was) that he got lost on the way to the home to do the appraisal and had to spend 20 minutes on the phone with our office directing him to the property. (Note that this home is EASY to find and in a sought after, popular area.)

Lost Appraiser

Unfortunately, this is not an unusual occurrence. While many appraisers are professional, full-time, local experts (just like many Realtors are), some are not. And based on various lending requirements and other regulatory legislation, there is very little control able to be exercised by Realtors, Sellers, Buyers and even Lenders on the selection of which appraiser to use.

Another common occurrence in situations like ours is that when the appraiser is not familiar with the area, and has not been in other similar homes in the neighborhood, he/she often relies strictly on tax records and MLS information. And while that information is important, it is sometime lacking in critical detail. For example, the MLS or tax record may leave out an important “detail” like the fact that the home backs to power lines. This “little detail” has HUGE impact on what Buyers are willing to pay and should be adjusted for when doing a valuation of the home. What we see happen sometimes is that a home is undervalued because an appraiser uses a home like the one backing to power lines as a comp (comparable), but does not adjust the value of the subject property (the one he is trying to set a value for) upward since that home does not back to power lines. How could he if he doesn’t know?

We had another situation where the appraisal came in below sales price. In this case, the buyer was making a significant down payment (more than the minimum required by the lender), so the buyer had the option of voiding the contract, re-negotiating the sales price with the Seller or proceeding to settlement despite the low appraisal. The buyer was a local buyer, one who had already been living in the general vicinity of the home and who knew the value of the neighborhood and the “intangibles” that an appraiser may not recognize or be able to adjust for based on lending guidelines. So the Buyer chose to proceed to settlement at the original sales price, despite the low appraisal.

There are all sorts of different scenarios that may play out when an appraisal comes in low. These were just two examples. One conclusion we have made is that the experience of the Realtors on both sides of a transaction has direct influence on what happens (just as the experience of the appraiser affects the outcome). If you are buying or selling a home – a low appraisal is just one of the possible “challenges” you may face. You need a Realtor who can not only fill out forms & ”pull comps” for you, but who can discuss re-sale issues you may not have thought of, who can resolve financing issues you may not be aware of and who has vast resources to draw upon.

In another of our low appraisal situations, we had a Buyer and a Seller who both really wanted the sale to go through – despite the low appraisal. The Seller could not afford to lower the price. And the Buyer did not have additional money for a down payment, but felt the value was there, planned to be in the home for the long-term and really wanted the house, even though it appraised for less than sales price. In this case we were representing the Seller. A nice, hard-working, but less experienced agent was representing the Buyer. This agent was not able to help her Buyer find a way to get financing. Since our team has been working in the local market since 1973, we have a vast array of contacts & resources that we can call upon in difficult situations. We were able to connect the Buyer with one of our top lenders. The lender had a special program requiring less down payment and was also able to obtain a more accurate appraisal. And this sale went through. Happy Buyer and Happy Seller.

Happy Person

Each situation is different. Can the appraisal be disputed by the Realtor providing better comps – comps that fit the lender’s requirements? Can a new lender be brought into the picture? Does the Buyer even want to proceed if the appraisal is low? Can a new sales price be negotiated that both parties agree upon? Would a different loan program work? Can the Buyer make a larger down payment so that the lender will proceed with a low appraisal? Is there a relocation company involved and does this affect a buy-back or reimbursement? Would it be better for the Buyer not to proceed? These and many more questions are the types of things your Realtor should walk you through!

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis We’ll be happy to schedule a consultation and get very detailed about the homebuying or homeselling process so that you can make the decision that is best for YOU! Don’t you deserve the best real estate agents in Northern VA?

Top Eco-Friendly Features Home Buyers Want

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Home owners often consult us before they update & upgrade their homes. Sometimes this is because they are thinking of selling their home. And sometimes they just want to make sure they are making a good investment and protecting their home’s resale value for the future. Here’s a quick 1 minute video that will tell you the top eco-friendly features home buyers are looking for in today’s market:

Contact The Belt Team for more home selling or home improving tips!

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FREE Home Buyer Reports

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“Love It” Or “List It” In Northern Virginia

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Have you seen the show on HGTV called “Love It Or List It“?

If you haven’t seen it, the premise each week is that there is a family who is debating whether to renovate their home or whether to move. Sometimes their existing home is really out of date. Sometimes the family has grown & they need more space. So they invite in a designer and a Realtor to discuss their options.

Home Renovation

They discuss their budget, and analyze their needs & wants. The designer makes & executes a design plan to renovate the home. And the Realtor takes the owners out to look at what their budget would allow them to buy. Once the renovation is complete (and there are ALWAYS problems with the renovation on the show), the owners decide whether to stay in their renovated home (“LOVE IT”) or whether to sell & buy a new home (“LIST IT”).

The show itself is of course very dramatic and there are problems after problems. The husband & wife always disagree. The designer always runs into road blocks. And their budget never seems to go as far as they want. And yet, there is always a Cinderella ending where the family is uber happy.

Despite some of the “only on TV exaggerations”, this scenario is one that many of our clients deal with. They wonder whether they should “right size” their home. Should they renovate & stay, or sell and move into a larger home? Should they adapt their home as they age and stay in it? Or should they sell and down size into something with less maintenance?

And The Belt Team can help with that. Not only do we know the market well and can advise you on which changes are saleable, which add value and which changes may negatively impact resale value of your home; we also are in touch with designers, builders, contractors and more who can meet with you to discuss the options.

One of the members of our team recently went through this scenario. We thought you might enjoy a sample before & after picture. She has lived in her home in Vienna since 1986 when it was brand new. After 26 years of family living, it was time to make a change. So – it was time to decide – “love it” or “list it”. She chose to renovate and ended up loving it. A before & after picture of the kitchen is below. Stay tuned for more pictures and an upcoming post with her “Top 10 Tips To Survive A Renovation”!

Kitchen renovated by Dominion Associates Inc in Vienna VA

Kitchen renovated by Dominion Associates Inc

Kitchen Before: Vinyl flooring, laminate countertops, flourescent lighting, maple cabinets, rose wallpaper, cream appliances, only one oven

Kitchen After: Hardwood floors, granite countertops, additional counterspace/breakfast bar, tile backsplash, white cabinets including some glass front, recessed & pendant lighting, stainless steel appliances, two ovens

Call The Belt Team at (703) 242-3975. We can help you decide whether to “love it” or “list it”!

What Home Buyers Need To Know About Shadow Inventory in Northern Virginia

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Shadow Inventory in Northern VA

Have you ever heard the term “shadow inventory”?

Shadow inventory is normally a term that refers to a supply of homes that has not yet been put on the market, but is “lurking” in the background – usually real estate properties that are in foreclosure (REO or bank owned properties) or close to foreclosure.

But there really is another type of “shadow inventory” here in Northern Virginia; and if you’re a Buyer, you need to pay attention to this!

As you know, inventory around Northern Virginia is scarce. Homes are selling quickly and there is not a glut of homes on the market the way there was five years ago. Homes that are priced well, in a good location and in good condition are getting snapped up – and sometimes getting multiple, competing contracts and selling over list price. Places like Vienna, VA for example, only have 1.6 months of housing inventory. This is unheard of in recent years.

So what is a Buyer to do?

Find the shadow inventory! Not the REO homes, but the “other” shadow inventory.

Successful, experienced Realtors often have their own “shadow inventory”. When you’ve been in the real estate business for an extended period of time and are tops in your field, you build up a very loyal clientele & following. And this means that past clients (and new ones) often contact you well in advance of going on the market. They list their home with you and then have you consult with them on how they can maximize the return on their home. Only then do they go about preparing the home – doing repairs, improvements, painting, staging, etc. And the home does not go on the market until everything is ready.

Therefore, there is a period of time between when the home is listed and when it actually hits the market. THIS creates a small amount of “shadow inventory” and THIS is why Buyers should work with TOP Realtors. It maximizes their chances of finding their dream home.

As an example, The Belt Team has signed listings for properties in the following areas that are not on the market yet:

  • Parker Avenue in Falls Church
  • Virginia Center Blvd in Vienna
  • Adams Hill Road in Vienna
  • Orleans Circle in Vienna
  • Willow Branch Ct in Vienna

In addition to this, top agents also have vast networks of contacts and can reach out to them on your behalf. Sometimes, people are not actively ready to sell their home, but when we reach out to them on behalf of a buyer who has targeted their neighborhood and who is already approved for a loan, it’s enough to make them consider a sale. And sometimes they actually sell – without putting their home on the market. We have sold a number of homes that way. And it’s a win-win for both buyer and seller.

If you would like to work with an agent who is creative, proactive and who thinks outside the box, contact The Belt Team at (703) 242-3975. That’s what it takes to make your real estate dreams come true in today’s market.

Our mission is “Changing Lives For The Better, One Family At A Time.” Is it time to change yours?

Selling A Home? Think Like A Buyer

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“Grab your coat, and get your hat, leave your worry on the doorstep.”

This is a quote from Dorothy Fields. She wasn’t talking about real estate, but we think it rather a propos – as long as you put on the right hat!

If you’re selling a home in Northern Virginia right now, things are looking good for you. Homes that are priced right & prepared properly are selling quickly and prices are starting to rise. So far this year, 898 homes in Fairfax County have gone under contract. The average days on market for those homes was under 2 months (56 days to be exact). But the range of days on market varied IMMENSELY. Some homes sold the same day they went on the market and others were on the market for five whole years! Here’s a sampling of statistics so far in 2013:

  • Falls Church: 95 sales, 42% sold in 2 weeks or less, some took as long as 417 days
  • Great Falls: 9 sales, 11% sold in 2 weeks or less, some took as long as 305 days
  • McLean: 52 sales, 44% sold in 2 weeks or less, some took as long as 657 days!
  • Oakton: 18 sales, 17% sold in 2 weeks or less, some took as long as 147 days
  • Reston: 64 sales, 47% sold in 2 weeks or less, some took as long as 203 days
  • Vienna: 57 sales, 49% sold in 2 weeks or less, some took as long as 394 days

No one wants to stay on the market that long. They certainly don’t want to keep their house in showing condition day after day, month after month. AND more importantly, statistics show that the longer you are on the market, the less your home will sell for.

So why such a large variation? We think it’s because some Sellers just can’t put on their “Buyer Hat”.

Put On Your Buyer Hat

When we meet with our Sellers, we recommend a change in perspective and a focus on the way BUYERS think. It’s especially hard to do that if you’re leaving a home you have enjoyed living in. But if you want to maximize your return AND sell as quickly as possible, it’s time to put on your “Buyer Hat”. Below is a comparison of how Home SELLers think versus how Home BUYers think. It might not be what you want to hear, but it WILL help you sell faster and for more money.

CARPET & PAINT:

  • A typical Seller says “I’d rather let the Buyer take care of these items. I might offer a credit, but I’m way too busy & that way they can choose the color or style they want.”
  • A typical Buyer says “Most homes on the market are “move-in ready”. I barely have time to look at houses, much less fix them up. Find me a house that’s turn-key. Otherwise, I probably don’t want to see it.”

WALLPAPER:

  • A typical Seller says “I spent a lot of time getting this house just right. It’s really elegant and I spent a lot of money on that wallpaper!”
  • A typical Buyer says ” Wallpaper?! Ugh! This house looks like my Grandma’s. I have a hard time even imagining myself living here, much less actually doing so. Let’s keep looking.”

PRICING:

  • A typical Seller says “Let’s try a higher price than the comps are likely to bear. You never know unless you try & the market is going up. We can always reduce the price if it doesn’t sell.”
  • A typical Buyer says “Don’t even show me that house if it’s above my price range. I am already stretching. And if the Seller is THAT overpriced – it’s probably not even worth an offer.”

A top Northern VA Realtor will have many resources for you. They can help you find painters, contractors, stagers, handymen & more. And they can tell you from experience which items you do & more importantly, do NOT need to invest in to get your greatest return. So before you start prepping your home for the market, consult your Realtor. They can help you put on your “Buyer Hat”, minimize the time invested and maximize your return!

Call (703) 242-3975 to schedule a FREE consultation with The Belt Team.

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