Shhhh! What NOT To Say When Your Home Is On The Market!

Real estate markets around the country differ in terms of the protocol of how showings are handled. In some areas, homes are shown by appointment only with the listing agent present for every showing. In Northern Virginia, it’s customary for buyer agents to let Sellers know when they would like to show the home to their clients. The Seller then lets the agent in or the agent accesses the home through the lockbox that is placed on the door. (Appointment only listings exist, but unless the home is in the multi-million dollar luxury category, this can be a huge detriment to selling.)

This means Sellers are often home when agents come to show. We recommend that our Sellers leave during showings so Buyers can really picture the house as “theirs”. The other reason we recommend they leave is because it’s in their best interests NOT to discuss the following things with the Buyer Agent or the Buyers. Why? Because potential purchasers want to obtain the LOWEST price and BEST terms for themselves. And Buyer Agents represent them, not you.

The conversation might be a casual one. Just a meet & greet as you head out the door. But don’t get caught off guard and end up in the DANGER ZONE!

7 Things Home Sellers Should Not Say

7 Things Sellers Should NOT Discuss With Buyers (or Buyer Agents):

1. Reason for selling

2. Motivation/urgency to sell

3. Willingness to consider an offer less than the listing price

4. Terms under which you would sell

5. Relocation, timing, benefits & policies

6. Items of personal property which you “might” be willing to include in a sale.

7. Any confidential information that would serve to disclose your negotiating strategy.

For more tips about how to sell your home for the highest price, contact Terry Belt & The Belt Team. We are known nationally for our top-notch negotiating skills and Belt Team listings sell FASTER and for MORE MONEY than average. It’s why we are routinely recognized among the best Realtors in Northern VA, and rank in the top realtors in the entire state.

FREE – What Is My Home Worth?

Our mission is “Changing Lives For The Better“. If it’s time to change yours, call Terry Belt & The Belt Team at (703) 242-3975

OMG! What Realtors Say To Other Realtors About YOUR House

Home Selling Mistakes

If your home has been on the market, and it’s not selling as fast as you expected, it could be that your home is one of the ones Realtors are talking about to each other! (But don’t worry, these are all fixable issues!)

Here are some real life examples of “What Realtors Say To Other Realtors About YOUR House”:

1. “Interesting” MLS Descriptions:

Here’s a real example from our local MLS: “Basic rancher in good shape, but has working Single Father Decor“.

A Realtor friend posted this on Facebook and asked “I wonder if THAT was approved by the Seller?!

It may accurately convey the state of the home, but it doesn’t help you sell. It night be wiser to list your home with a professional who will provide a free consultation with a professional stager. Even if you don’t choose to hire the stager, she will provide you with no cost ways to prepare your home so you put your best foot forward.

2. Inaccurate MLS Entry:

If your home hasn’t been shown much, it could be that your agent entered it wrong in the MLS. Check out this Facebook post from another Realtor friend of mine:

Why My Home Isn't Selling

This happens a lot. Sometimes the number of bedrooms is wrong. Sometimes townhomes are listed as condos. Sometimes homes are listed in the wrong zip or city!

3. Oops, We Hid The Property Address:

Why My Home Isn't Selling

This could possibly be a tactic to get people to call, but we think it works in reverse. Most people will just go on to the next home for sale. Kind of hard to find an open house when you don’t have an address, right?!

4. Typos That Make You Cringe:

Why My Home Isn't Selling

Enough said here!

5. “Charlie” Is Home:

Why My Home Isn't Selling

The reaction above (even from “dog” people) is not unusual. (Here’s how we advise our clients if they are selling a home when they have a pet.)

6. Ugly Christmas Sweater:

Wallpaper Room

You should see the pictures agents post. If you think the paint or wallpaper in your home doesn’t need to come down, you might think again because your home may have been entered in someone’s Facebook contest for UGLIEST ROOM. (It’s kind of like the Ugly Christmas Sweater Party – except online.)

How Do We Fix This?

The one thing we see in common in most of the cases like the above, is that Sellers sometimes choose Realtors who are not full-time, who are not professional, who don’t work with professionals and/or who work solo without teams to handle the details.

If you’re selling your home, don’t be short sighted. Listing with your sister, your neighbor, your friend, or your local discount broker just might not be in your best interests!

You deserve the BEST Realtors in Northern VA to protect your asset. Call The Belt Team at (703) 242-3975 and ask about a FREE staging consultation with a professional stager, FREE listing photos from a professional photographer and FULL SERVICE from a professional team. Belt Team listings sell FASTER and for MORE MONEY than average.

Don’t be the house everyone is talking about, but no one is selling!

FREE Instant Online Home Valuation

State-of-the-Art Home Search Site for Northern VA

Best Real Estate Agents in Northern VA

Shhhh! What NOT To Say When Your Home Is On The Market!

Real estate markets around the country differ in terms of the protocol of how showings are handled. In some areas, homes are shown by appointment only with the listing agent present for every showing. In Northern Virginia, it’s customary for buyer agents to let Sellers know when they would like to show the home to their clients. The Seller then lets the agent in or the agent accesses the home through the lockbox that is placed on the door. (Appointment only listings exist, but unless the home is in the multi-million dollar luxury category, this can be a huge detriment to selling.)

This means Sellers are often home when agents come to show. We recommend that our Sellers leave during showings so Buyers can really picture the house as “theirs”. The other reason we recommend they leave is because it’s in their best interests NOT to discuss the following things with the Buyer Agent or the Buyers. Why? Because potential purchasers want to obtain the LOWEST price and BEST terms for themselves. And Buyer Agents represent them, not you.

The conversation might be a casual one. Just a meet & greet as you head out the door. But don’t get caught off guard and end up in the DANGER ZONE!

7 Things Home Sellers Should Not Say

7 Things Sellers Should NOT Discuss With Buyers (or Buyer Agents):

1. Reason for selling

2. Motivation/urgency to sell

3. Willingness to consider an offer less than the listing price

4. Terms under which you would sell

5. Relocation, timing, benefits & policies

6. Items of personal property which you “might” be willing to include in a sale.

7. Any confidential information that would serve to disclose your negotiating strategy.

For more tips about how to sell your home for the highest price, contact Terry Belt & The Belt Team. We are known nationally for our top-notch negotiating skills and Belt Team listings sell FASTER and for MORE MONEY than average. It’s why we are recognized among the best Realtors in Northern VA, ranking in the Top 20 Realtors in the entire state.

FREE – What Is My Home Worth?

42 Questions To Ask When Selling Your Home

Our mission is “Changing Lives For The Better“. If it’s time to change yours, call Terry Belt & The Belt Team at (703) 242-3975

NOTE: Enjoy the videos below. Our marketing may be tongue-in-cheek, but our results are SERIOUS!

What Realtors Say To Other Realtors About YOUR House

Home Selling Mistakes

If your home has been on the market, and it’s not selling as fast as you expected, it could be that your home is one of the ones Realtors are talking about to each other! (But don’t worry, these are all fixable issues!)

Here are some real life examples of “What Realtors Say To Other Realtors About YOUR House”:

1. “Interesting” MLS Descriptions:

Here’s a real example from our local MLS: “Basic rancher in good shape, but has working Single Father Decor“.

A Realtor friend posted this on Facebook and asked “I wonder if THAT was approved by the Seller?!

It may accurately convey the state of the home, but it doesn’t help you sell. It night be wiser to list your home with a professional who will provide a free consultation with a professional stager. Even if you don’t choose to hire the stager, she will provide you with no cost ways to prepare your home so you put your best foot forward.

2. Inaccurate MLS Entry:

If your home hasn’t been shown much, it could be that your agent entered it wrong in the MLS. Check out this Facebook post from another Realtor friend of mine:

Why My Home Isn't Selling

This happens a lot. Sometimes the number of bedrooms is wrong. Sometimes townhomes are listed as condos. Sometimes homes are listed in the wrong zip or city!

3. Oops, We Hid The Property Address:

Why My Home Isn't Selling

This could possibly be a tactic to get people to call, but we think it works in reverse. Most people will just go on to the next home for sale. Kind of hard to find an open house when you don’t have an address, right?!

4. Typos That Make You Cringe:

Why My Home Isn't Selling

Enough said here!

5. “Charlie” Is Home:

Why My Home Isn't Selling

The reaction above (even from “dog” people) is not unusual. (Here’s how we advise our clients if they are selling a home when they have a pet.)

6. Ugly Christmas Sweater:

Wallpaper Room

You should see the pictures agents post. If you think the paint or wallpaper in your home doesn’t need to come down, you might think again because your home may have been entered in someone’s Facebook contest for UGLIEST ROOM. (It’s kind of like the Ugly Christmas Sweater Party – except online.)

How Do We Fix This?

The one thing we see in common in most of the cases like the above, is that Sellers sometimes choose Realtors who are not full-time, who are not professional, who don’t work with professionals and/or who work solo without teams to handle the details.

If you’re selling your home, don’t be short sighted. Listing with your sister, your neighbor, your friend, or your local discount broker just might not be in your best interests!

You deserve the BEST Realtors in Northern VA to protect your asset. Call The Belt Team at (703) 242-3975 and ask about a FREE staging consultation with a professional stager, FREE listing photos from a professional photographer and FULL SERVICE from a professional team. Belt Team listings sell FASTER and for MORE MONEY than average.

Don’t be the house everyone is talking about, but no one is selling!

FREE Instant Online Home Valuation

State-of-the-Art Home Search Site for Northern VA

Best Real Estate Agents in Northern VA

The Northern VA Real Estate Market Is Shifting – Special Message from CEO Terry Belt

I’ve lived in Northern VA for almost my entire life. And I’m a third generation real estate agent. I know both our area and real estate well! One thing I know for sure is that the real estate market is not a straight, static line and it never will be. It is always moving.

I believe we are going to see our next shift in the next 12 months or so. Local bankers and experts are giving it 12-24 months in the Northern VA – Washington DC area market before it hits. I’m calling it sooner, and yet who knows? This means I believe we will move into neutrality, then back into a Buyer’s Market. We are likely at the peak of this Seller’s cycle between now and Spring. In fact, some parts of our market have already shifted notably over the past 3 months.

I recently returned from masterminding with Gary Keller, the Chairman of the Board of Keller Williams Realty (the world’s largest real estate company with over 140,000 Realtors), and with our Top 100 agents. Approximately half of the metropolitan areas in the USA are already undergoing this shift. I am tracking it closely. We may or may not have one more spring as crazy and frenetic as this past one was, with multiple offers in the entry price ranges and buyers beating down seller’s doors. As one of the area’s top teams, The Belt Team has been privileged to help 71 families buy and sell homes so far this year, and we expect to help many more in the coming months. We have an excellent handle on the market and especially the micro markets throughout Northern VA and Washington DC. Sometimes those micromarkets are geographical and sometimes they are price driven.

What does this mean for you? Well our market has two primary seasons, although we are lucky that we don’t have extreme seasonality here. The majority of our residential real estate sales come in the spring. Our secondary market is fall: September/October. If you have been thinking about selling your home in the next few years, I highly urge you to email or call me (703-242-3975) so we can begin the conversation about home prep, pricing, and timing. You may not decide to sell now, and yet I highly recommend having the conversation now. I think selling in the next 60 days is outstanding timing.

Call, or email any time. We are happy to talk and meet with you, advise you on preparations & timing, and to give you a property and pricing analysis of your home with no obligation. Feel free to browse our website. I look forward to a continued conversation.

Best,
Terry Belt
CEO, The Belt Team

CEO The Belt Team

Selling Your Home? Thinking of “Trying” The Market?

Price-It-Right-STM- Keeping Current Matter.jpgWhich strategy works best – pricing BELOW the market, pricing AT the market, or pricing ABOVE the market just to see if you can get your price?

Well, that all depends. On YOUR market. If you’d like to talk strategy and find out about YOUR SPECIFIC market, contact The Belt Team. In the meantime, here’s some great info from Keeping Current Matters. We happen to think in many cases it makes a LOT of sense. (Note: Not ALL markets are the same. There are NO absolutes. Call us at 703-242-3975 to find out about YOURS.)


In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.

There is no “later.”

Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

John Knight, recipient of the University Distinguished Faculty Award from theEberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered their price. His article, Listing Price, Time on Market and Ultimate Selling Price, published in Real Estate Economics revealed:

“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Additionally, the “I’ll lower the price later” approach can paint a negative image in buyers’ minds. Each time a price reduction occurs, buyers can naturally think,“Something must be wrong with that house.” Then when a buyer does make an offer, they low-ball the price because they see the seller as “highly motivated.”Pricing it right from the start eliminates these challenges.

Don’t build “negotiation room” into the price.

Many sellers say that they want to price their home high in order to have“negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.

Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in “negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it!

One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching.

Selling Your Home? Make Sure the Price Is Right! | Simplifying The Market

A better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the“right” to purchase your house.

Look at it this way: if you only receive one offer, you are set up in an adversarial position against the prospective buyer. If, however, you have multiple offers, you have two or more buyers fighting to please you. Which will result in a better selling situation?

The Price is Right

Great pricing comes down to truly understanding the real estate dynamics in your neighborhood. Let’s get together to discuss what is happening in the housing market and how it applies to your home.


FREE, Instant Online Home Valuation Estimate

Search our STATE-OF-THE-ART Home Finder Site

For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. Don’t you deserve the BEST Realtor in Northern Virginia?!

3 Tips For Surviving The Northern VA Real Estate Jungle

An experience 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.” Here are 3 Tips to survive the real estate jungle:

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 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.

Free Reports from The Belt Team

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.

What Realtors Say To Other Realtors About YOUR House

Home Selling Mistakes

If your home has been on the market, and it’s not selling as fast as you expected, it could be that your home is one of the ones Realtors are talking about to each other! (But don’t worry, these are all fixable issues!)

Here are some real life examples of “What Realtors Say To Other Realtors About YOUR House”:

1. “Interesting” MLS Descriptions:

Here’s a real example from our local MLS: “Basic rancher in good shape, but has working Single Father Decor“.

A Realtor friend posted this on Facebook and asked “I wonder if THAT was approved by the Seller?!

It may accurately convey the state of the home, but it doesn’t help you sell. It night be wiser to list your home with a professional who will provide a free consultation with a professional stager. Even if you don’t choose to hire the stager, she will provide you with no cost ways to prepare your home so you put your best foot forward.

2. Inaccurate MLS Entry:

If your home hasn’t been shown much, it could be that your agent entered it wrong in the MLS. Check out this Facebook post from another Realtor friend of mine:

Why My Home Isn't Selling

This happens a lot. Sometimes the number of bedrooms is wrong. Sometimes townhomes are listed as condos. Sometimes homes are listed in the wrong zip or city!

3. Oops, We Hid The Property Address:

Why My Home Isn't Selling

This could possibly be a tactic to get people to call, but we think it works in reverse. Most people will just go on to the next home for sale. Kind of hard to find an open house when you don’t have an address, right?!

4. Typos That Make You Cringe:

Why My Home Isn't Selling

Enough said here!

5. “Charlie” Is Home:

Why My Home Isn't Selling

The reaction above (even from “dog” people) is not unusual. (Here’s how we advise our clients if they are selling a home when they have a pet.)

6. Ugly Christmas Sweater:

Wallpaper Room

You should see the pictures agents post. If you think the paint or wallpaper in your home doesn’t need to come down, you might think again because your home may have been entered in someone’s Facebook contest for UGLIEST ROOM. (It’s kind of like the Ugly Christmas Sweater Party – except online.)

How Do We Fix This?

The one thing we see in common in most of the cases like the above, is that Sellers sometimes choose Realtors who are not full-time, who are not professional, who don’t work with professionals and/or who work solo without teams to handle the details.

If you’re selling your home, don’t be short sighted. Listing with your sister, your neighbor, your friend, or your local discount broker just might not be in your best interests!

You deserve the BEST Realtors in Northern VA to protect your asset. Call The Belt Team at (703) 242-3975 and ask about a FREE staging consultation with a professional stager, FREE listing photos from a professional photographer and FULL SERVICE from a professional team. Belt Team listings sell FASTER and for MORE MONEY than average.

Don’t be the house everyone is talking about, but no one is selling!

FREE Instant Online Home Valuation

State-of-the-Art Home Search Site for Northern VA

Best Real Estate Agents in Northern VA

Beware Commission Breath!

Commission Breath

Last night I had an interesting conversation with a young bartender named Marissa at the restaurant we frequent. She casually commented to me that her mother had told her she should get her real estate license. I responded that I thought it was a great idea. (She’s very intelligent, personable, great at customer service, puts others first and has an amazing work ethic – working two jobs.)

She promptly shriveled her nose in disdain.

I don’t think I would ever want to be a real estate agent!

I had to laugh, being that I’ve been in the real estate business for almost 30 years now. So I asked her what it was that made her think she wouldn’t like real estate. Her response?

I could never be a pushy sales person. I can’t imagine pushing people to buy a house. Like, we’re talking where they LIVE! That’s just not in me.

My response?

That’s exactly why you SHOULD get into real estate.

Marissa’s response is probably not an unusual one. Perhaps you have had that pushy sales person experience yourself. If so – here’s our advice:

Don’t walk, RUN!

We have a saying for agents who operate that way. It’s called “Commission Breath”. If you smell commission breath, then you need to find yourself a new agent. if you feel like your agent is more interested in their commission than they are in your best interests – it’s time for a change. Don’t sign a Listing Agreement or a Buyer Broker Agreement until you are confident you will be well represented. YOUR interests MUST come first!

Our team has been helping clients buy & sell homes for more than 40 years. Over that time we have clients we have worked with over and over – some have even bought & sold more than 10 homes with us. We also have clients who have sent us their children. And their grandchildren. We have a long term view of the world. Our integrity is everything to us. One commission is never more important than one client and their best interests.

In fact, there are lots of times where we advise a client AGAINST buying or selling. When we work with buyers, we point out both the positives and the negatives. And it can be heartbreaking to see a buyer fall in love with a house, only for us to advise that we think it not in their best interests to buy. We’ve also met with Sellers who think they want to sell, and we advise them to wait. (Oftentimes this is the case when someone loses a spouse. Making a decision about selling too soon can be devastating.)

If you smell commission breath, RUN!

The Belt Team’s Mission Statement is “Changing Lives For The Better”. If you’re wondering what it’s like to work with us – check out The Belt Team’s Mission, Vision, Values & Beliefs. And check out our client reviews on independent site Zillow.com. (We have NO control over what is posted there.)

If it’s time to change YOUR life for the better, email The Belt Team or call Terry Belt at (703) 242-3975!

Search our state-of-the-art web site for homes for sale in Northern Virginia

Get a FREE, INSTANT online valuation of what your home is worth

P.S. If YOU are thinking about getting your real estate license, reach out to us. We are happy to talk to you and our Keller Williams McLean Great Falls office offers top-notch training!

Top Northern VA Real Estate Team

 

 

 

 

 

3 Reasons Why NOW May Be Your Time To Move Up

If you’ve been feeling like George Jefferson and thinking about “moving on up” (maybe you’ve outgrown your house or you’re just ready for a change), here are 3 reasons why NOW might be your perfect storm:

1. You might be able to have your cake & eat it too!

Have Your Cake

If you’re selling a home in the lower or mid price ranges (under $900,000) and moving into the over $1.2 million price range – you have a small window of opportunity that is open right now. The low-mid price ranges are moving swiftly. Housing supply is uber low. And that means values are rising. (Great for you when you sell your home!) On the other hand, the speedy market has not quite reached the upper ranges yet, at least not across the board, and so you may still have a quick window to buy above $1.2 million before prices rise in the same fashion as they have in your current home’s market. If you wait to make that move up, you may sell your current home for more than you could now (assuming prices continue to rise), BUT you would end up paying a LOT more for your new home when prices rise across the board.

Example:

If you sold now, you might sell your current home for $900,000, and buy your new home for $1.3 million. If you wait until next year, prices could rise 6%, netting you an additional $54,000 on the sale of your existing home; but costing you $78,000 more on your new home. You end up losing $24,000. (Note: Last year home prices in our area actually rose 7.12%.)

2. Interest rates continue to rise

Top Realtors Northern VA

This means unless you are paying cash, the price of your new home keeps getting more & more expensive. All of the major forecasters (Mortgage Bankers Association, FHLMC, Fannie Mae, etc) are predicting interest rates to exceed 5% by 2015. That’s about 1% higher than where rates are now. Keep in mind that a 1% rise in interest rates equals a 10% decrease in home price affordability. So moving up NOW may be much better than later in terms of your mortgage payment and how much house you can buy.

3. YOLO

Take A Leap

“YOLO” is the modern version of “carpe diem”. Seize the day. You only live once. While that sounds a bit cavalier, we actually say this from experience. People often wait so long for the “perfect time” that they miss it altogether. If the reason you’re moving up is that your family has grown and you really need more space, or maybe your in-laws are aging and moving in with you, or your children are back home after college – don’t miss this opportunity. While real estate is an investment and a huge part of your financial picture, family is everything and your home is where it all happens. So call your real estate agent, analyze the numbers and if it makes sense – take the leap. Our clients often tell us they wish they had leapt a long time before they did.

If you’re thinking of moving up – or moving down – call The Belt Team at (703) 242-3975. We’ll walk you through the process and help you analyze the “ins & outs” – where prices are in your current neighborhood & your dream neighborhood, whether you need to buy first or sell first, how you can find homes before they hit the market – there may even be some you haven’t though of!

If you’d like to maximize profits AND make your life easier – call (703) 242-3975 and ask for Terry Belt or Kevin Kleifges. We’ll help you construct a strategy to do so.

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