Real Estate Sellers

Real Estate Sellers

The Hampton Roads real estate market is active, but with more supply than demand. Sellers looking to sell their home relatively quickly with favorable terms can attain maximum exposure through the Multiple Listing Service (MLS) and by hiring a Realtor to aggressively market their property. Because of the current buyers’ market, however, sellers who ask too much, do not advertise enough, or fail to hire a professional tend to have longer market times, if they are able to sell at all.

Nationwide, economists are warning of a “Housing Bubble.” Despite the warnings, the Hampton Roads Area has not seen any decline in housing prices, just an increase in market time. Real estate for sale in Hampton Roads has been appreciating well throughout the last three years – about 10-30% per year, with higher appreciation being realized in certain neighborhoods and home types.

Currently, houses are increasing in single digits (around 1-2%) a year.

As a seller in the Hampton Roads Area, you must avoid the three most common mistakes:

·     Asking significantly more than market value for your property.Unless a seller has a home that is in an area, style, or price range with great demand, superb curb appeal, and has continuously maintained both inside and out, there is a good chance the home will not sell quickly.

·     Not hiring a professional to sell your home.  Even though there are many companies that tell homeowners to save commission by selling the home without a professional, statistics on home sales continue to prove otherwise.  These statistics are nationwide, but in a buyer’s market like Hampton Roads with continually changing prices and terms, hiring a professional is even more critical.  Additionally, FSBO costs are fixed costs – the homeowner pays the upfront costs and fees (advertising, signs, representation, etc.) regardless of whether the home is sold or not. Realtor fees are paid only after the sale is complete.

·     Being unreasonable about terms and conditions of the sale. Selling a home involves significant negotiations.  Being both reasonable and cautious will create the conditions for a smooth sale.  Since negotiation is such a big part of a sale, hire a Realtor who has proven negotiation skills.

Tips for Sellers

  •     Email or call me and we will set up a time for a listing appointment so we can discuss your needs.
  •     Read the articles on my Seller’s Page for seller’s tips.
  •     Read the articles on my buyer’s page – to be familiar with buyer’s issues.
  •     If you are interested in learning about the buyer’s financing process, click here.
  •     Be ready to show your home within minutes of it entering the MLS.
  •     When you receive an offer from another Real Estate professional, I will present it and aggressively negotiate any terms with the other professional according to your desires.
  •     Be ready to assist the buyers with removing contingencies for the purchase of your property, to include home inspections, termite and moisture letters, and any other inspection agreed upon in the contract.
  •     I will coordinate closing day document preparation for your signature.
  •     Sign the closing documents and pick up your settlement funds!

Julia Shea, B.S., M.A.
Diamond Member, HRRA Circle of Excellencesm
Chandler Realty, REALTORS®
Serving all of Norfolk, Chesapeake, Virginia Beach, Portsmouth, and Southeastern Virginia
Direct Line: (757) 222-6221, Cell: (757) 971-6221

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