May 21st, 2016 by Mike Cooper
For Sale By Owner Properties Often Fail. Why?
As a licensed real estate professional, I’ve seen my share of for sale by owner properties around. Most of the time, they end up with a Realtor sign in the yard after months of languishing on the market with a “For Sale By Owner” (FSBO) sign. I just passed a former for sale by owner property yesterday. As usual, I chuckled when I saw the Realtor sign in the front yard.
Why do for sale by owner properties fail at a higher rate than a professionally listed property?
- Homeowners seldom really know the current market. That leads to an overpriced home that savvy buyers would never buy. I showed one this past Monday that was 62% overpriced. I guess the seller assumes there is always a buyer with more money than brains out there. What you want, and what a home will sell for may be light years apart.
- Showing a for sale by owner can be challenging. When an agent sets up a dozen showings in one day, scheduling becomes an art. Access is the key to making that day successful. If a for sale by owner can’t allow the house to be shown except on a limited schedule the odds are radically against him. That’s true of listed properties too. Access is really important.
- Homeowners may not know how to negotiate an offer. There is usually some give and take in a real estate offer. If a for sale by owner is locked on a price and won’t budge, or won’t let a home inspection or repair request become a part of the deal, or is refusing a termite inspection, or is demanding of a closing date closer than a lender can accommodate, then a buyer can’t buy it.
- Homeowners may not disclose things, or they may disclose too much.
- Homeowners may not understand legal contracts. I ended up re-writing a contract for a for sale by owner last year because there were so many legal liabilities in in it that could eventually come back to bite the seller. The seller had no idea, and the buyer, who wasn’t represented either had no idea of the legal ramifications of a binding contract full of potholes.
This list could go on and on, but the reality is that a FSBO is almost always better off selling through a competent Realtor. It will reduce stress and it will help the seller get across the finish line with a better deal.
When you’re ready to sell your home, don’t waist weeks or months trying to sell yourself, give your Cornerstone Business Group, Inc., and Mike Cooper a call. We are you local real estate sales pros.
May 10th, 2016 by Mike Cooper
The Stephens City, VA real estate market had a good first quarter in 2016. There were 75 homes sold with only 5% of them being distressed (short sale or foreclosures). The market is steadily returning to stability.
The minimum price a buyer paid for a home in Stephens City, VA in the firstquarter of 2016 was $89900 and the maximum was $464,530. The average price was $235,343. The average corresponds to other areas of Frederick County, VA. The average days on the market was 77 with the minimum being 0 and the max being 549.
Of those sold, 28 had 3 bedrooms and 2 baths. Twenty-four had 4+ bedrooms and 2+ baths. Four had 2 bedrooms and 1 bath, and the remaining number fell into a mystical place we call “other.”
Homes sold the following categories:
- 32 – Colonials
- 19 – Ranchers
- 6 – Split Foyers
- 6 – Traditionals
- 2 – Cape Cods
- 2 – Contemporary
- 1 – Rambler
- 7 – Other (Townhouses, Condos, Manufactured Homes)
New construction has picked up in the Stephens City, VA real estate market. Most homes sold in the first quarter were previously owned homes, but the new home market is beginning to have its own revival. When you’re ready to buy or sell in the Stephens City, VA real estate market, be sure to give your Cornerstone Business Group, Inc., agent a call. We are your local real estate pros.
Stephens City, VA real estate market for the first quarter in 2016
#winchestervarealestate, #mikecoopersellshomes, #cornerstonehomesales
February 26th, 2016 by Mike Cooper
The Winchester, VA real estate market cleared a huge hurdle in January 2016. The number of distressed properties fell to 5% of the total market sales for the the month. That may sound like a lot, but that is more of an average number across the wide Winchester, VA real estate market.
The total number of distressed sales (short sales and foreclosures) in January2015 were 18%. A drop to 5% year to year is incredible. There were no disclosed short sales in the local market according to January 2016 MLS record. Foreclosures made up the full 5% (4) for the month.
The low level of distressed properties may be bad news for bargain hunters and house flippers, but it is great news for home sellers and buyers. Home sellers can anticipate more consistent prices and less volatility, and home buyers can expect better appraisals and home values on the purchases they are making.
There were 81 properties sold in the Winchester, VA real estate market in January 2016. The average sale price for a single family home was $247600, and the average days on the market was 74. Days on the market has crept up slightly over the past 18 months, but it hasn’t entered into an area of concern. A boost in the number of available homes in July of 2014 carried through until the Winter of 2015. The number of available properties extended the length of time a home sat on the market.
Today, the number of available homes has returned to the pre-July 2014 numbers (518). The lower inventory will likely spur more aggressive buying in the immediate future. A recent RealtyTrac study revealed that October was the best month to buy a home. It was followed by February, December and January.
Now is the time to get that house on the market folks. When you’re ready to sell, or buy, make sure to call your Cornerstone Business Group, Inc., agent because we are you local real estate sales pros.
Winchester, VA real estate market in January 2016