Winchester, VA Real Estate Sales
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Winchester-Frederick County, VA Real Estate Market Update – May 2017

June 11th, 2017 by Mike Cooper

Winchester-Frederick County, VA Real Estate Market Update – May 2017

The Winchester-Frederick County, VA real estate market continued to strengthen in May 2017. Sales are up, prices are up, distressed properties and days on the market are down. Those are all great details for sellers in the Winchester-Frederick County, VA real estate market.

The current inventory of available homes in the Winchester-Frederick County, VA real estate market is steady at 531. The local market thrives in the 500-600 available homes range and this market is thriving. The number of pending sales is at 283.

Winchester-Frederick County, VA Real Estate Market by the Numbers

There were 182 home sales in May 2017. That compares to 178 in 2016, 153 in 2015, and Winchester-Frederick County, VA Real Estate Market Update - May 2017154 in 2014. The trend is up and so is the average sales price. The average sales price for May 2017 was $282,698, compared to $274,080 in 2016, but if you go back to 2015, the number increases. The May 2015 sales price average was $242,980. The nearly $40,000 improvement in the May 2017 sales price is good news for current sellers.

Days on the market has stayed steady for the past three years. Currently, the average days on the market is 62. Compared to 2014, that is a 38 day shorter time on the market. Another exciting piece of news for the current real estate Winchester-Frederick County, VA Real Estate Market Update - May 2017market is the number distressed sales in May 2017. There were only 6 distressed sales in May 2017. That is 3.3% of the total sales. That is extremely good news. The market has recovered from the worst days of the recession, and buyers are flooding back into the market. Sellers can list their homes in the current Winchester-Frederick County, VA real estate market knowing that the trend is on their side.

Winchester-Frederick County, VA Real Estate Market – Strongest Areas

Three areas in the Winchester-Frederick County, VA real estate market made up 73% of total sales for May 2017. Winchester City (22601), Frederick County (22602) and Stephens City (22655). The 22602 area code made up 54 of total May sales, followed by 22601 at 44 and 22655 at 39. Stephens City made up 22% overall sales for the month of May. Stephens City has become the fastest growing area of the Winchester-Frederick County, VA real estate market for the past year.

There is a great deal of new construction in the Stephens City market. Businesses are moving into that segment of the market, as well. Stephens City, as a part of the Frederick County real estate market, is giving home buyers and sellers a glimpse into the market. It continues to drive sales, building and remodeling for the community. It’s quick access to a variety of major highways make it a great place commuters, and yet it offers a small town feel with a growing access to the amenities of a larger city.

The Winchester-Frederick County, VA real estate market is healthy and prospering. When you’re ready to sell your home, be sure to call Cornerstone Business Group, Inc., for a free home value analysis. We would be happy to offer one to you, and when you’re ready to buy, we’ve got you covered there too. We are your local real estate sales pros.

This post was originally posted at www.winchestervarealestate.com: Winchester-Frederick County, VA Real Estate Market Update – May 2017. #mikecoopersellshomes, #cornerstonehomesales, #winchesterhomesales, #yourlocalrealestatesalespros.

For Sale by Owner Properties Often Fail. Why?

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 theFor sale by owner properties often fail. Why? 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.

Stephens City, VA real estate market for the first quarter in 2016

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

 

Winchester, VA Real Estate Market – January 2016

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

Reduce your mortgage by pre-paying principal and eliminate interest.

March 24th, 2014 by Mike Cooper

Homeowners know that a mortgage is a great way to buy a house.  But, too many don’t realize just how much a mortgage can run the price of house up over the course of a loan.

If I told you that I would sell you a $200,000 house for $364,813.42 you would never do it, but a 30 year mortgage can run the purchase price of a house up $164,813.42 in interest at 4.5% over a 30 year mortgage.

There are ways to reduce that number that are simple and within reach.  Anytime you take out a mortgage, make sure you have the privilege of pre-paying principal without penalties.  Let me show you how this works.

Let’s start with a $200,000 mortgage with the first payment beginning January 1st.  Interest is loaded on the front of your mortgage, so your early payments are predominately interest.  Let me give you an example.  Payment one is $1013.37.  Of that fee, only $263.37 is paid on the principal.  The remaining $750.00 is interest.  On month 2, your second payment is $1013.37 of which $264.36 is principal and $749.01 is interest.

                 

So, in two months, you have paid $527.73 in principal and $1499.01 in interest.  Now, if you add the principal of the second month with your first payment you can skip the interest onpayment two.  So, on January 1 you would pay $1277.73.  That eliminates $749.01 in interest from your loan.  

In February, you would pay payment 3.  Payment 2 has been paid with the January payment – minus the interest which you won’t ever pay.  In February, if you paid the principal of month 4, $266.34, you can skip the interest of $747.03.  In two payments, you have reduced your overall mortgage costs by $1496.04 in interest.  If you repeat that every month throughout your mortgage, you can radically reduce the overall interest costs of your mortgage.  There is another way to pay your mortgage off early and reduce the overall interest.  I’ll show that in the next blog.

Winchester, VA real estate listings between $200000 – $250000

December 9th, 2013 by Mike Cooper

The Winchester, VA real estate market of available listings between $200000 – $250000 combine many resale homes along with many “to be built” homes. If you’re looking for a property in this price range, take a look at the listings below and give Cornerstone Business Group, Inc. a call and we’ll help you find the right home.

Winchester, VA real estate listings between $200000 – $250000

Winchester, VA Real Estate Listings: $100000 – $200000

December 7th, 2013 by Mike Cooper

The Winchester, VA real estate market has seen a steady growth in inventory since the beginning of summer in 2013. There are currently 199 active listings in the $100000 – $200000 price range. This is the most commonly requested price range for buyers. Take a look at the listings below, and if you see something you like, let’s get together. Call Cornerstone Business Group, Inc., your local real estate pros.

Available Winchester, VA listings: $100000 – $200000

Saving on your electric bill, Part 1.

December 4th, 2013 by Mike Cooper

Everybody loves to save money. One of the easy areas to cut your monthly expenses is on your electric bill. There are multiple products on the market today that can cut your electric bill and still deliver the same quality service you’re accustomed to.

When my sons were young, they had a propensity to enter a room, turn on a light and leave with the light still on. Initially, it was irritating, but over time, rather than get frustrated with them I did something to make sure that it was no longer an issue. I installed a motion sensing light switch in the area where the lights were the most likely to be left on by unconscious boys (and adults).

The motion sensing switches are reasonably inexpensive too (approximately $20). The way they work is that when you enter a room the swtich senses your presence and the lights come on. When you leave the room, the lights will stay on at a predetermined time (mine is set for 5 minutes), and then they automatically cut off. There is no flipping switches. You just walk in, and you walk out. The motion sensing switch does all the work for you. No more lights left on.

The second cost cutting device I incorporated into my home was a digitial timer switch. In my case, this switch is used for exterior lights. The switch will only allow the lights to be on during predetermined times. I use this one on a rental property that I rent out for weekend retreats. Those who use the property have been notorious for leaving a high intensity fixture on for days (and weeks) on end. So, I installed a timed switch. This switch allows me to have it come on automatically at a specific time (typically dusk), and then it turns itself off at a specific time.

These switches can be installed by a homeowner. They have good instructions, but if you feel uncomfortable dealing with electricity, by all means call us to have them installed. If you do decide to install them yourself, please turn the power off on the circuits associated with the switches, read the instructions well and install the device. Reinstall the device into the box, turn the power back on and test. If everything is done correctly, you will be on the path to saving money.

 

Black Friday and Multiple Real Estate Offers

November 29th, 2013 by Mike Cooper

I’m off on a long weekend relaxing and enjoying the ocean. During a moment of temporary insanity, I decided to drop by a few of my favorite stores. In the midst of my adventure, it dawned on me that it’s Black Friday. I’m sure that should be changed to Black and Blue Friday.

It was entertaining to watch all of the bargain crazed shoppers. Each one trying to get that one item that was 50% off from 10:00 am to 10:15 am. Pushing, shoving, shouting, elbowing, tripping, griping, grumbling, stumbling, fumbling, well, you get the idea. I know it has to be stressful for all involved. I was mostly window shopping, so I didn’t really care what the ninja shoppers were up to.

It made me think of the stress buyers go through when they are buying in a hot market where multiple offers are the norm. These Black Friday shoppers could do a number of things to avoid the stress, but that’s not the purpose of this blog. What can buyers in a hot market do when they are confronted with buying challenges? Buyers:

  • When you find a house you are really enamored of, remember, “Don’t fall in love with anything that can’t love you back.” A house is just a house. If you miss this one, there is a great chance that a better one is just around the corner.
  • Always know the market. Ask your Realtor to keep you up to date on properties in your market criteria, and make sure you have good comps to make sure you’re not getting carried away with the multiple offer madness. It’s easy to over offer on a house because of the bidding war. The problem you may run into is that the house will not appraise for the offer amount, and you will have to ask the seller to drop the price to meet your appraisal or you’ll have to bring more money to closing, or worst case scenario, you’ll give up the offer.
  • Keep looking during the process. You don’t need to make offers on other properties, but if you find one that better suits your desires, pull out of the bidding war and buy the property that isn’t being fought over.
  • Make a buying plan and stick to it. You may increase your purchase price a little if it’s within reason, but increasing 20-40% is not a rational purchase. (See the first point) My younger son put an offer on a house this past summer. The house sold for 40% over list. His offer was 20% over list. That was a limit of what was sane for that particular house. The buyer bought beyond value of the house by $20000. Why? Multiple offer hysteria.
  • Put your best foot forward first. You may end up in a multiple offer situation, but there may be no second chances to make a highest and best offer.
  • Be willing to walk away. There is no logical reason to pay too much for a home when there are homes you can afford that meet your needs, wants and desires.

Black Friday is only one day a year, but multiple offer scenarios can pop up at any time. Be ready with a plan to engage when you find a property that catches your eye, but also be ready to move on. Don’t get caught up with the craziness. It will blind you to other opportunities.

Black Friday and Multiple Real Estate Offers

 

300 Prestwick Lane, Stephens City, VA 22655

November 22nd, 2013 by Mike Cooper


Large end unit townhouse with an open floorplan.


Overview
Maps
Photos
Description

$189,000
Townhouse
Main Features
3 Bedrooms
2 Bathrooms
1 Partial Bathroom
1 Unit
Interior: 1,937 sqft
Lot: 0.07 acre(s)
Location
300 Prestwick Lane
Stephens City, VA 22655
USA

Mike Cooper

Mike Cooper

Cornerstone Business Group, Inc.
(540) 722-6029
mikecooper@mris.com
http://www.cbginc.net

      

Listed by: Cornerstone Business Group, Inc.

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