For a long time, the housing market was all sunshine for sellers. Homes were flying off the shelves, and buyers had to compete like crazy. But lately, things are starting to shift. Some areas are still super competitive for buyers, while others are seeing more homes sit on the market, giving buyers a bit more breathing room.
In other words, it’s a tale of two markets, and knowing which one you’re in makes a huge difference when you move.
What Is a Buyer’s Market vs. a Seller’s Market?
In a buyer’s market, there are a lot of homes for sale, and not as many people buying. With fewer buyers competing for these homes, that means they generally sit on the market longer, they might not sell for as much as they would in a seller’s market, and buyers have more room to negotiate.
On the flip side, in a seller’s market, there aren’t enough homes for sale for the number of buyers who are trying to purchase them. Homes sell faster, sellers often ? ...

Some Highlights

Unfortunately, a lot of sellers today are setting their asking price too high. That’s leading to an uptick in price cuts.?
Some of the most common reasons this is happening are that they’re not paying attention to current market conditions or they’re trying to leave room for negotiation.
The best way to avoid this mistake? Lean on an agent. Let’s connect to make sure your house is priced to pull people in, not push them away.  ...

Selling a house during probate in Virginia involves several legal and procedural steps, as probate is a court-supervised process to manage the estate of a deceased person. Below are step-by-step instructions to guide you through this process:
Step 1: Determine if Probate is Necessary
Not all estates require probate. If the deceased held the property in joint tenancy or had a living trust, probate may not be needed. Consult with an estate attorney to confirm whether probate is necessary for the specific property.
Step 2: Appoint an Executor or Administrator
If there is a will, the person named as the executor will handle the estate, including selling the property.
If there is no will, the court will appoint an administrator. You need to petition the Circuit Court in the county where the deceased lived to be named the administrator of the estate.
Actions:
File a Petition for Probate with the Virginia Circuit Court to be formally appointed.
Provide the death certificate, the will s ...

Are you on the fence about whether to sell your house now or hold off? It’s a common dilemma, but here’s a key point to consider: your lifestyle might be the biggest factor in your decision. While financial aspects are important, sometimes the personal motivations for moving are reason enough to make the leap sooner rather than later.
An annual report from the National Association of Realtors (NAR) offers insight into why homeowners like you chose to sell. All of the top reasons are related to life changes. As the graph below highlights:

As the visual shows, the biggest motivators were the desire to be closer to friends or family, outgrowing their current house, or experiencing a significant life change like getting married or having a baby. The need to downsize or relocate for work also made the list.
If you, like the homeowners in this report, find yourself needing features, space, or amenities your current home just can’t provide, it may be time to consider ta. ...

Wow - we’re halfway through 2024! As we look at the rest of the year, I’ve got a few tips on how to help your buyers navigate the current market conditions as they prepare to purchase.?? 

1. Paying Discount Points Can Help the Right Buyers 

With average interest rates hovering around 7%, combined with higher home prices, more buyers are choosing to pay a partial or full point to buy down their interest rate in exchange for a lower monthly payment.? 

It used to be that the general rule of thumb was for every discount point your buyer paid, their rate would decrease by .25%.? However, in the current market environment, we’re seeing that paying a full point can save from .25% - .50% in rate, or even paying a partial point can save .25% on the rate.?

2. Closing Costs Have Risen 

We discuss this often, but it bears repeating: the old 3% for closing cost in many markets no longer holds true. 

As mentioned above, buyers may pay. ...