To sell your home in Northern Virginia you have to find the right balance between price and condition. Many buyers think that the "bargain" house is the one with the big foreclosure sign in the front yard. But if they dig a little deeper they may find the gem in the neighborhood may actually be the home that is owned by an individual who has to move for reasons that have nothing to do with their mortgage payments.
When a savvy buyer begins to balance the costs, both real and hidden, of a foreclosure they can often be shocked to learn that a house just a few doors down that is priced well is a better deal in the long run. Besides just the dollar factors associated with repairs there is the peace of mind factor that comes with something as simple as the ability to conduct a real home inspection.
So what does this mean for most sellers? It is a fact that in today's market you must price your home right the moment that you put it on the market. You don't have the option to overprice your home and hope that a buyer will overpay. Certainly if your home is in top condition then you would expect to get more than the foreclosure down the street, however does that property just need cosmetic work to make it the same as yours or does it need a total overhaul? If the foreclosure only needs cosmetic work and is priced right then you can't price yours $20,000 more and hope that it will sell.
The market in Northern Virginia is tough. Homes of all types are selling and many are selling in a reasonable period of time. Don't be fooled into to thinking that your home is worth more than it is. Some buyers will pay more for the peace of mind that comes from buying a home where they can talk to the owner. But they won't overpay. Appraisers won't overvalue and lenders won't lend more than today's market value.
Find the right balance for your home and the sold sign will follow.
For more information on selling your home in Northern Virginia give me a call and check out my other articles on selling your home in today's market.
If You List it They Will Come
Pricing Your Home to Sell
Marketing Your Home for All It's Worth
_____________________________________________________________________________________________________________
As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.
Search all homes available in the Northern Virginia area.
Right, you are, Cindy. Price and condition are key and many times it's well worth a little looking to find a nice house that's priced right that doesn't force the buyer to jump throgh hoops and wait inordinate amounts of time to purchase and move in.
I have to admit to being a little stymied. I have a nice listing in College Park. It's priced at just $5,000 about a nearby "short sale" that has obviously been abandoned (at least by look of the foot tall grass) and $5,000,and $10,000 less than other short sales in the neighborhood. Yet no activity. I'm beginning to worry about the neighborhood itself which used to be the hot place to live.