Selling Your Home

As we close out yet another "unprecedented" summer, it's a great time to check in on the market and give you a few numbers, but also a breakdown of my assessment on things. Here in the Richmond area, we have definitely seen things cool a bit, but it's by no means ground to a screeching halt. A few things to note, number wise. (These are numbers for the Richmond Metro area, so the city and surrounding counties) The average home price has finally dipped a bit month to month, dropping from $429,015 in July to $420,926 in August. If you look at this graph, you'll see how prices have trended generally over the last year, and it's been pretty steadily increasing all along, until now. (July was a bit lower than June as well.) Days on Market has actually gone up in August over July as well, with the average home now staying on the market 15 days instead of 11. Yep, these are not huge differences month over month, and they are still stronger numbers than last year at this same time. We are very much still in a market with low inventory, and we still have a bit of a backlog of buyers that are still looking for homes. So what does this all mean if you are one of those buyers still looking in this market? Good news! We are seeing more negotiation for buyers, with people able to actually "make an offer" in some cases, as well as have full home inspection and appraisal clauses in their contracts. This is something we haven't seen in some time, and as someone who works with a LOT of buyers, I have to say it's a welcome change! But what if you're selling? Have you missed your window? Absolutely not. As I mentioned before, we still have fairly low inventory, and that means there are still more buyers than sellers, and pretty high demand. Did you miss the window of multiple offers with no contingencies and way over asking? Maybe. We are still seeing plenty of multiple offers, but that's a bit unpredictable, even in the "hottest" of areas. If you need to sell, though (or just want to sell), it is still a good time, just in a more normal sense of good, rather than totally crazy like it was 6 months ago. Do you have questions about the market as we head into fall? I'd love to help you get your questions answered, and make sure you have all the information to make any move you need or want to make. Call me!

Okay, so let's talk about rent backs. What is a rent back? That's something that we're hearing all over the place in the market the last year. So, lots of sellers want to stay in their home after they close because maybe they haven't found a home or maybe they have found a home, but they can't move into it right away. So, when you hear the term rent back bandied about basically what that means is the seller would like to retain possession after closing for a fixed period of time. But how does that work? I mean, it sounds like a great idea, but how does that impact you with the buyer of that home? So when we do a rent back, we use what is called a possession by seller agreement and basically, it's just like a lease, you basically become a landlord for whatever it is that you and the seller of the home you're buying have determined you want to do. There are all sorts of ways to structure this. But yes, you do own the home after closing. Yes, you do want to make sure your homeowners insurance covers it. Every little detail of that process needs to be in writing and you need to understand that you basically have a tenant. So, if the washing machine breaks, it's on you, not them in most cases. So, there's lots to go into that. But remember, if you want to do something like that, that is outside of the details of the actual sales contract, we need to have all of that in writing to avoid any confusion and make sure everyone is covered. So remember, anytime we do anything in a real estate contract, listing or selling, we want to have everything in writing. If you have questions about any of those details, or you have an unusual situation, reach out to me I'd love to answer any of your questions.

Uncommon mistakes that sellers make in literally every market. Be prepared for the photographer. Don't forget that the photographer is coming at 10 o'clock on Monday and leave your breakfast dishes all over and everything in the middle of the floor from your kid's projects the night before. Be prepared for showings. If you know the showing is scheduled for two o'clock in the afternoon, don't hop in the shower at 1:59. If your home is vacant, and you're letting a stranger stay in the spare bedroom, let your realtor know to let other agents know there's nothing that deters a buyer, like being scared out of their wits and breaking a toe on the way down the stairs. Remember, we are trying to get the buyers to visualize themselves in your home and have it be their home. So if grandma's in her bathrobe or the kids have made a huge mess, or you've got cars under tarps in the backyard, that's probably not what they're looking for. If you have any other questions, please reach out to me I'd love to talk to you

How do you even go about picking the right Realtor? And is it even important? In the market that we're in right now, or really any market at all, having a good agent on your side on your team really is a crucial component of either selling or buying that house. You really want an agent that's going to be willing and able to have those hard conversations. So that means telling you that your offer may not win and helping you craft the offer that will. That means telling you that your cats smell a little bit more than you maybe think they do. That is telling you that you might need to move that old sofa out and have your home staged. So while we all like to hear what we like to hear, sometimes we need somebody to give us those hard questions hit us with those hard truths to get us where we want to go. Obviously, I'm going to tell you, I am the agent that's going to give you the hard truths, ask the hard questions, and tell you what you may not always want to hear. So if you're ready to have some of those hard conversations that are going to help you get where you want to be in your real estate goals. Give me a call. I'd love to talk to you!

Well, mostly midsummer, at least. It's hard to turn on the news without some sort of daily update about the real estate market, but with so much click bait, so many opinions, and headlines crafted to grab your attention, what is the real story?? (And how much does the national news impact what's going on here in Central Virginia?) I'm here to break it down for you! What's Been Happening for a While? Well, it's no surprise that the real estate market has been going full steam for the last couple of years. The reasons for that are numerous. To name a few: The pandemic created different needs in the home- more work from home situations, more desire for home to be a "get away" when so many get aways were closed (think pools, putting greens, and more outdoor kitchens), and more people becoming something of digital nomads, with the ability to move anywhere. Interest rates dropped to historic lows, so money became so cheap to borrow, and that absolutely spurred the market, make home ownership more attainable for many. Millenials/older millennial buyers dropped into the market in force. Being the most populous generation, they made up 43% of the buyers out there in 2021 and those numbers continue to grow. The production of new housing units dropped after the mortgage crisis in '08, and the supply has diminished since. All of those factors created a serious supply and demand issue, where there were quite literally more buyers than homes. That's been going on for a couple of years now. What we're seeing now and how it's changed over the last few months.  Obviously, rates have risen quite a lot in the last few months, going from a low of 2.68% in December of 2020 to the current rate (as of July 2022) hovering around 5.5%. That has pushed some buyers out of the market completely, and more into different brackets of their price range. In our market, in Central Virginia and the Metro Richmond area, We're still seeing a good number of multiple offer situations. But, instead of 15 offers, we're seeing more 4 or 5 offer situations. Every home is not selling immediately. The homes that have don't have great curb appeal, show a lot of deferred maintenance, or are priced too ambitiously are not flying off the market like they were a few months ago. Buyers are able to be, and are being, a little more picky, and a little more cautious. Fewer buyers are waiving "all the things-" Inspections, appraisals, etc. More price reductions. Price reductions have tripled since early May. Those days of pricing homes by throwing a dart up high, and having offers that still exceed it, seem largely over. In most cases, at least. What is projected in the next few months/looking into next year? (And how will it all affect you if you're looking to buy or sell?) Despite some people's predictions of a housing market crash, that's VERY unlikely to happen here in the Richmond area. Demand is still high, and supply is still pretty low. While we may see a more "normal," market, it is doubtful that we'll shift completely from a seller's market to a buyer's market. It will likely just be more balanced. We're already seeing more home inspections and fewer high appraisal waivers, so if you've wanted to buy and those things have scared you, that window is opening just a bit. All of the experts do predict that rates will continue to rise over the next few months to a year, and that homes prices here will continue to go up (not at the same rate, but still, up) for the next few years, so if you're thinking of buying, don't wait for prices to go down. Buy when it's right for YOU. If you're thinking of selling, you may have missed *much* of the crazy peak of the seller's market, but with supply still low, it is still a good time to sell and leverage the equity you have in your home. Do you have more questions about the market? Follow me on social media and here for more market updates, or give me a call to give you a customized assessment of your unique situation.  

"Thinking of selling your home in the next few months. One of the things you definitely want to do is have everything ready. Get yourself ahead of the game. And one way to do that is to grab a copy of my 10 Things You Must Do If You're Thinking of Selling your home. It's a free guide that I'm offering. Click the link in my bio, shoot me a message. I'll get a copy of it in your hand and you can start working before you even sign the papers and make sure you are ready to go when it's time to sell." --- Are you considering selling your home? Whether you're looking to take advantage of the current Richmond market, relocating, or downsizing - get started on the right foot & grab my FREE GUIDE - 10 Things You Must Do if You're Thinking of Selling Your Home. These are things you can start right now to get you on your way to getting the most money from your investment. Download here: https://bit.ly/10ThingsYouMustDo. Got questions? I'm always happy to answer them. Find me on Instagram at @cindybennettrealestate or via my website at cindybennett.net.

Are you starting your home search? Get off the internet! Here's why a lot of those sites that seem so terrific on the internet might not be the best place to really get going on that home search. You just start poking around and then the next thing you know there's a house you want to see. Make sure that you are connected with, you know, me, or a realtor in your local market that's going to be able to give you the solid data, the actual listing price, and the comparables that are up to the moment in that particular neighborhood and area that you're looking at. Once you're ready to look at real homes in real life, let's set up a meeting in real life and set up a plan that's perfect for you and that home that you know you're gonna love.

Curious about what the market is doing? Here's what's happening, with a few FAQs, a few stats, and a few predictions. Do you have questions? Reach out to me- I'd love to get you some answers! If you've been waiting for a "crash," I hate to disappoint you. While we're certainly seeing something of a shift, that only means that we are heading towards (hint- we're not there yet) what will likely be a more balanced market. That means things will start getting a little easier for buyers, while still being good for sellers. Wait. What? Well, here's what that means- The definition of a balanced market is one in which the supply and demand are, well, you guessed it- balanced. That means if no other homes were listed, it would take about 6 months to sell through the inventory on the market. Where have we been in the last year+? If you look at this graph, you'll see it's actually been nearly 10 years since we've had a true balanced inventory, but  in the last year or two, we've consistently been under one month of inventory. There have simply not been enough homes to meet demand. (The why of all this is a longer story that I won't get into now.) As of May '22, we're at .9 months, and still very much in a seller's market. Because of the length of time it takes real estate transactions to close, these numbers are often lagging indicators. In other words, the data is generally a little old to really be accurate for the moment. What I can tell you is that anecdotally, here's what we're seeing: We are STILL seeing many multiple offer situations. Just more often there are 4-6 offers, rather than 20. (There are still lots of 20+ offers happening, though, on those "perfect perfect turn key" homes.) We are seeing more inspections written in to offers, and more of those offers getting accepted. Whew! This is GREAT for buyers. (Keep in mine, in certain areas, and on certain homes, we're still seeing lots of inspections being waived, so just be aware of that if you know you're in a competitive situation.) We are definitely seeing more price reductions, more homes on the market for a bit longer, and more homes without tight offer deadlines. All of these things mean there is hope for the buyers out there, and while we don't really anticipate prices going down, we do anticipate things getting just a bit easier for the buyers out there. (Finally!) "So, what does this mean for sellers? Have we missed our window?" NO! You have not missed your window. It is still a great time to sell! But, we are definitely seeing things trending more to "normal," which means if you're going to sell, there are some things you'll probably want to do to get top dollar (search Selling Your Home posts here for some of those tips!). Cleaning, using a great agent who actually uses professional photos and markets your home, staging, and doing some repairs and prep work are making a comeback for folks who want to get the most money for their home. Also key? Pricing correctly! That window of exorbitantly high prices that still go for over asking may indeed be closing. Questions? I've got answers. Message me or give me a call. I'd love to help!    

Ugh, I wish I had done that sooner. Now I love my house! I hear this all the time. People do things to get their homes ready to sell, but they don't do them until they're really getting ready to sell. If you know you're thinking of selling your house this year, and you know that there are some things that you're going to want to do to get it ready, start doing those things now so you can enjoy them and not just the new buyers. If you're wondering what that list is, of things that you need to do to get your home ready to sell, give me a call, and let's walk through, get that list together so you can start doing those things that are going to help you not only get the most bang for your buck but help you enjoy the house while you're still living in it. Give me a call or shoot me an email today and let's get a time set up to take a look at your home.

You’ve signed a contract on a new home and now you’re moving. Which means packing. And finding a mover. And arranging furniture. And unpacking. And finding places for ALL of the things. And. And. And… One of the best ways to ensure a smooth move is to plan. Think about how you will live in your new house. Will you use the front door or the back door - and where will shoes end up once you’ve come in? Where is the most practical place for your vacuum, spare batteries, and wrapping paper? Plan what will go in each closet and cabinet. If you know where things will go and pack accordingly, you won’t stress about those decisions as you’re trying to unpack. Before you start packing, think about what you shouldn’t pack. You’ll want to have some necessities on hand, such as a change of clothes and toiletries, toilet paper, and paper towels to tide you over until the movers are gone and you’re able to unpack. We also suggest moving items yourself that can’t be easily replaced, like medications and your vital documents. You’ll also need packing supplies. We suggest: Moving boxes - try Go Green moving boxes. They’re around the same price as cardboard boxes, and there’s no taping. You’re also not left with a giant stack of boxes to break down and get rid of Wardrobe boxes or large heavy-duty shopping bags for hanging clothes Packing paper and bubble wrap Labels and Markers Hopefully, you read our first post in this series and started purging before your house ever hit the market. But let’s be honest, you can still probably let some things go. Why is it so important to purge before you move? Packing is no fun, so why spend time (and money on supplies) packing items you don’t want or need? You will be paying a moving company to move items you won’t use (or doing it yourself). It will take you longer to unpack, and therefore longer to get settled into your new home. So as you’re packing, ask yourself those same questions - do I need, use, or love it? - and if the answers are no, no, and no, let it go. Pack each box by the type of item(s) and what room it will go to in the new house. Use soft items like towels or linens to line the bottoms of boxes with breakables. Wrap breakable items generously and don’t overstuff boxes. Label each box clearly by room (and which floor if it's a multi-level home) and list the types of items in the box. Group boxes by floor and room. This should make it more efficient for the movers to unload boxes and get them to their appropriate rooms. Does all of this make you want to stay where you are? Hire a professional organizer who offers move services to do the packing and unpacking for you.