As you might have heard, we are in a shifting market. Rates are higher, and the economy is a little more questionable. Let's talk about pricing your home in this adjusting market and what you need to keep in mind. If you have more questions, I'd love to answer them. Reach out to me on Instagram at @cindybennettrealestate or via my website at cindybennett.net

Are you thinking of selling your home in this shifting market? Well, the window where you could just throw a sign in the yard has probably closed and there are definitely five things at least that you need to do before you get your home on the market to maximize the value Number one, this is gonna sound really obvious but clean, clean, clean. Clean like your mother-in-law's coming like the queen is coming for dinner. Clean the windows, the baseboards, all of the surfaces, even the furniture that yeah, they're not buying, but just clean everything. Number two, paint or at least clean up the scuffs touch up the paint where you can see the wire around the corners, all those little spots that show that yeah, you've lived in the house and you've loved the house. But if your living room is hot pink, maybe you want to tone that down so they can visualize themselves there too. Number three, focus on that curb appeal. The first impression can't be redone. So your front door should be freshly painted. Make sure that the hardware is gleaming, and put fresh mulch, weed your lawn, cut the lawn, get all the cobwebs off the lights, and make sure that when people walk up, it feels like a new house, it feels welcoming and for heaven's sakes spend the $13 to get a brand new doormat. Number four prep for your photos. Make sure that even though the house looks great to you with your naked eye, the cameras gonna see the same thing that you think you see. So that means take your iPhone, go through, take some snapshots and see what your naked eye might not have seen. If the flip-flops had been left under the sofa. Your purse is still on the counter or that dog toy is laying in the middle of the living room floor because it's always there. So who notices it? Get those things out. And a good rule of thumb is if it's smaller than a softball, take it off the surfaces of your desks, dressers, and bookshelves, it just clutters the eye you want people to see that house. And finally number five, a great way to get a head start on the marketing of your home is to make a list of all the things that you love about it. If you love that there is a playground two blocks away, or that the sunsets from your deck are the best thing ever. Put that down on a list and let potential buyers see those things. But also make a little list of the things that you've done since you've lived in the home if you just put in a new water heater that might not jump out to the potential buyer but if you pointed it out to me it'll make a difference. If you want more tips on getting your home ready for market, give me a call, or shoot me a message. I'd love to come and help give you a customized walkthrough on ways to maximize your value.

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.

Yes, we're in a seller's market, but even in a seller's market pricing mistakes get made every day. Basing pricing on over customization, your $70,000 darkroom may just be somebody else's spare bedroom, basing your pricing on what you want to get. The market doesn't care if you want to buy a new boat and a new house once you sell this one, basing your pricing on the repairs that you made to get ready for market because you had to take three dead trees out of your yard and it cost you $12,000 is not going to transfer into $12,000 extra. Basing your pricing on online estimates you, know what I'm talking about, and they are not always right. And lastly, timing. Timing can have to do with price. This market today is not necessarily the market in October, so make sure that you're up to date on what the market conditions are when you're ready to list. If you have any other questions, reach out to me I'd love to talk to you!

Have you been hearing all the talk about the real estate market in the last 6 months or so, and wondering if maybe it actually IS the right time to sell? You're not the only one. (I've even thought about it myself!) But where to begin? Well, the obvious solution is just to call me, right? Kidding. Well, kind of... Stick with me. Here are a few things to think about as you get ready sell your home in the Richmond area. Obviously, I'd like you to call me, but if not me, call your agent of choice. Sooner than you think. We will walk through your home and pull the data to help give you a comprehensive list of to do's, discuss your personal goals, and touch on pricing, at least within a range. No one knows your home as well as you do. So, if there are items that you know need repairing, making a list of those and starting to get them checked off is a great place to start. Clean, clean, and clean some more. (I have a comprehensive cleaning list to remind you of the things buyers tend to look at that sellers often forget.) Staging is often important in our market and others. Depending on your home, that may mean just decluttering, and depersonalizing your space, and others it means a full staging with furniture, art, and accessories. Know the comparables and price it well. Yes, the market has been wild for the past few months, but pricing has always been, and will always be, a crucial component of a successful home sale. That means paying attention to the comparables, the market, and your own personal goals to get the pricing right. Getting your home prepped can sometimes be accomplished very quickly, but more often than not, it takes a little bit of time (Real talk? The average time it takes to prep a home for sale is 2 months, from start to finish.) The most important thing to know? Call your agent as soon as you start thinking about selling. That will absolutely reduce your prep time, keep you on the right track, and make sure that any money you spend helps maximize your time and sales price and minimize your stress.  Are you ready?