We have low inventory of homes for sale in Prince William County, Manassas, and surrounding counties in Northern Virginia. Moving into the spring market with low inventory means a sellers market. This is good news for anyone planning on selling their home in 2014. We have seen a rise in home values over the past few years which should allow more people to be above water and able to sell. We rounded out 2013 with a 12% increase in home values in PWC. This is great news for most people, as many have been stuck in the homes they bought a decade ago. Steady growth is predicted this year with home values predicted to increase about 5%. If you are thinking about selling this spring, now is the time to get in touch with your agent to start planning for your sale!
What does this mean for potential buyers? It means it will possibly take longer to find a home that fits your needs as their are fewer homes on the market for sale. And this will be frustrating! This also means that sellers will not be willing to help with closing costs as they will not need to in order to sell their home. There will be multiple offer situations and you will be paying market value or a bit higher to secure your home of choice. There will be more competition, other buyers, on the market as interest rates have remained low. Low interest rates means home are affordable, which is a good thing! Just be prepared to go in with an agressive mindset and make sure you have your downpayment and closing costs ready to make an offer!
Need help buying, selling or just want more information to plan for the future? Please check out my website http://www.julietmayers.com for all your real estate needs! I offer a FREE buyers consutation, and a FREE online home evaluation to give you an idea of your homes value in the current market!
Monday, March 3, 2014
Buying a Home?
Buyers should always enlist a Realtor to aid them in buying a home. Why you may ask? It is a FREE service for buyers! That is unless your Realtor is charging you an extra fee on top of the comission that they earn from the seller. Otherwise the buyer does not pay their agent a dime! The Seller pays a comission to both the Listing Agent and the Buyer's Agent.
It is very important for a buyer to find an agent who has time for them and who they connect with and trust. You can interview multiple agents for the job. I suggest finding a local agent. Real Estate is a very local business. Realtors must know their market well and the neighborhoods to find you the right home. Find an agent who lives or works where you want to move.
During your interview, your agent will discuss buyer's agency. This is where a buyer commits to working with one agent on the purchase of their home. The agreement can be disolved if either party wants to stop working with the other. This agreement protects you and protects the agent. It outlines what your agent will be doing for you and how your agent is working as a fiduciary on your behalf. Thus not working for the seller. This agreement is a promise to work for you in your best interest. It asks for your commitment to work with that agent to achieve your goals.
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