Real Estate Information

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

You can get some idea of your home's value by searching the Internet. A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate. Neither of these services produce official appraisals. They also don't factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home.

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 875 N. Michigan Ave., Suite 2400, Chicago, IL 60611-1980; (312) 335-4458.

A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either an appraisal or a comparative market analysis.   An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300.  A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. Most agents will give you a comparative market analysis for free.  You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet.

Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy.  One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group's figures show the median price of resale homes increased4.3 percent between 1999 and 2000, compared to 2.8 percent for new homes in the same period.

All home buyers should plan to make a final walk-through inspection of their new homes prior to closing in order to make sure the condition of the property is the same as it was on the day you signed your purchase contract.
You should take an early walk through to check repairs agreed to by the seller, but this early inspection does not replace your final walk-through on closing day.
Checking Completed Repairs
Plan to verify that requested repairs have been made as soon as the seller notifies you they are complete. Don't put off this inspection, because if problems still exist you'll need time to get them corrected before closing.
If possible, the home inspector who discovered that repairs were necessary should accompany you to verify that repairs have been made.
Taking Your Final Walk-Through
Always do your final walk-through after the sellers have moved, but before you go to closing.
At this point you're not inspecting for repairs--you simply want to make sure that the home is in the same condition it was in when you signed the contract to purchase it.
Have items been damaged during the move? Inspect floors for rips or gouges. Look at the walls, especially around door frames that large furniture and appliances might have been moved through.
Most offers to purchase include wording that states that all major systems in the home must be working at the time of closing, so it's fine to do a quick test of appliances and other items such as the furnace and air conditioning. Those items should have been checked during the home inspection, but there's always a chance they've quit working since that date.
Make sure all items the sellers agreed to leave are still there.
Make sure all items the sellers agreed to remove have been removed.
If the condition of the home has changed since your offer to purchase it, you are in a better position to get the problems handled when you bring them to everyone's attention before the deed changes hands.
If necessary, repair or replacement funds can be negotiated, deposited into an attorney's trust fund, then drawn on to bring the home back to the shape it was in on your contract date. If you do not use an attorney to close in your state, ask your real estate agent for advice on how to proceed. It's usually best to hold back an amount that exceeds the estimate for making repairs.
An alternative is to negotiate a flat amount to be paid to you at closing. Or, if damage is excessive, you might prefer to delay closing until repairs are made.
The final walk-through is not the time to do a home inspection. It's simply an opportunity to make sure that the home being conveyed to you is the home you agreed to buy.

Asbestos Dislaimers

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 Home sales during the fall are traditionally a bit slower than the frenzied spring and summer months. But fall can be a good time to sell because there are (usually) fewer houses on the market - meaning less competition - and buyers typically want to buy quickly before winter and the holidays set in.

If you plan on selling this fall, you'll want to do everything in your power to attract would-be homebuyers. One of the first things you should do is examine, and, if needed, repair any major structural systems. If you're unaware of any, you may want to hire a professional home inspector. Chances are a potential buyer will hire an inspector to examine the house, so you might as well save yourself any surprises down the road.

The American Society of Home Inspectors says a typical home inspection includes drainage conditions, exterior surfaces, decks, chimney, the roof, windows, doors, plumbing fixtures, furnace, air conditioner, insulation, ventilation, electrical, heating, and plumbing systems.

Once that's done, you should make sure you don't have any loose shingles. Repair and paint your gutters, if needed. Once the structural systems are repaired or given the thumbs-up, then you should turn to appearance.

And when it comes to looks, if you're selling in the fall, there are many things to consider, including:

 

Curb appeal. In other words, the way your house looks from the street - the roof's condition, how the paint is holding up, whether the windows are sparkling, the lawn is mowed, the landscape is attractive and not buried beneath a peppering of fall leaves, and the driveway and walkways are free from toys and clutter.

 

Entering the house. Your front door should be in good condition. Usually when the real estate professional is busy retrieving the key from the lock box, the potential buyers are standing by with nothing else to look at but the front door. Does it need painting or staining? Also, new hardware will make it stand out, and why not adorn it with a seasonal fall wreath?

 

Once inside your house, the two things that immediately turn off prospective buyers are dingy walls and dirty, ill-colored, outdated, or shabby carpet. Sometimes it's hard to be objective about the condition of your own house because you see it every day, so ask a friend, neighbor, or your real estate agent to give it a look and give you their honest opinion. Fresh paint can do wonders. Keep the colors neutral. And while you can offer buyers a carpet allowance to compensate for bad carpet, replacing it before selling really boosts that first impression and makes the house more appealing and worth more in the buyer's mind.

 

Clear the clutter. If you have too much furniture, put some of it in storage. Fewer pieces of furniture will make the room seem larger and more open. Also, clear counters in the kitchen and bathrooms. Make sure closets are clean. Pack up some of your clothes now. Fewer hanging clothes in the closet will make the closet appear bigger.

 

Talk to the professionals. Now's also a good time to interview real estate professionals. Ask about their experience, find out how well they know the area you're eyeing, and talk to references. Once you have someone lined up you can follow his or her additional recommendations and begin the final phases of preparation before your house goes on the market.

Finally, you should be mindful of setting a competitive price. Your REALTOR® will begin by conducting a competitive market analysis of your house and give you an estimate of the fair market value of your home, which is a range that will fluctuate depending on the housing market in your area and how much similar homes in your neighborhood are selling for.

Don't insist on setting the price too high, especially if you're on a timeline. A house priced appropriately will be taken more seriously and will ultimately sell more quickly than one that's overpriced.


Written by Michele Dawson

On March 31, 2006, the City of Virginia Beach presented its plan to achieve the federal Defense Base Closure and Realignment (BRAC) Commission’s stated objectives to stop and roll back development around NAS Oceana.  This plan meets and exceeds the BRAC intent quicker, more effectively and at a lower total cost than a condemnation-only approach.  Click here to learn how the city’s plan not only complies with the letter of the BRAC order, but also more effectively achieves the objectives of the order.

 

Read all about the historical information concerning the development of the city’s plan at:  

http://www.vbgov.com/dept/brac/