5 Reasons You Should Avoid Overpricing Your Home For Sale

Excessive inventory.  In recent years, the housing inventory has skyrocketed.  With the downfall of the economy and the steady influx of short sales and foreclosures, there is now an abundance of homes available for sale.  Today, supply exceeds demand. Overpricing your home in a market where supply exceeds demand is termed seller suicide!  Why sabotage your own sale?  Instead, price your home competitively giving you the best possible chance of getting it sold in a timely manner.

Buyer's Appraisal.  In order for the buyer to qualify for a mortgage loan, the buyer's lender must appraise your home.  If the appraised value is less than the sales price, the appraised value will equate to the maximum loan amount that the lender would be willing to approve.  In order for the buyer to secure a mortgage loan, the sales price must not exceed the appraised value.

No traffic.  The first week after placing your home on the market is a very crucial time.  This is the time to capture interested buyers.  If your home is overpriced, you are unlikely to receive any visitors.  Buyers will preview other homes in your neighborhood but skip yours. To ensure a steady flow of traffic to your home, price your home competitively.  Ultimately, this will increase your chances of receiving an offer from a ready, willing, and able buyer.

No offers.  If your home is overpriced, you are unlikely to receive an offer as buyers are not willing to pay more for your home than it is worth.  Rather, they will simply move on to the next property.  It is imperative that you price your home in accordance with the current market value to increase the possibility of generating an offer.

No sale.  Overpricing your home will ultimately end in no sale.  As previously stated, buyers are unwilling to pay more for your home than its current market value. Therefore, overpricing your home will only help to ensure that your real estate transaction will not end in a successful sale.

Interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia?  Contact me for assistance!  My expertise includes first-time home buyers, home sellers, luxury homes, short sales, foreclosures, divorce, and relocation.     

 

Lisa Dunham, MBA, CDPE, ABR, ePRO
Allison James Estates & Homes
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com

                     

 

I Am Too Embarrassed To Do A Short Sale

These words were spoken to me by a prospective client a few days ago.  As a Certified Distressed Property Expert (CDPE)and one who is highly experienced in representing home buyers and sellers in the short sale process, I wanted to address the negative perception that still permeates the industry regarding short sales.

A short sale is the sale of property where the total amount of the seller's outstanding loan(s) exceeds the current market value of the home.  Short sales grew in popularity as a result of the downfall of the economy.  Initially, short sales were frowned upon because they symbolized the seller's inability to pay his or her mortgage debt.  Naturally, this became an embarrassing factor for many home owners.  Nonetheless, as the economy continued on a downward spiral, short sales became a method of survival.  Today, short sales are a way of life.

The perception of short sales has drastically changed throughout the real estate industry.  Long-gone are the days when short selling your home was something to be embarrassed and ashamed of.  In many cases, short selling is considered a smart decision.  When in doubt, just as a short sale expert like me!

To all prospective home sellers who are considering short selling your homes, there is absolutely nothing to be embarrassed about.  Short sales have become a way of life and you need not feel ashamed to short sell your home.  Home owners short sell their homes for many reasons and you should feel comfortable in making this decision as well. 

If you are considering short selling your home in Alexandria, Lorton, Woodbridge or any of the neighboring areas in northern VA, please contact me for assistance.  I would be happy to evaluate your circumstances and help determine if short selling your home is the best decision for you.

Interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia?  Contact me for assistance!  My expertise include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, divorce, and relocation.     

 

Lisa Dunham, MBA, CDPE, ABR, ePRO
Allison James Estates & Homes
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com

                         

How to Reduce the Cost of Your Daily Work Commute

Are you looking for ways to reduce the cost of your daily commute in northern Virginia, Maryland and Washington, DC?  If you are interested in a cheaper ride to work, then check out Ridematching and Ridesharing with Commuter Connections.  Through Ridematching and Ridesharing, Commuter Connections can instantly help you find a list of compatible carpool and vanpool partners who can help you save on the cost of your daily work commute.  You are free to join an existing carpool or vanpool or you can simply start your own.

For added convenience, Commuter Connections offers you a Guaranteed Ride Home when you carpool, vanpool, bicycle, walk or take any form of public transportation to work at least twice per week.  For unexpected emergencies or unscheduled overtime, you need not worry about your transportation home. Commuter Connections will provide you with a free taxi ride home or a rental car up to four times per year.

If you are looking for ways to reduce the cost of your daily commute in northern Virginia, Maryland and Washington, DC, Commuter Connections may be the best solution for you.  To register for Commuter Connections, please visit www.commuterconnections.org.  For questions regarding the program, please call 1-800-745-RIDE.  Happy Commuting!

Interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia?  Contact me for assistance!  My expertise include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, divorce, and relocation.     

 

Lisa Dunham, MBA, CDPE, ABR, ePRO
Allison James Estates & Homes
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com    

                         

Top 5 Things To Do Before Previewing Homes For Sale in Woodbridge VA

Prospective home buyers are usually eager to begin previewing homes for sale.  After months ofsearching online for the perfect home, many are anxious to begin their house hunting adventures.  To make the most of your house hunting endeavors, here are my top 5 things to do before heading out to preview homes for sale in your area.

Attend a buyer interview.  Meet with your real estate agent to discuss your housing needs.  In turn, your agent will discuss the housing market in your area and will thoroughly explain the home buying process so that you understand what to expect and when to expect it.

Get pre-approved for a mortgage loan.  Establish your purchasing power before you head out to preview active listings.  This will ensure that you maximize time spent by looking at only those homes that fit into your desired price range.  Looking at homes outside of your price range is an ineffective use of everyone's time including the seller.

Determine your desired location.  It is important to determine where you would like to live before heading out to preview homes. Your location should be narrowed down to a single city, neighborhood or subdivision.  The more definitive you are about your location, the more productive you will be in your house hunting adventures.

Commit to working with a single agent.  Now that you are ready to begin your house hunting activities, it is time to commit to working with an agent.  Working with an agent is very important as you will need someone to represent your interest during the sale.  In most cases, the fees for hiring a buyer's agent are paid by the seller.  Therefore, you should take advantage of this benefit by hiring an experienced real estate agent to protect your interest during the sale.

Ensure that all decision makers are available for showings.  The decision to purchase a home is often made by multiple decision makers.  All decision makers should be present during property previews.  This is very important as it is often difficult to coordinate schedules for a return visit to the property.  In addition, even in this difficult housing market some properties are receiving multiple offers, which means the decision to purchase must be made almost immediately.  To ensure that decisions can be made in a timely manner, please make certain that all decision makers are present when previewing homes for sale.

Interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia?  Contact me for assistance!  My expertise include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, divorce, and relocation.     

 

Lisa Dunham, MBA, CDPE, ABR, ePRO
Allison James Estates & Homes
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com