Selling your Winchester, Virginia home will likely require some adjustments to sell in this market.

By
Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119
http://actvra.in/s9m

Selling your Winchester, Virginia home will likely require some adjustments to sell in this market

During the hot days of the Wincheser, VA real estate market, our area had 1400+ agents competing for listings and sales.  Now, with the market in a stagnant and unstable place, we have approximately 500 agents.  That's a 74% drop in agents.  Even still, that's probably 50% more than is necessary.

Building permits for the tri-county area are running at 114 for the year.  Last year, they were at 341.  The year before that, they ran at 1783.  Simple numbers like that demonstrate to those who pay attention that the market is still very fragile in our area.  The loss of agents and the lower building permit numbers are good numbers to know when approaching potential listings. 

It is a buyer's market.  Everyone should know that by now, but some homeowners still think they can demand whatever they want and buyers will magically appear.  Unfortunately, it's not 2005 any longer.  If a seller wants to get his house sold, he will have to be aware that:

  • His home will more than likely not sell anywhere close to Selling your home in Winchester VAwhat he paid in the pre-crash market.
  • He will also need to understand there is a high volume of properties in competition with his, and some of those properties are short sales and REOs which are priced much lower than his.  Just because a house is a short sale or REO does not mean it's trashed.  It might be a wonderful house, lost by a great family, that ran up against a terrible time in our nation's financial history.
  • He will need to make sure all of his systems are working.  He may not be able to discount his price slightly to allow new buyers the funds to make repairs.  He needs to be aware that the similar house down the street doesn't need a new furnace.  Or, the one across the street doesn't need a new roof.  The house needs to be in good to excellent condition.Selling your Winchester VA home
  • He will need to keep the house and the lawn and landscaping in top condition all the time.  The house needs to be in showing condition 7 days a week.
  • He will need to know that a buyer has no emotional attachment to his house.  Don't take any offers personal.  They might be all over the map.  Make sure he counter-offers.  Don't throw an offer away because he is offended.  It might be the only one he gets, and the buyer might be checking his tolerance for a lower price.
  • He will need to be ready to move.  Don't assume the time fromSelling your Winchester VA home  contract to closing will be 30-60 days.  I've had multiple contracts that closed in less than two weeks.
  • He will need to listen to his Realtor. The Cornerstone Business Group, Inc., agent he hires should be in touch with the local market at all times.  He/she should be able to keep him informed of changes.  He can't assume his buddy on the other side of town is the real expert on all things "Real Estate."
  • He will need drop his emotional attachment to all the labors he put into his house.  Buyers don't care, and they shouldn't.  There is zero value to emotional ties to a home. 

We're in a new time, and buyers and sellers are making adjustments all the time.  A seller who is not attuned to the current conditions will likely be sitting in his house a year from now.  If he truly wants to sell, he will need to make numerous adjustments along the way. 

 

Selling your Winchester, Virginia home will likely require some adjustments to sell in this market

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Rainmaker
1,110,167
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Mike congratulations on the feature. you have put together a well written list of great items every seller needs to look at. You present it in a very easy to read and understandable manner. Have a great day.

Jan 31, 2012 08:55 AM #10
Rainmaker
799,187
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Thanks, Scott.  Have a great day.  In the mid-60s in the valley today.  Yea!!!!!!!!!!!!!!

Jan 31, 2012 09:00 AM #11
Rainmaker
470,933
Andrea Bedard
Thompson Company, REALTORS - Silver Spring, MD
M.A.; REALTOR Silver Spring, MD and beyond

Hi Mike, (you gold-star-superstar) Those numbers are crazy - 74% drop - were they all working in the pre-cash years?! These are all very important points - I still see the "seller will give 2K carpet allowance" or similar in the MLS - that is just not cutting it anymore. Why not replace before putting it on the market? CLEAN seems to be a foreign word to many .. but it can make all the difference!

Jan 31, 2012 09:12 AM #12
Rainer
94,706
Deborah Amazon
Deborah Amazon ~ Amazon Realty ~ Mount Snow, VT 05356 - Mount Snow, VT
I wish the amount of real estate agents would drop by 74% here in VT.   Less competition would be good at this point.
Jan 31, 2012 09:19 AM #13
Rainmaker
799,187
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Absolutely, Andrea.  I'm surprised at the home condition some sellers list in.  It's crazy!

Deborah, we still have too many.  8-) 

Jan 31, 2012 09:24 AM #14
Rainmaker
824,758
Paula McDonald
Chevaux Group, PLLC - The Woodlands, TX
CHEVAUX Group ~ The Woodlands, TX 936-203-0279

Hey Mike.  Another great feature for you.  I hope that business is going well for you.

Jan 31, 2012 11:03 AM #15
Rainmaker
532,472
Amanda S. Davidson
Living A Dream Real Estate - Alexandria, VA
Your Northern Virginia Realtor

Hi Mike- Great post and a well deserved feature. The numbers don't lie, I hope that helps your sellers see how important pricing the home correctly is from the start. I enjoy reading your blog!

Jan 31, 2012 11:49 AM #16
Rainmaker
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Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Thank you, Paula.  This year started out with a bang!  I trust it is for you as well.

Thanks, Amanda.  It's great to have you commenting on my prose.  8-)

Jan 31, 2012 01:47 PM #17
Rainmaker
169,931
Debbie Holmes
Gold Key Real Estate - Boise, ID
Gets the job done!

That is very good advise and well put.... I have given similar advice to many people but not as eloquent.

Jan 31, 2012 02:51 PM #18
Rainmaker
799,187
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Oh, I'm sure it was, Debbie.  8-)  I hope you're having a great Tuesday.

Jan 31, 2012 03:18 PM #19
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Peter Pfann @ 1 Percent Realty Victoria, and Pay-Less For Victoria Real Estate Results!
1 PERCENT REALTY, Victoria BC www.1percentrealtyvictoria.com - Victoria, BC
Talk To Peter 250-213-9490 www.pay-lessrealty.com

HI Mike,

That must feel like a very cold shower for some sellers when you offer them your reality check.... But the truth needs to be shared as otherwise there will be nothing but dissapointment and frustration. Very well done...

Jan 31, 2012 08:24 PM #20
Rainmaker
799,187
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Peter & Linda, I had a woman call yesterday asking why her home hasn't sold in 281 days.  I told her, it's either overpriced, in a terrible neighborhood or it's in bad shape.  She said it was in a great neighborhood and it was in great shape.  I said, "You have your answer."

Jan 31, 2012 08:47 PM #21
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 800-610-7253 DRE01267479 - Costa M

Mike - The Winchester Viriginia seller who follows your advice better make sure he's packed and ready to go.

Jan 31, 2012 10:01 PM #22
Rainmaker
799,187
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Christine, I like the way you think.  8-)

Jan 31, 2012 10:12 PM #23
Rainer
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Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h

Many of the items you list are also what we sometimes find in the minds of homeowners wanting to rent and not understanding that they need to "let go" of some ideas and adopt new ideas as they make the transition into owning a rental property.

Feb 01, 2012 01:06 AM #24
Rainmaker
799,187
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Very good point, Mark.  I'm just getting ready to list a new rental.  I should keep this handy.  Have a great day!

Feb 01, 2012 07:03 AM #25
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Joni Staples
Berkshire Hathaway Home Services - Anderson Properties - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Just because it is a buyers market does not mean that ALL seller's are desperate. Some have owned their homes for many years and are not upside down or in a situation where they HAVE to sell.  If their home is priced fairly, it should still sell -- and they shouldn't have to give it away. But then again.... you already know this. I'm preaching to the choir! ☺

Feb 01, 2012 09:48 AM #26
Rainmaker
802,361
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Excellent post Mike, price it right and keep everything in perfect condition and be ready to move.  Not priced right or not in good condition means you will be there for a while.

Feb 01, 2012 11:25 AM #27
Rainmaker
531,793
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Well stated Mike... Excellent post with great insight into selling a home in Winchester.

Feb 03, 2012 03:46 PM #28
Rainmaker
799,187
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

That's a fact, Joni.  Buyers need to understand that.  Have a great weekend.

Price is king, Al.  Of course, a good price on a dog house might not motivate sellers either.  Good points.

Thanks, David.  Have a great weekend!

Feb 03, 2012 04:16 PM #29
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Rainmaker
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Mike Cooper

Your Winchester, VA Real Estate Pro
Winchester has a place for you! Call me.
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