How to Write an Offer

You've met with a Realtor, you've viewed the best homes on the market, and you found the one. Now you have to write a great offer to entice the seller to work with you. In a buyer's market, you may have more flexibility, but right now in South Riding VA, the sellers have the advantage. A combination of low inventory and high demand means well-priced homes in the area are going fast, so you have to be extra careful when submitting your offer. Your local Realtor will be sure to guide you, and this post will help you understand all the moving parts.

Price
Of course one of the most important factors to whether or not the seller will want to work with you is the price you offer on their home. It is crucial to consult your local Realtor on this. You hired her to be the expert, so listen to her advice. She will know if the listed price is fair, or if the home is overpriced. This will help you avoid giving a lowball offer, which may offend the seller and cause you to lose the home you love.

Earnest Money Deposit
As part of the real estate contract, you are asked to give consideration (i.e. a monetary deposit) with your formal written offer. Generally speaking, this amounts to 1-3% of the sale price of the home. If you are in a competitive situation and you can afford it, your agent may recommend offering a higher earnest money deposit, or EMD, to show the seller that you are all in and will work with them towards a mutually agreeable settlement.

Contingencies
There are several contingencies that may become a part of a real estate contract. The most common contingencies are financing, appraisal, and home inspection. Depending on the location of your home, you may need or want additional inspections such as well and septic. A radon test is a common contingency in Northern Virginia that may need to be included. Your financing (or cash offer) may result in a different type of contingency as well. Your local Realtor will advise you on which ones you will need to include in your offer and the best way to present them to the seller. 

Timelines
Just as you have a date in mind by which you want or need to move, the seller is probably in the same boat. Merging schedules can be tricky, so make sure your local Realtor contacts the seller so that you can smooth over the detail of the settlement date early on in negotiations. Other timelines will need to be assigned to each contingency, and your local Realtor will be sure to advise you on what is best.

Are you buying or selling a home in Northern Virginia this year? Contact Preferred Realty Partners today to get started.

5 Unusual Items to Advertise When Selling Your Home

The great thing about homes are that every single one is unique. When you prepare to sell your home, the best things to focus on are the standout features of your individual residence. Of course buyers want to know about the kitchen, bathrooms, and outdoor spaces at a minimum, but there are some less obvious items that should not be overlooked when advertising your home to sell. See if your home boasts any of these 5 items, and shout it from the rooftop... or at least get it in the property description.

Storage
Everyone has stuff, and everyone needs places to put it. If you have large closets, built-in bookshelves, a pantry, or even an unfinished room in the basement, don't be shy about it. Buyers want to know that they can bring their collection of antique figurines or their massive library or whatever else is important to them. Plus, they want to make sure they can store their clothes and kitchen items with ease. Storage is a huge asset for any buyer.

Amenities
Does your neighborhood have a pool? A playground? A clubhouse? Walking trails? If you are nearby to any community amenities, let buyers know. Convenience can be a big motivator for buyers to make a move, especially if there are multiple homes in the same price range in your area. If you don't live in a neighborhood with a ton of amenities, think about other features of your location. Proximity to major roads, shopping, schools, and entertainment are all worth mentioning.

FlexibilityMany buyers look to stay in their home for several years and through multiple stages of life. Just because they are a young couple starting out doesn't mean they will stay just two. Buyers look for homes that have potential to grow and change with them. Empty nesters may look for a home with the option of single-level living to ease the way into old age, families might look for space in the yard for an addition, or a buyer might prefer an unfinished basement to add in a workshop or theatre room. 

EfficiencyEnergy Star- rated appliances, LED lightbulbs, tankless water heaters, multi-paned windows, and blown-in insulation are all items that should be advertised when selling your home. These features lower energy costs and are often things that buyers will not have to worry about or replace very soon after purchasing a home. An educated buyer will look for long-term saving options like these when searching for a home.

Eco-friendlinessGoing green is not just a trend anymore. The use of recycled materials in your home is something to share with potential buyers. Bamboo or cork flooring are beautiful materials that stand out in a listing description, as do recycled glass countertops or composite decking made from recycled plastic and wood products. Items that are eco-friendly are often also energy-efficient and long-lasting, so it's a win-win for the new owner. 

Are you buying or selling a home in Northern Virginia this year? Contact Preferred Realty Partners today to get started.