Friday, February 28, 2014

Best Real Estate Season in Northern Virginia

Cherry Blossoms Tree in VirginiaI love this time of the year. Even if the weather is bad, you know spring is right around the corner. I enjoy the warmer weather, but as a real estate agent this is the beginning of the busy season and a time when I get increasingly busy.  

Sellers begin preparing their homes for the upcoming selling season and assessing what work will be required to make their home as attractive as possible. They are also starting to figure out dates and timing issues in order to better position themselves for a smooth and profitable transaction. Even those who will not be moving until school is out are beginning to look for, talk to and interview agents.  

Buyers usually don't have as many choices in the winter months as inventory is not as high. The last few years had especially limited inventory. I don't anticipate much change in the inventory this year so I expect that this will be reflected in the rising prices. Spring brings the sense of a new life with the reboot of nature and many buyers await for this time to transition into a new home and sometimes life.

Real estate agents, like myself, look forward to this period and we must know how to spend our time wisely and be prepared when the phone rings.  We need to handle whatever query we are presented with.  All our efforts during the winter months, besides taking care of existing clients, are geared toward putting ourselves out there in order to have more new clients than the previous spring, showing houses, listing houses and growing our circle and our business.  

I personally like to meet everyone who contacts me which sometimes is difficult, whether they qualify as buyers and sellers or not I will want to have a chat. Many agents will not meet buyers unless they have been pre-qualified and can prove it.  I like to get to know the person and I believe that if someone calls me which means that they have a dream to be a homeowner. Whether they can buy or not I will try to advise and get them to where they need to be and achieve their goals of home ownership.  Being social beyond the computer screen is very important!  The satisfaction of helping someone buy or sell a home is tremendous but it does not compare to the satisfaction of helping someone accomplish a dream that once seemed unattainable.

Saturday, February 22, 2014

Finding The Perfect Investment Property

Today was another Saturday full of routine activities for me. Between attending my son's basketball game (Gainesville Griffiths) and hanging out on Google+ I managed to see one bank owned property in Manassas. The property is listed at $179,900 with 2712 square feet of living space, 2 car garage on a .46 acre plot. Wow right? That is a great deal if you are looking for an investment or a house to flip and you know how to rehab it.
The problem with these properties is that there is so much interest that after being on the market for only 2
days, there are 8 offers in place already. And from the looks of how busy today was for the short time I was viewing, there will be many more offers before the bank stops taking offers  in the middle of April with plans to be closing the sale by the end of May. In the best case scenario the buyer can double his investment.

The problem is that we will not know who will win the bidding war for sometime. Most people don't have the kind of cash to be held in limbo waiting on the outcome. Of course who wins will be determined by the bid and the bid that wins will be likely much higher than the asking price. The house does need a lot of TLC and the actual profit will depend on the expertise of the people involved.

I am taking another client to see it and I will try and update this post with more information about this old house as they become available.