Real Estate Agents vs. Realtors

Many people have asked me, “What is a Realtor?” 

In order to sell properties in the state of Virginia, you need to be a licensed real estate agent. Realtor is a professional designation saying that the real estate agent belongs to the National Association of Realtors and subscribes to a code of ethics.

The code of ethics was put in place to protect the public and other licensed real estate agents. It’s a set of rules that define how we treat the public and other real estate agents. Basically, we promise to treat you ethically, honestly, and morally.

A Realtor will treat you ethically, honestly, and morally.

Again, if a real estate agent is a Realtor, that doesn’t mean they have a special license. That just means that they are a licensed real estate agent who belongs to the NAR and subscribes to the code of ethics.

If you have any questions about Realtors, how to become a Realtor, or anything else about real estate, please don’t hesitate to give me a call or send me an email. I would be happy to help you! 

Can You Really Make Money By Timing the Market in Roanoke?

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Do you know when the right time is to put your home on the market in Roanoke? Every Realtor will tell you now is a great time, but truly, any time is a good time. 

Everybody is worried about timing the market, just like people in stocks worry about timing the market. Any investment counselor will tell you not to time the market, but to just be consistent. On the real estate side, people want to time the market so they can get the absolute most for their house, but that typically means they're also going to pay the absolute most for their next house. That's why timing in the market has always confused me. 

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You're really not going to lose money either way.

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What I tell my clients is that if you're ready to sell, let's sell your house. If you're not ready, let's not sell. If it's giving you anxiety and you're not ready, there's no point in pushing it. On the other hand, if it's a burning desire in your heart, or you need to move for reasons like marriage or a job transfer, you're going to sell high and typically turn around and buy high, and vice versa. It averages out, so as long as you have a Realtor that's going to represent your best interests and make sure you don't make a mistake, then you're really not going to lose money either way. 

If you have any questions, feel free to give me a call or send me an email. I look forward to continuing the conversation.

What Must You Disclose to a Buyer?

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We recently got a question from a client that we decided to answer today. The question was “What is my obligation to disclose?”, which can be a confusing subject during the course of a home sale.

In Virginia, we are a disclosure/disclaimer state, but everybody disclaims. A disclaimer simply states that you do not know of anything wrong with the house. You don’t have to disclose anything as a seller, but you can’t conceal anything either. If you know the basement leaks and pile up things so it’s hidden, then you could get in trouble.

As an agent, I am required to disclose anything that I know about the home. That means if I find a leak, or a foundation issue, I have to disclose it. 

If you really don’t want the buyer to know about something, then you should not tell your agent. Once they know there is an issue, they are required by law to disclose it. This is why we recommend a home inspection before you list, so you can be aware of any issues right off the bat, and then you have nothing to hide.

If you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking with you!

The Best Time to Sell a Central or Southwest Virginia Home

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People constantly ask me when the best time to sell a home is. To be honest, the best time to sell is when you have a buyer that's ready, willing, and able to meet your terms.

For a technical answer, the spring time is the default selling season. A lot of people are buying homes, but a lot of people are also selling homes at that time. This means that if you sell in the spring you'll face more competition, but there will also be more buyers, so it's a bit of a double-edged sword.

To be honest, we probably sell more homes in the winter than any other season. Competition is low, and the people who purchase in winter are often much more serious about buying a home. Nobody walks out into the cold to just browse homes. The home buyers in the winter are very serious about purchasing.

Overall, people purchase homes year-round. It sounds cliche, but it's always a good time to sell a home. It's just a matter of examining your particular situation and finding a buyer willing to pay top dollar.

If you have any further questions about buying or selling in Roanoke, please don't hesitate to contact me!

Why Is Radon So Dangerous?

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Many people ask me, "What is radon?" Radon is actually a gas that is emitted from rock formations under the earth and can be dangerous to humans.

This area actually has a lot of radon. More than half of our houses have what the EPA calls unacceptable levels of radon in the home. The EPA says that 3.9 is the highest acceptable level for radon. If you test your home and the radon test comes in at 4.0, you have failed the test and if you're in the middle of a real estate transaction, that transaction will fall through.

Now, a house could pass the test this year and fail next year. Depending on the weather, the house could pass one week and then fail the next week due to rainfall.

I highly suggest that every house gets tested. If you have radon, you can put a mitigation system in. The mitigation system dries out your basement and ventilates the gas out of your home.

The reason you don't want radon in your house is that radon is the second leading cause of cancer deaths. What happens is radon carries an atom that explodes in your lungs and shreds them. If you don't smoke, your lungs could heal. If you do smoke, the tar in your lungs prevents your lungs from healing.

Although the EPA says that 4.0 is an unacceptable radon level, I would say that your levels are above 3.0, go ahead and mitigate your home just to be safe.

If you have any questions for me, give me a call or send me an email. I would be happy to help you.

What's Wrong with FSBO Properties?

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I personally commend anyone who wants to try and sell their home on their own. It's a lot of work and it requires a lot of time, so hats off to you if you have been successful in doing so.

With this being said, we actually end up selling quite a few For Sale by Owner (FSBO) properties. We sell these successfully, and the homeowners usually walk away happy.

The thing with FSBO sales is that they're usually done because the owner wants to make the highest amount possible when selling. However, people realize that FSBO properties don't have to pay commission to real estate agents, and because of this, they often make low ball offers on these properties. On the flip side, FSBO sellers often overprice their homes because they want to get the most money out of a sale as possible.

This often causes FSBO properties to sit on the market for a long time, and when this happens, people begin to believe that something is wrong with the home. This causes the home to go stale, and the sellers end up with a much smaller amount of money than they thought they would be getting.
 
It's a fact (proven by the NAR) that homes that are sold by real estate agents will often sell faster and for more money than a FSBO seller. Real estate agents have superior marketing capabilities, and they also know how to price homes attractively in order to bring in the right type of buyers.

We always suggest that you use a real estate agent, especially if you're planning on making a profit off of your home sale. Please don't hesitate to contact our team if you'd like to sell for top dollar in Roanoke.

Watch Out for Zillow

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Today I'd like to speak about Zillow. A lot of people who are looking to buy or sell homes are turning to this site as a major resource. This website aggregates a lot of data from tax records and previous home sales, but it is usually not updated or very accurate.
 
The problem is that Zillow doesn't know neighborhoods, and it doesn't take into account HOA associations or the quality of school districts. Zillow Zestimates are wildly inaccurate, a fact that they do not deny. While Zillow may be a useful tool to help point you in a certain direction, you should not be using it to guide yourself through real estate transactions.

If you want a truly valuable resource, then I suggest simply contacting your local real estate agent. Your local agent can pull comparable values for your property, and they have their feet on the ground so they have the wherewithal to tell you what is actually happening in the real estate market.

If you need any assistance when you're buying or selling, please don't hesitate to contact me. I would be more than happy to help you out.

How Do Rent-Back Agreements Benefit Buyers and Sellers Alike?

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A lot of people ask whether a buyer can charge the seller if they choose to remain in the home after closing. Today, we answer this question for you!

The answer isn't a straight yes or no. In real estate, everything is negotiable. A lot of times, the seller has a reason they need to stay in the house until closing: the next house isn't ready, they're trying to finish up a job, the kids are still in school, etc. To solve this problem, a common solution is what's called a rent-back agreement. This means the seller can actually rent the house back for a predetermined amount of time after closing.

If you're selling and you want to rent-back, you need to negotiate it before the contract is written! Negotiating a rent-back agreement up front will usually result in an agreement between the buyer and seller, with few problems. The amount that's charged in a rent-back situation will depend on how negotiations go, but typically, you'll be paying what the buyer's mortgage payments would be.

If you have any questions about this process, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!

What's Going On in Central and Southwest Virginia This Summer?

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Today I'm going to cover some fun events that will be taking place in Central and Southwest Virginia in the next few weeks.

From May 22 to May 24 there will be a Festival in the Park, to be held in Elmwood Park. There will be more than 40 musicians playing in the newly remodeled park, which is a wonderful place to relax and spend some time with the family.

Woofstock will also be happening on June 6th. This is a party for dogs held in the park. Last year was the first year, and my team and I will be there this year. This will also be at Elmwood Park, and there will be live music, food, drinks, and watering stations for your dogs.

The Salem Fair is also taking place from July 1st and it will go through the 12th. This is the largest state fair in Virginia and the admission is free. There will be tons of food and tons of rides, as well as fireworks and entertainment for everyone.

If you'd like to know more about these events you can simply click on the links, or feel free to contact me. As always, please consider us your #1 source for real estate in Central Virginia!