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How to Get the Most Money When Selling Your Home  For SellersFSBOsPricing

 

Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In reality, this just dramatically lessens the demand for their house (see chart below).

How to How to Get the Most Money When Selling Your Home | Simplifying The Market

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price, but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive, as the seller likely believes that he or she will net more money if they don’t have to pay a real estate commission. With that being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

Research posted by the National Association of Realtors revealed that:

“The median selling price for all FSBO homes was $185,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $163,800. However, homes that were sold with the assistance of an agent had a median selling price of $245,000 – nearly $60,000 more for the typical home sale.”

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

Important Issues for Buyers and Sellers

Fair Lakes is located near the intersection of West Ox Road and Fair Lakes Parkway and 66 and Fairfax County Parkway.  This planned community includes townhomes, homes, condos, apartments, extensive retail shops, office buildings, walking trails and lakes all integrated into a nicely treed and natural setting.  

As a resident of Fair Lakes for 6 years, I really enjoy being able to easily walk to stores and restaurants.  Among the many stores located within a mile radius are Wholefoods, Kohl’s, Target, Walmart, Starbucks (2), Fair Oaks Mall and Costco.  We have 8 miles of walking trails and community basketball and volleyball courts, as well as a volleyball league open to all residents.  

You will never run out of dining options. Easy-to-find restaurants include Pomodoro (margarita pizza with arugula is amazing), Chutzpah (NY deli-type food), Tsunami (sushi bar), Blue Iguana (local flair), Joe’s Crab Shack, and Sakura (Japanese steakhouse).  Among the choices just outside Fair Lakes are Coastal Flats and Ozzie’s (Italian).

As mentioned, the housing in this community consists mostly of townhomes, condos and apartments.  The townhomes sold from $400k to $550k on average these last 12 months.  The condos sold from  $200k to $500k but mostly in the $300k range.  Townhomes sell fast here because of their desirable location and price points.  Schools are Greenbrier East Elementary, Lanier Middle and Fairfax High School.

For commuters, an added bonus is free bus shuttle service to Vienna Metro during rush hour from 16 different Fair Lake locations. You just need to register to get a free pass at http://fairlakes.com/pages/fairlakes-shuttle.

I would be pleased to assist you in finding or selling a home in this community.  You can always contact me at 703-424-3191, or email me at artwenk@msn.com.  I look forward to working with you.

 

This Weeks Showcase - Fairfax Station Communities

This week’s Showcase Homes featured listings are in Fairfax Station. The communities that I will be focusing on are Crosspointe and South Run.

I have lived in Fairfax Station for about 20 years and enjoyed the location, schools and community.   It’s located near I-95, Fairfax County Parkway and Ox Road, and close to Lorton Workhouse Art Center, the quaint Town of Occoquan and boating marinas in Woodbridge. If you are a boater, you have Hoffmaster’s and Price William Marinas just 15 minutes away. Both are excellent marinas.

Crosspointe is a large community consisting of about 1500, homes that spans into Lorton, with lot sizes ranging from .2 acres to .4 acres. The community has walking trails, two community pools and several tot lots. Heron Pond is located off Silverbrook Road and offers a great place to take the family fishing. I used to fly fish there and catch large mouth bass and blue gills-(catch and release).  The community is well maintained by an active HOA. Within the community are Halley and Silverbrook elementary schools. The high school is South County.  Home prices start around $600,000 to $850,000, with most in the $700,000 range.

South Run community is located on the other side of Silverbrook Road toward Burke Lake.  The community consists of about 2000 homes, homes tend to be larger and offer 4 to 6 bedrooms with larger lots, from  .6 to .9 acres per lot on average.  South Run is a very well maintained-treed community with all the amenities you would expect.  Right next door is Burke Lake Park, a popular county park that offers golf, picnicking, fishing, trails, activities for kids and family. 

In South Run, the absence of sidewalks create a different feel as compared with Crosspointe.  If  you like a country estate fee, than you will love South Run.  Home prices range from $750,000 to $960,000; mostly homes sold are in the $800,000 range.  Area schools are Lake Braddock High School and Sangster Elementary.

Call me if you would like to see homes in these communities.

Northern Virginia Home Sales

I just wanted to post a short summary of the recent housing trends for Northern VA.   I hope you find it informative.

  • Close sales are up 8 % over last year.
  • Average sold price was  $509,602 up 2.4% over last year.
  • Median Sold Price was $440,500
  • Average Days On Market was 42 days up 16% over last year.
  • Median Price per Square foot was $254.00  

These averages can differ to a large extent depending on community.  Some communities are very much in demand and other communities have lost their appeal because of school redistricting or community condition and/or other issues. This results in lower prices and longer days on market.   If you are in the market to buy a home it may be wise to consider communities that show trends consistent or better than the overall market place average for Northern VA.

If you have any questions or comments drop me a line.

Interesting Stat.   Homes that are in walking distant to a Starbucks get more money for their home than homes outside the walking area.   People like the idea of walking to their favorite hangouts and will pay for that advantage.

 


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Art Wenk
Pearson Smith Realty

8315 Lee Hwy Ste 430
Merrifield VA 22116 
Phone: 703-424-3191
Email: artwenk@msn.com

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