In today’s world of technology, there are many places in which potential Fredericksburg home buyers and home sellers can look for information.  Many turn to places like Zillow.com to get an estimate of their home’s value.  These national sites also provide some information regarding the overall housing market.  But the picture can sometimes be a little, um… blurry.

So, I wanted to address the question of where to get Fredericksburg housing market statistics.  First, a great resource for general market statistics particular to a specific zip code or a particular address is just a few clicks away right here on this site.  This is via a program we offer called “Market Snapshot.”  You can find the market snapshot anytime in the right side bar of this website, but we have put it at the bottom of this article as well. This is a great resource, and you can even it schedule it to send you an update one per month, or however often you like.

If you are seriously considering buying or selling a home, then you will likely want some very specific and in-depth information that no computer program can offer. If that is the case, then you will want to see our Monthly Overall Market Report. Each month we crunch our own numbers to monitor the health of the Fredericksburg, VA real estate market. When we provide this information to potential clients it covers everything from the overall Fredericksburg area market, right down to specific neighborhoods.

So, feel free to use our Market Snapshot program for some great information. When you feel like you are ready to make an offer on a home or put your home on the market, we can provide you with an unprecedented detailed look at the market statistics.

MARKET SNAPSHOT

Most things you read on the internet about this topic of contingencies in a real estate offer reference only two contingencies… financing and home inspection.  In this article I will highlight the most common forms of contingencies we see here in the Fredericksburg, VA real estate market.  Not all of these contingencies will be applicable to every home for sale in Fredericksburg, nor is this the complete list of potential contingencies to consider.  But, this should give you as a potential home buyer the tools to consider when you get ready to make an offer for a home for sale in Fredericksburg or the surrounding area.

FINANCING

If you are financing your home, rather than paying cash, then it is advisable to put in place a financing contingency.  Yes, you need to be pre-approved before you can make offer to purchase a home.  However, pre-approval doesn’t mean that the loan will actually be approved, or that it will be approved with the same terms provided in the pre-approval.  Much of the “magic” of getting your loan approved happens at the underwriter level, well after you have a contract on the home you wish to purchase. Therefore, you should have a financing contingency in place in your offer to protect your deposit.

APPRAISAL

If you are financing your purchase, your lending will be contingent upon a satisfactory appraisal.  Therefore, your offer should also be contingent upon a satisfactory appraisal as well.  Even if you are not financing the purchase, you can still make the offer contingent upon an appraisal.

HOME INSPECTION

It is good idea in almost every scenario that a buyer have a home inspection completed by a good, reputable home inspector.  There can be hidden defects that are not visible to the average home buyer and even real estate agent.  Even in situations where the home is being sold “strictly as-is” the buyer can still make the purchase contingent upon a home inspection.

RADON GAS

Radon inspections is  a topic that is highly debated among many people.  However, as a Realtor I would recommend that potential buyers consider having a radon test performed and making the offer contingent upon that inspection.  Here is a good Radon Resource article we posted in February.

TERMITE INSPECTION

Most lenders will require that a termite inspection be done on the property. Even if they don’t it is a very good idea.  Like some other issues with a home that are hidden to the casual observer, most buyers won’t be able to observe termite presence or damage.

WATER QUALITY

If the home is not on public water, it is a good idea to have the water quality tested for bacteria and other dangerous issues.  Many lenders will require this as well, so the offer should be contingent upon satisfactory water quality test results.

WELL INSPECTION

A lot of real estate agents use the term well inspection when they mean water quality test.  The two are different.  A well inspection means that you are having the components of the well inspection to ensure they are functioning properly.  This can be a contingency.

SEPTIC INSPECTION

If the home is not on public sewer, but rather has a septic system, then this is a very highly recommended inspection.  Septic systems are costly to repair, and very costly to replace.  Therefore it is advisable for a potential buyer to make the offer contingent upon a successful septic inspection.

HOME SALE CONTINGENCY

This is a contingency that you can place in your offer if you need to sell your current home before you purchase another home.  This can be a tough contingency to negotiate, but it is possible.

GENERAL CONTINGENCIES

Just because the items noted above are the most common contingencies we see if offers for purchase of homes for sale in Fredericksburg, doesn’t mean that they are the only ones.  A general contingency can be negotiated for a myriad of other issues.  The bottom line is make sure that you and your trusted real estate agent do not leave you vulnerable with the offer you make.

Jeff and Ruthie, as a Marine and as a career Navy spouse, intimately understand the nuances of military life and military moves.  We have always sought to work with and take great care of our military clients.  That is why it is a perfect fit for us to work with USAA members as a USAA Preferred Realtor.

If you are a USAA member and are considering relocating (here or away) give us a call and we can help you get the ball rolling with USAA, and help you enjoy all the benefits that come along with that.  If you already live in the Fredericksburg area and are a USAA member buying a home, we can help you with that too.

Give us a call today to discuss the USAA benefits and how we can help.  Call Ruthie Buck at (540) 455-8374.

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#homes #mancave #gametime

My partner and I had the privilege of meeting with another home seller last week and we have listed the home.  The sad part is that this particular seller was very disgruntled.  Their complaint regarding their two previous agents was a lack of communication and follow through.  No surprises there since a lack of communication is the number one complaint of disgruntled home sellers.  Where the surprise came in was when we reviewed the previous listing agreement and found that the seller had no idea what dual agency was and that they had agreed to it. 

Real estate agents have a tendency to gloss over many parts of the listing contract when presenting it.  This likely is due to…

1. a lack of concern and consideration
2. complacency since the agent deals with these contracts all the time
3. incompetence

Whatever the reason, the “representation” portion of the listing contract is HIGHLY important and should NOT be glossed over.  This is a decision that the homeowner needs to make, and they need to make it after being thoroughly informed of the potential consequences of the decision.

When we present the contract, we spend a considerable amount of time discussing this issue, and make sure that our clients know that dual representation essentially = no representation.  Now… off to get this home sold!

Beautiful 5 BR, 3 1/2 BA custom built home with stone front and home backs woods. Extremely elegant and luxurious home, with a plethora of upgrades including a Kincaid Kitchen Sun Rm, Corian Counters and sink-offset bowls, French Drs Library, Garden Bath for the Master

Click here to see the full listing, including current price and photos.

Occasionally I encounter a potential home seller who, in the interest of being prudent and doing their due diligence, has had an appraisal done on their home. While I appreciate the fact that they are proactive, sometimes this can cause issues when selling their home. An appraisal, in reality, doesn’t always give you accurate information about the market value of a home.

This begs an answer to the question, “What is the difference between market value and appraised value?”

The appraised value of a house is a certified appraiser’s opinion of value of a home at that specific point in time. The primary purposes of an appraisal is as part of the loan process for a home purchase, or a part of the loan process for a refinance.

Market value is the price the home will command on the free market at a specific point in time here in the Fredericksburg real estate market.

A CMA or Comparative Market Analysis is a estimate of value based on the sale of comparable properties by a real estate professional.

Market value

Either, an appraisal or a CMA are useful tools in determining what your home’s value is. However… if your real estate professional is very knowledgeable about the current market conditions, they can sort of grade your home on the curve, so to speak. They should know if the market is hot and improving, or declining, or stagnant, or whatever. Each of these elements of the current market conditions can affect the value your home commands on the free market.

I have encountered situations where I knew the appraised value was unattainable in the current market. I have also encountered situations where I knew, and proved, that we could sell the home for considerably more than the recent appraisal allowed.

I hope this helps you understand a little of the differences in ways to determine your home’s value. If you need further help, feel free to call me at (540) 538-7222 or email me at jedmisten@gmail.com.

Here is the strikingly luxurious home you have been waiting for!! Large fenced yard with hillside view (especially beautiful in the snow.) Gourmet kitchen with granite, Cherry cabinets, hardwood floors, impeccable carpet, elegant trim work, recessed lighting, and upgrades galore. Upgraded… everything! Finished basement includes a potential 5th bedroom w/out the full size window. YOU. MUST. SEE.

Click here to see the full listing, including current listing price