Williamsburg, James City County, York County, New Kent County, Norfolk, Newport News, Hampton, Richmond, Charles City County, Tidewater, Northern Neck, Gloucester, Hampton Roads and Central Virginia
Selling In The Adjusted Real Estate Market

Selling In The Adjusted Real Estate Market

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Elaine VonCannon, ABR, SRES, Associate Broker, Notary Public, Team Manager

According to Carla L. Davis, writer for Realty Times, "Some say the market is up. Others report the market is down. What is a real estate consumer to think?" As the national market continues to shift home sellers must take many factors into consideration to make a successful sale. "It is the curse and the blessing of living in such a vast country," continues Davis, "While some areas may be past their boom, seeing prices dropping, interest rates rising, and buyer activity slowing, other areas are seeing small, contained booms." Areas like the Tidewater/Hampton Roads region of Virginia continue to support a seller's market, but sellers should consult experienced real estate agents to get the best price and the most from their real estate investment.

Quick Tips For Selling Your Home

There are five basic tips sellers should remember when putting their home on the market. A seasoned real estate agent can help sellers develop marketing strategies based on the neighborhood, style of the home and demographics of potential buyers.

  1. Be wary of advertising your home with the statement "as is". The term "as is" can imply to buyers your home needs work when it is actually in wonderful shape and worth the asking price. Avoid the stigma of your home being considered a "fixer-upper". This will help you get the highest dollar for your home.
  2. Keep up with home upgrades to increase home value and replace simple items like light fixtures or kitchen and bath hardware. An added touch of beauty can make all the difference to a buyer. To learn more about generating money with home improvement visit my Real Estate Articles and read "Renovations and Upgrades-Bring It To The Bank" Part 1 and 2.
  3. Understand who is most likely to purchase your home. Will your home attract retirees or families, single people or a couple? This will help you qualify the buyers as warm or hot leads when they visit your home.
  4. What are the most beneficial or harmful characteristics of your location? There are many complex factors to consider when choosing a neighborhood. Is there a fire station nearby or a hospital in close proximity? Are there stores and activities in the general vicinity? Make an honest and positive presentation to potential buyers. An experienced real estate agent can help you.
  5. Always remember, as you move from one property to another, every home you buy will eventually be sold whether you live there for 20 years or 2 years. You should always think about the resale potential of any purchase.

To learn more about the Hampton Roads/ Tidewater region of virginia and the current real estate market trends please review my Real Estate Articles.

Tax Breaks That Make Property Sales Easier and More Profitable

As buyers continue to relocate and retire to coastal Virginia areas sellers have many opportunities. One of the best ways to make the most of a home sale is to understand the tax breaks available through IRS Section 121 and 1031. In her article "Property Sales Tax Breaks" writer Phoebe Chongchua talks with attorney David Greenberger, president of 1031 Exchange Advantage, Inc. about the specific advantages of avoiding capital gains tax. "People don't want to pay capital gains taxes which can be as high as 30 percent of the gain," states Greenberger. The homeowner's exclusion, IRS Section 121, allows a gain exclusion of $250,000 for singles and $500,000 for married couples and applies only to homes that have been used as a primary residence for two years. Greenberger explains that "A 1031 exchange is basically an unlimited tax break -- as long as you roll the money from the investment, non-owner-occupied property into another real estate purchase within six months, you will not incur property sales tax." He also states that combining these IRS Sections can create the perfect tax shelter for creative investors to sell both investment properties and primary residences. To learn more about IRS Section 1031 visit my web site and read "Increase Your Buying Power With Capital Gains Reinvestment".

Stay Educated and Ask for Advice

As mortgage rates continue to rise this month remember adjustable mortgage rates may not be your best bet. Long term loans will be the better value. To learn more about various mortgage options visit my web site and read "More Bang For Your Buck With Mortgages". Also, keep up with your local real estate market shifts and plan ahead when selling. Knowledge can make the difference between a smooth sale and time wasted. To read more about real estate trends and retiring and relocating to coastal Virginia visit my Real Estate Articles.