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What is a Contingency?

  In my last blog I discussed what Pending means in Real Estate and I stated:   Anytime I say Pending, it means the house is under contract. Either with a contingency or not, the house is more than likely going to another buyer. It's just a matter of time until it closes and the new homeowner will be moving in. So what is a contingency?  Well a contingency in a contract is anything that must be first met to allow the sale to continue in the manner in which the contract was written. Most contracts have standard contingencies to include a home inspection, a financial contingency and an appraisal contingency. Other contingencies could include a home sale.  Home Inspection Contingency: This contingency allows the buyer to preform a home inspection (all home inspectors in the state of Virginia must have a license) and the buyer has the opportunity to ask for repairs in order for the contract to move forward. Sellers at this time can a couple of things. Repair all items Repair some it

What's My Home Really Worth--- The Question We All Want Answered!

There are really just two major considerations when you determine the appropriate value for your Williamsburg VA property: market value and appraised value.

This is where many people get confused on value--- So many people will say, “The assessed value is X, so that is what it is worth”. This is so not accurate. Many times a house will sell more than the assessed value as the assessed value is what the city/ county taxes you on. I’ve seen houses sell 30,000 over their assessed value and no one wants to leave money on the table. Do you? I didn’t think so!

So let’s go back to the two values I was talking about earlier!

Market value is the value that a buyer…today…is willing to pay for your home. The most effective way to determine market value is to look through the prospective buyer’s eyes---they are the ones you need to impress. Positioning your home properly among competing inventory is a critical step, and it’s important that your agent devotes the time necessary to study current market conditions in your neighborhood and price range, as well as objectively analyzing the features of your home compared to other homes currently on the market for sale. If you have upgraded your kitchen and bathrooms and your neighbor that sold their home six months ago has not, they are not a comp to use.

Here is where value can get tricky and why most agents will suggest a certain price for your home to sell. Approximately 92% of all homes are sold to buyers who get a mortgage. That means that it is likely that the sale of your property will be subject to an appraisal for the sales price. Appraisers approach value quite differently. They only look at recently sold homes, and limit their search to the three most similar properties, within the neighborhood, that have sold in the past 6 months.

Having a Pre-Appraisal done for certain homes is a must--- especially if yours is a home that there is not many like it. Ask my about my Pre-Appraisal Services!

The condition of your property and how quickly you need to sell are two additional factors that will influence its value.

Whether you are buying or selling a home in Williamsburg, James City County, Yorktown or outlying areas, I want to be your go to with any questions you may have. Call or text me with any questions that you may have regarding your next real estate transaction.

If you are thinking of selling in the future and have any questions on what you can do now to get your home ready to sell--- call me right away. With a background in kitchen and bathroom design and a degree in Interior Design, I know I can guide you with the right ideas that don't cost a fortune. No one wants to spend a fortune on a house they aren't going to buy, right?

What's My Home Worth? 

 Leigh Ann Fisher