How much does it cost to sell a house fast in Virginia ? Well that’s what we’re talking about today and we are starting right now. If you’re looking to buy, fix and flip a home or really need cash for home in Virginia, then this is the post for you.
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So how much does it cost to sell a house fast in Virginia?
Assuming that you are going to hire areal estate agent these are the typical expenses that you’re going to incur in Virginia.
#1: you’re going to pay the commission to the real estate agents involved in the transaction.
You hire an agent and you agree to pay them X percentage of the sales price of the house.
Real estate is a complex industry, so much so that many who venture into it as aspirational agents struggle to build their clientele or close sustainable commissions. Not due to a lack of skill, but rather, the very nature of the home transaction process. Whether you’re buying, selling, or representing someone doing both, there are many challenges that can potentially upend any deal, be it an abundance of appraisal and repair contingencies or a basic lack of communication.
It’s this reality that causes many realtors to warn buyers and sellers against going into a home transaction without an agent. They caution, justly, that recent industry trends and longtime realities, like increased competition from buyers overseas, tightening mortgage lending criteria, and densely worded legalese making going it alone a serious pitfall, especially for first-timers.
It’s important to note, though, that there are very clearly biases on that end of the argument. More independent home sellers mean less business for various agencies. Losing a standard 6 or 7 percent commission may not seem like much when put in those terms, but if you’re an agent facilitating the sale of a home listed at $450,000, that’s $27,000 in lost commission. Now imagine you’re a realtor that loses multiple deals like that because your clients opt to sell FSBO. It’s easy to see how you would quickly become disenchanted by the idea.
FSBO Statistics Can Be Deceptive
Recent survey data present a mixed bag regarding the efficacy of FSBO sales. According to the National Association of Realtors (NAR), less than 10 percent of all home sales are FSBO, which sounds damning, until you examine the nature of most agent relationships with buyers and sellers. Often, instead of paying a realtor full commission, sellers will pay a flat fee to real estate professionals to list their property on a multiple listing service. However, even those relationships are grouped into the “agent-assisted” category, which skews and confounds the data immensely.
The data from a later survey by Redfin provide better insight into the driving motivations for FSBO sellers and home sellers in general. According to the survey, nearly 60% of all home sellers receive a discount on realtor commission, totaling, on average, a 40% fee reduction. It’s clear that, regardless of whether a home buyer or seller opts to go solo or hire an agent, their intention is to net the most money possible. Selling FSBO will allow you to do just that.
FSBO Sellers Enjoy More Control Over Their Home Transactions
Not only do FSBO sellers have more money for home inspections and renovations, but they also have greater negotiating flexibility and control over how their home is marketed. These are huge advantages, but only when capitalized on. For example, one of the most interesting statistics presented in the NAR findings is that over 70% of FSBO sales are primarily marketed through either yard signs, or not at all. This, more than any other factor, contributes to the huge discrepancy in FSBO sales. It’s not due to an inherent flaw in the process, but plain inaction.
If you are adept at social media engagement, videography, or photography, you can absolutely create a marketing plan that rivals one you may get from a realtor juggling multiple property deals. Another advantage of not hiring a realtor is being able to apply your own intimate knowledge of your neighborhood to entice prospective buyers. Unlike a realtor who serves multiple neighborhoods or an entire region, you may have more knowledge about current and future area development, or marquee amenities, like a great school district or quiet neighbors. A realtor that only works in your area sparingly may lose sight of these details, or fail to leverage them properly.
For instance, if you live somewhere that experiences a lot of severe weather, siding and windows are especially crucial home features. While homeowners in other areas of the country may judge these fixtures by their aesthetic, those living in Tornado Alley or on a coastline place more stock in their durability and impact resistance. If you’re selling FSBO, you likely know every square inch of your property (and its renovation history) like the back of your hand, and there’s no one better to convey those details than you—without a middle person.
When the buyer comes along if they are represented by a different agent your agent pays that person.
Now I’ve done a whole other video about where the commission goes.
If you’re interested click that but just know that we do not keep the whole thing ourselves.
We are splitting it with the other agent, we are splitting it with our brokerage, we are paying all of the marketing expenses, so don’t go thinking that we’re all millionaires because that’s not really how it works.
#2: you will have to pay the property taxes for the time that you lived in the house.
After the property changes hands the buyer will pay that.
If you’ve already paid your property taxes for the whole year then from the date of your closing to the end of the fiscal year you’re going to actually get are bate because you’ve already paid those property taxes and the buyers should be paying them.
So you’ll get money back.
In the Georgia market it’s very common that buyers ask you to pay their closing costs or at least a portion of it.
We have a lot of first-time buyers and nobody puts 20% down any more.
I mean people don’t have $100,000 just sitting in the bank waiting to buy a house as a general rule, so they may ask you, “Hey can you chip in $3,000 towards my closing costs?” They will probably also ask you for either a home warranty, a termite bond, or both.
As you know living in Georgia there are two types of houses -those that have termites and those that don’t have termites yet.
So we typically like to have some sort of pest control plan on our homes so that that doesn’t happen.
When the buyer comes along they’ll say, “Hey, I want you to transfer that termite bond to me so that I can live in a house for the first year and not worry that the house has termites or is going to have termites very soon.
“Now let’s say the buyer moves in and the first Thanksgiving that they have all their family come to visit the stove breaks.
Yes, this actually happened to one of my clients.
The home warranty company comes and if they can’t repair the stove they buy them a new stove.
So it’s a great thing for the buyer to make sure that they’re not going to have any unforeseen major expenses the first year that they live in the house.
A home warranty is typically somewhere around$500.
Now if you decide to sell your house for sale by owner you will not be paying the real estate agents commission.
Instead you’re going to be paying for all of the marketing of your home.
Just a for sale by owner sign in your front yard is probably not going to get the job done.
The people that buy for sale by owners are looking for a great deal so they’re gonna come and offer you far less than the actual market value of your house as a typical rule.
You’re going to be paying for the photographer, for the video, for the drone photography, for all advertising, you’re gonna have to put a nice sign in the yard, you’re going to have to show the property every time somebody calls you to make an appointment.
So the money that you save in the commission you’re going to be incurring a lot of additional costs in marketing and in time, where it’s going to be all on you.
You don’t have an agent who’s doing all this stuff for you.
So now you know how much it costs to sell a house but do you know what your home is valued at? Do you know what your market value is?
Because half the time your neighbor might tell you, “Oh we sold it for300,000!” But they actually sold it for $289,000.
I’m just saying sometimes people have the tendency to exaggerate just a little bit.
So if you’d like to find out what your home is worth because you’re thinking of selling in the next six months or so, click this link.
We would be happy to do a free no-obligation home valuation analysis for you so that you can really sit down and say, “Okay, if I sold how much money could I expect to make?” Because that’s a big factor in deciding is now the right time to sell or should I wait a year or two? Thank you so much for watching and I will see you on the next one.
Can I Sell My Home as is in Virginia ?
So, you’ve decided to sell your home. Like any home seller, you want to get top dollar. You’ve seen those TV shows where property owners spend thousands on home staging. What do you do if you don't have thousands of dollars in your budget? You'd be surprised by our options. There are several steps you can take to make your home more attractive to potential home buyers without spending a lot of money.
Following are 10 budget-friendly ways to stage your home for sale.
1. Curb Appeal
First impressions make all the difference and that’s why it's so important that your home projects curb appeal. Go all out with small DIY tasks like trimming the bushes, cutting the grass, getting rid of debris and planting flowers. If applicable, replace an old mailbox with a new one, spray down the house if it looks dirty and paint or replace the front door. Do whatever it takes to make your home look great as potential home buyers drive by.
One of the most important aspects of a home for prospective buyers is the available space and the floor plan. That's why it's so important to make a home look as appealing and neutral as possible. Start by removing clutter, including an overload of knickknacks, personal photos, etc. Decluttering your home will create space, and that’s what home buyers look for. Eliminating clutter really makes a home look bigger and even newer.
If your rooms look crowded, consider moving bigger or less attractive pieces of furniture into storage. Also, make sure there's nothing obscuring buyers’ eyes from important focal points, like beautiful views or fireplaces. Home buyers often get hung up on the negatives and a cluttered home can make them pass on the property.
3. Thoroughly Clean
Wipe away cobwebs, wash the windows, scrub the grout, etc. You should also have furniture upholstery cleaned because it adds to the overall impression you’re trying to present. Clean or replace cabinet hardware and light fixtures if necessary. None of these tasks are expensive undertakings, but they can make a big difference. If you don’t have the time to do it yourself, hiring a professional cleaning service.
While painting is inexpensive in comparison to other improvements, a fresh coat makes a significant impact. That said, it's best to stick with trending neutral colors. You can even paint dated kitchen cabinets to give the kitchen a fresh, new look. If necessary, invest in having your home painted inside and out - it will pay off in the long run. If the walls actually look good, painting the trim or doing a little touching up here and there may be enough. Paint over bright, outdated colors with a neutral color (you can never go wrong with cream, brown or white).
5. Pay Attention to Details
As they say, "the devil is in the details”. Simple steps like cleaning or replacing cabinet hardware or light fixtures can make a huge difference in how the home is presented. A few accent pillows placed on the couch, a fresh floral arrangement on the coffee table, and a matching set of fresh, new towels in the bathroom add visual appeal as well.
6. Carpet Cleaning
Carpeting can show more damage than just about anything else in the home. If you have carpeting in your home, chances are it could present a problem. If the carpets are in fairly good shape, you can probably get away with just having it deep cleaned by a professional carpet cleaning company.
7. Wood Flooring
If you have wood floors, it will pay off to make sure they're clean and in good condition. If not, consider having them refinished. If cleaning doesn’t restore them, you may need to have them replaced. This can be pricey, but replacing the flooring will raise your home’s value.
It can't be stressed enough how critical it is present potential home buyers with a sparkling clean, clutter-free kitchen. Purge and neatly arrange your cupboards and drawers. Accessorize with things that make sense in the kitchen. Next, scrub down everything, including the drawers and cabinets. Clean your stove and oven until they shine. Polish up stainless appliances, removing fingerprints. Make sure to toss out smelly garbage to that there aren't lingering odors.
Thoroughly clean fixtures, shower doors, and tubs. Buy new replaceable parts that can't be cleaned well enough to be presentable. If the bathtub is stained, consider refinishing it. If the bathroom is small, a light paint color will make the room look bigger. Also, keep in mind that the bathroom wall color doesn't need to be the same as other areas of your home.
10. Tile and Grout Cleaning
Tile and grout cleaning can go a long way when it comes to increasing the appeal of a home. Cleaning tiles and grout can bring it back to "like new" condition, restoring their original shine.
There’s no set rule of thumb regarding how much you'll need to spend to get your home ready to sell because every home is different. Nevertheless, investing a few thousand dollars can increase the sale price by significantly more than that. It will also help make it possible for your home to sell a lot faster. Bottom line, anything that you can afford to do is going to be beneficial.
10 Steps for Staging Your Home on a Budget
There are a number of ways to sell a house. Listing a house with a real estate agent. Selling a house for sale by owner (FSBO), or selling a house to a real estate investor are all house selling options. Which one is right for you? When you decide to sell your house you should not rule out any of the three major selling options. What you should do is figure out which selling option is best for your selling situation. Every selling situation is different and so are your selling options.
Lets take a quick look at each selling option and see how you can determine the best way to sell your house.
Listing your house with a real estate agent:
A home seller should consider selling their house with a real estate agent if they are in the following situations. I do not need my house to sell fast. I can wait for my house to sell on the open market while I live in it. My house is in excellent condition and does not need any repairs. My house is ready to be put on the market, it has natural interior and exterior paint colors, and has great curb appeal. I am in no financial hardship that requires me to sell my house. I am happy living in my house no matter how long it takes to sell.
Selling your house for sale by owner (FSBO):
A home seller should consider selling their house for sale by owner if they are in the following situations. I am knowledgeable about real estate. I am willing to sacrifice my time and put lots of effort into selling my house as long as I do not have to pay a real estate agent. I have money to market my property so I can get it sold. My house does not need any repairs and is not a fixer upper. I do not need to sell my house right away.
Selling your house to a local real estate investor:
A home seller should consider selling their house to a local real estate investor if they are in the following situations. I need to sell my house fast. I need to sell my house to stop the foreclosure process. I can not afford my mortgage payments. My house needs repairs and I can not afford to fix it up. I have just been relocated by my job and I need to sell my house. We inherited a house from a family member and we would like to sell it. I am tired of being a landlord and want to cash out of my investment. I am going through a divorce and need to sell my house now.
As you can see there are definitely times when you should list your house, sell your house FSBO, and sell your house to a local real estate investor. If you are in a situation where you need to sell your house quickly, your best option is to sell it to your local home buyer. They will take care of all the paperwork, purchase your home quickly and you can move on with your life.
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