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How to Get Multiple Offers On Your Home For Sale In Northern Virginia

Unlike the weather, the real estate market is HOT!

WINTER SCENEWe currently have a 1.8 month supply of houses on the market in Northern Virginia.

Interest rates remain low so buyers are buying homes and jobs in the DC Metro area continue to be created so people are looking for housing in our market.  We expect this trend to continue for the next several months.  Sellers are in the proverbial driver seat if they do the right things to their property before putting it on the market.  If you are considering selling your house, read more below…

As I mentioned, right now our biggest issue is finding houses to sell.  We currently have 3,850 properties for sale in all of Northern Virginia – down from a high of the last year when we had 6,005 in the second week of October.  That is a 36% decrease in houses for sale in just 3 months.  We expect more properties to come on the market as the ice and snow melt, as well as, into the spring market but we have a lot of people looking so I don’t see that it will have a huge impact in regards to our inventory level moving forward.

The low inventory situation has resulted in multiple contracts on properties that are in great shape, priced well and show well.  As properties come on the market that are in the same situation, they too will have multiple contracts.  Therefore, buyers need to be prepared.  We have developed a strategy to help buyers position their contracts to win when in competitive situations – check out my blog to learn more – www.scottymacsblog.com simply search for multiple contracts or click the link here.  Sellers need to seek our advice when selling so we can help stage the house, give direction on what improvements/repairs need to be made and to price the home properly so they can take advantage of the market.

REMAX FOR SALE SIGN SOLD

As always, I am available to answer any questions you may have in regards to your personal situation so feel free to contact me anytime.

Scott MacDonald

RE/MAX Gateway, LLC

(703) 652-5777

scottmacdonald@remax.net

What’s HOT? The Washington Wizards and the Northern Virginia Real Estate Market!

Scott MacDonald of RE/MAX Gateway offers valuable information for home buyers, home sellers, and real estate agents on the Northern Virginia real estate market trends.

What is driving the real estate housing market? Watch Scott’s Market Minute.

Want to know how to increase your odds of multiple offers? Sellers are urged to price houses competitively and make repairs as recommended by an experienced REALTOR, as this will help to ensure the home shows well to prospective home buyers.  Contact Scott MacDonald (703) 652-5777  ScottMacDonald@remax.net

Now is a great time to list your home for sale!

Scott MacDonald

RE/MAX Gateway, LLC

How to be successful this year in real estate.

It’s the beginning of the year and agents are asking what they need to do to be successful this year in real estate.  As I thought this through, I came up with a few areas that I believe agents need to “pay attention to” sooner rather than later to be successful in real estate.  Here is the list of urgent and important items, urgent items, important items and lastly, to do items that I came up with for success this year and beyond.

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Urgent and important

  • Get you database together – sort and qualify them.  Assemble their name, address, email address and phone number.
  • Call them, stop by and see them with a “leave behind item of value”, communicate with them regularly to strengthen your relationships with them and to develop your base of business.
  • Add people to your database daily – grow who you know and also, those who know you
  • Develop a daily game plan of who you are going to reach out to and why.  Do this the evening before or the morning before you start your day.
  • Create a daily schedule with strategic blocks (1-2 hours), buffer blocks (3-5 hours) and break out blocks (1-2 hours) built in and stick to it for success.

Urgent

  • Have a business plan complete with goals, objectives to meet these goals, and action plans to carry you over the goal line.
  • Hire a coach/mentor to keep you on track – meet with them weekly to review your goals/business plan.  Your broker or manager is always a good start as they are invested in your success.
  • Get an accountability partner to hold your feet to the fire complete with rewards as well as consequences for your actions.

Important

  • Learn the business – read publications, attend industry events at your office, Real Estate Exchanges, Quarterly meetings, association and at the franchise level.
  • Learn the inventory – see 5 houses every day including new homes.  Attend Broker Opens.
  • Meet with others in the industry – lenders, title, builders to gain insight into their areas of the business and what is happening with them.
  • Start a blog and write consistently.
  • Do videos and post to your blog, website, and social media channels to gain exposure and recognition as an expert.
  • Plan to host at least one client event this year.
  • Have a daily to-do list.  Work on hardest things first as they are typically the most critical.
  • Develop a routine and stick with it.  Always start with prospecting as it is the key to success.
  • Maintain a calendar with events and goals for the day and week.
  • Work on your negotiation skills through role playing.
  • Be present – stay off cell phone during your “block” times, focus on the other person, be an active listener.

To do’s

  • Utilize systems and process to ensure your success for marketing yourself, working with buyers and sellers.
  • Set up a networking group to grow your business.
  • Create and develop your brand – who you are, what you deliver and what you stand for in the business.
  • Read inspirational and motivational articles, books, etc. each morning to get you in the right frame of mind daily.
  • Continuously educate yourself personally and professionally.  Set a goal to read a book a month or even a book a week or to attain a designation.
  • Eat healthy and exercise regularly.
  • Invest wisely in yourself and in your business – check with your coach, mentor or trusted advisor before any major expenditures.
  • Celebrate your successes, including the small ones as they all count!
  • Consistently work on communication skills.
  • Create a vision board of your goals, dreams and desires.
  • Have a good balance between work and life.

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As you progress in your career or if you are looking to jump start your career be sure to add these items to guide you to success.  Obviously there are other areas which you need to develop but these will most definitely help you.  If you are interested in more information or would like to schedule a time to meet, please feel free to call me.

Now, go sell something!

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Is it over yet? Why Northern Virginia Home Sales Went On A Wild Roller Coaster Ride

October took the real estate market roller coaster ride.

Rates went up, rates came down.  Sales went down, sales went up.  Inventory rose, inventory came back down.

Real Estate Market Roller Coaster Ride 31OCT2013

In some areas, the number of multiple contracts went down, then they went back up.  Inventory of short sales and foreclosures were down, then they rose but luckily by not too much.  The government shut down and the government opened back up – luckily, it was not too long and did not have a tremendous impact on the housing market.

Our emotions went up, our emotions came back down, as there was a lot of concern about delays in closings associated with the shut down because of the reduced number of employees at FHA and the IRS, but we avoided a potential disaster there.  Additionally, we were worried about the government defaulting on their debt which would have sent interest rates skyrocketing, and again, fortunately, this did not happen.

Even though there were so many ups and downs, the market in October this year was still better compared to a year ago.  There were more home sales, higher home prices and more homes for sale for buyers to choose from, although the uncertainty skewed people’s perception.  So now you know why October was such a roller coaster for real estate.

What lies ahead on the horizon as we enter the winter market?  My belief is we will be in our typical winter market.  Homes will come off the market for the holidays.  Motivated, savvy buyers will be out buying homes.  Interest rates will remain in the low 4% range.  Home prices will continue to stabilize throughout the Northern Virginia area.  Houses that are priced right, in the right condition and right location will see multiple offers and our market won’t be as up and down as it was in October.  Basically, we will continue to have a robust housing market locally.

To learn more about your situation, please feel free to call me today. Scott MacDonald (703) 652-5777.

Scott MacDonald

RE/MAX Gateway, LLC

Forecasting The Real Estate Market With Government Shutdown

Wow, where did September go?  It was a very interesting month – kids went back to school, football season started, the weather has changed, the housing market remained strong and the government shut down for the first time in 17 years.

Forecasting The Real Estate Market With Government Shutdown

It will be interesting to see how the stock market reacts to the government shutdown, what the impact will be on rates, the housing market and how long it lasts.  If it is a quick shut down, we will probably see little reaction in the stock market and as a result, rates and the housing market.  If it is a prolonged shutdown of a few weeks or more, the stock market will have a negative reaction, rates will rise as bond yields decrease and we could see a loss of momentum in the housing sector of the economy.  What will happen to government backed loans in process and how will it affect settlements?  None of these are helpful to our economy since the housing recovery leads the economic recovery as a whole.  At this time, it appears as if this could last longer than just a day or two so let’s get prepared for a rocky economic road the next few weeks.

Let’s talk about the real estate market in September.  We did see a pickup in sales over last year in Northern Virginia.  Inventory increased slightly which gave buyers more choices.  As inventory increased, distressed properties made up a lower percentage of this increase which is great for home owners.  New home sales continue their strong pace of sales.  Interest rates came back down as the government eased off their threat of reducing their purchasing of mortgage backed securities and we still see multiple contracts on properties in certain price points and locations.

All in all, September was a good month for Northern Virginia real estate.  We need this trend to continue, so let’s hope the shutdown gets resolved more quickly than it appears it will.

If you have any additional questions or concerns, please feel free to call me directly (703) 652-5777

Scott MacDonald

RE/MAX Gateway, LLC

Why is the Northern Virginia Real Estate Market slowing down?

Scott MacDonald of RE/MAX Gateway offers valuable information and insight in his Northern Virginia Real Estate Market Minute as to why the Spring 2013 Northern Virginia Housing Market is slowing down just a little. Homes priced competitvely are selling fast! Home Buyers and Sellers will want to save money by closing before July 1, 2013 Grantor’s Tax increase. There’s still time to get your home listed for sale! Call Scott MacDonald (703) 652-5777

Why you should close on your home before July 1, 2013 Grantor’s Tax Increase

Big changes are on the forefront for Virginia real estate if you are selling or buying a house.  The state Grantor’s Tax is going from $1.00 per thousand to $2.50 per thousand of the sales price or tax assessed value, whichever is higher on July 1, 2013.  Here is the impact – on a sales price of $500,000 the fee is going to go from $500 to $1,250Grantors Tax Increase to help ease congestion

The tax is typically paid by the seller in a resale scenario and the builder usually passes this fee on to the buyer.  As a result, it has become a nominal cost associated with selling to one of a greater impact and one that will potentially bring attention to people on both sides of the table.  In other states, including Maryland, this tax is absorbed by the seller with first time buyers, is split in most cases but in the end, is a negotiable item between the seller and buyer.  It will be interesting to see if this becomes the case in Virginia.  Our fee is less than Maryland’s but is still is significant enough to take notice and pay attention to what will be the impact as it becomes implemented and the prices increase.

The change goes into effect on July 1st so you will want to plan accordingly.  This year July 1st falls on a Monday so in order to avoid paying the tax, we are encouraging our clients to close by the 26th of June.  This will ensure the property gets recorded at the courthouse prior to the Friday rush that many title companies are expecting and save your money.

Many of you may recall that back in January of 2008, this tax went up 5 times so the same scenario listed above would have resulted in a $2,500 tax on the sale of properties in Virginia.  Therefore, this increase is not as significant.  In March of that year the Supreme Court of Virginia repealed the tax stating a transportation authority NVTA did not have the right to levy taxes.

The additional fees today are also put in place to cover costs associated with transportation initiatives and road improvements in Northern Virginia and Hampton Roads in an effort to ease the congestion in these regions.  As such, this tax is only applicable to these regions.  Let’s see some results, please.

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You’re Invited! 8th Annual PUTT A THON and Family Fun Night!

Scott MacDonald, President of RE/MAX Gateway invites you to the 8th Annual PUTT A THON & Family Fun Night!  All proceeds benefit Youth For Tomorrow.   Please join us Saturday, April 13, 2013 from 2-6pm at our RE/MAX Gateway office in the Brambleton Town Center for this fun-filled time and certain to bring out the kid-at-heart in all of us!

This event is RAIN or SHINE! We’ve got it covered folks!

Just look for the RE/MAX Balloon!YOUTH FOR TOMORROW Putt A Thon REMAX Gateway APRIL 13 2013

Help us reach our goal http://www.gateway2realestate.com/putt-a-thon

Can’t attend but want to make a difference? Here’s how: http://rismedia.com/2013-04-08/eighth-annual-remax-gateway-putt-a-thon-family-fun-night/

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Northern Virginia Real Estate Market Update: Buyers and Agents Scramble to Find Homes

Seller’s needed! Spring 2013 real estate market continues to get hotter as Buyers and Agents search and scramble to find homes. Scott MacDonald offers current Northern Virginia market data and housing statistics. Want to know how this could impact you? Give Scott a call (703) 652-5777 – He’s never too busy to discuss the real estate market! scottymacsblog.com