Home Selling in Chesapeake>Question Details

Edie, Other/Just Looking in Chesapeake, VA

SHOULD WE SELL 1ST OR LOOK FOR SOMETHING TO BUY 1ST (AND GET INSPIRED TO GET OUR HOME READY TO SELL!!)

Asked by Edie, Chesapeake, VA Sun Jan 18, 2009

WE LIVE IN GREAT BRIDGE IN A 4BR 2BA SF GREAT BRIDGE SPECIAL THAT HAS BEEN BEAUTIFULLY UPDATED INSIDE. I KNOW IT'S A BUYERS MARKET NOW BUT I HOPE THE UPDATES WE HAVE MADE WILL HELP TO SELL OUR HOME FAIRLY QUICKLY IF WE PRICE IT RIGHT. WE THINK WE MAY BUY OR BUILD JUST OVER THE NC LINE BUT - I THINK WE SHOULD FIND SOMETHING WE CAN LOOK FORWARD TO MOVING INTO 1ST AND THAT WILL GET US MOTIVATED TO PREPARE OUR CURRENT HOUSE TO SHOW AND SELL. MY HUSBAND THINKS WE NEED TO GET OUR CURRENT HOUSE "SHOW READY" BEFORE WE EVEN CONSIDER LOOKING FOR A NEW HOUSE. WHAT IS THE PUBLIC'S OPINION??

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Hi Edie,

Great advice in prior answers. I think doing a combination of both starting to look at homes and to start prepping your home to get it on the market is the best suggestion. We are reaching PRIME SELLING season. And with the rates being so low, your amount of qualified buyers increases. My traffic on my listings since before Christmas have tripled..things were very slow.

Your first step though is to get with a Realtor to do a CMA (Comparable market Anaylsis) of your property, look at your numbers on payoff vs what you could sale for and net and then see what you'd have left after the sale. From there, you'd get a with a lender to see what you'd qualify for on a new home and that way you'd know what price ranges of properties you could start be looking for. You need the number from the sale of your property to give to the lender, if you are planning to put a down payment on.

In the sale of your home though, meeting with a REALTOR is only part one in this strong buyers market. You'd also want to meet with a HOME STAGER (an expert in preparing your home for top dollar). Home stagers come in and evaluate your home and gives suggestions or assist you in prepaping the property. Home staging does several things. It makes your home appeal to the most of amount of buyers by neutralizing as much as possible, de-cluttering to make more space (make the home look larger) and it always makes the home show great for pictures that go online on the mls and home search websites as well as if your realtor does a virtual tour, the STAGING IS A MUST for these tours and in this market. It gives you the edge. ..

I am BOTH a Realtor and a Nationally Accredited Home Stager. Anyone that lists their home with me gets a free staging evaluation and assistance prepping their home as part of the listing with me. Or if you already have a Realtor you love, the staging can be done seperate for a small fee. I'd more than happy to meet you at your home to do a CMA and pre-evaluation of needed staging to get you moving in the direction you are seeking.

I'm ready to assist.

Lisa Burrow
Realtor, Nationally Accredited Home Stager, Accredited Buyers Representative
RE/MAX Allegiance
Virginia Beach, VA
e-mail - lisa.burrow@rmxtalk.com
757-650-9560
1 vote Thank Flag Link Mon Jan 19, 2009
Thanks to everyone who answered my question! It got me motivated and gave me some direction! My sister is a realtor (not sure using her is best though....am giving it a lot of thought :-) ) I've had the CMA done, spoken w/ a loan officer regarding where we qualify, so I am informed. I think I'm addicted to real estate because I'm constantly looking in the 23322 zip code and in NE NC. We lost our dream home before and would hate for that to happen again.

Home staging is a must, I would agree. You have to be way above the competition.

Thanks again for all the input!! I'll keep the info and the contact information as well.
1 vote Thank Flag Link Mon Jan 19, 2009
I think the first thing you need to do is get a market analysis done on your current home. It is important to have a realistic idea of what it will sell for in today's market. I always provide my sellers with suggested improvements that will maximize their market value for the least amount of money. You don't want to spend money that won't give you maximum return on your investment. Secondly, you need to get pre-qualified for your new home before you start looking. Interest rates are historically low and you there are lots of good deals to be had right now. You don't want to spend time looking at homes that are either below or above your price point. If you are motivated to move I would suggest you not wait to list your home for sale. We will be approaching the ever important spring market soon. Now is the time to get ready. While your current home is on the market you can begin your search. The average time on the market right now in Hampton Roads is 91 days.

Nelene M. Gibbs, Realtor, e-Pro
William E. Wood & Assoc, Great Bridge Office
757 672-3232
http://www.homesbynelene.com
Web Reference: http://www.nelenegibbs.com
1 vote Thank Flag Link Sun Jan 18, 2009
You have received some excellent advice so far. I would like to add that a buyer's market is an ideal time to buy up. You may take a bit of a hit on your current home. However, the sellers of the more expensive homes are taking a greater "hit" dollar for dollar on their home so you come out ahead (For example, someone selling for 10% lower on their $100,000 home feels like they have lost $10,000. However, when they move up to the $150,000 home, which is also selling at a 10% "discount", you are "saving" $15,000. So you come out ahead by $5000.) In terms of whether you should find a house and write a contract before you put yours on the market, I would ask you if you really want to move. If you definitely want to move and want something different, then you should consider putting your house on the market. It is much easier to find a house in this market than it is to sell one. If you are interested, I have developed a guide to help people understand the steps required to get your home ready for sale so that you can maximize the effectiveness of the marketing of your home. Buyers are exceptionally critical as a result of the large number of homes from which they have to choose. Your house will stand out with the careful updates you have made. But updating is only part of the equation. There are other steps which you can take which will make your house stand out from the competition. Best of luck to you!

Kathryn@MyAgentKathryn.com
1 vote Thank Flag Link Sun Jan 18, 2009
It is usually best to sell your house before you start looking for another home. You do not want to find a house you fall in love with and not be able to buy it. You could always do a contigency but it might fall thru.

If you are still on the fence as to whether or not you want to move it would be a good idea to see what is out there first. I would be happy to send you some emails of listings that match your criteria.

It sounds like you have put some hard work into your home. If you price it right it is possible to sell it quickly. Most buyers want a home they can move right into with little to no work. Most houses either sell within the first 60 days or stay on the market for several months. You should know what is out there in case you are lucky and sell your home quickly.
1 vote Thank Flag Link Sun Jan 18, 2009
Most of my "contingent" clients (those that have to sell first before they purchase another one) like to go and look at houses first to see what's out there for them to choose from. After you get a good idea about what is out there then you can put your house on the market and continue looking for a new house at the same time your house for sale. IF you find and fall in love with something and your home hasn't sold yet, you can always write a contingent contract. Most sellers are accepting contingencies these days. The risk you will run into if you list your house and sell before you find something is the possibility of moving twice or having to arrange housing. It can be a headache BUT the upside is that you can buy a home non contingent and usually get a better deal!
I hope this helps. Cherlynnf@remax.net
1 vote Thank Flag Link Sun Jan 18, 2009
Thank you to all who answered!! I appreciate the advice!

Lisa, as far as the real estate addiction goes, I'm unsure as to whether or not it's only because I'm looking for myself or if I just love to see homes (decor, floor plans, etc.).

I've been an accountant for 25+ years (for builders most recently) and am currently deciding on another career path. It's just such a tough time right now to get into real estate!!

It's great that you followed your passion! You must be good at what you do!

The best of luck to you!
0 votes Thank Flag Link Tue Jan 20, 2009
Well, this is good question and it comes up all the time....
It really depends on your personal needs.....
If for any reason you must move - like closer to work, or growing family, whatever the reason
You discuss the pricing and marketing of your home and what you should and should not do to prepare your home with an experienced area Realtor (let me know if you like me to recommend one of my partner agents!)
Do only what is most important to potential buyers!

The Realtor will also assist you in comparing your home to recently sold homes similar to yours and that will give you a good idea what you may get for your home, potentially! You know a home is worth what a ready and willing buyer is ready and willing to pay..... So!

Now if you do not HAVE to sell, but would like to.....
You start looking around the areas you want to consider and the size of home you want to consider
in an expanded price range, WITH A TRUSTED AND EXPERIENCED REALTOR
that experience and the expertise of your Realtor giving you some indication of what your own home is worth will help you decide if this is a good time for you to sell and buy....

With the current markets in general although some markets are better than others, If you are upgrading to a larger home, you will take a loss on your smaller lower priced home, but will be able to make that difference up by getting the larger home for less....

But once you are an educated Seller/Buyer with a trusted Realtor at your side (and let me know if you want me to recommend a trusted Realtor partner to you....) Then you should get your home show ready and put your home on the market (it may take longer to sell your home these days than you may think and it will give you plenty of time to find the right home for you) YOur Realtor will be of great help to coordinate the sale and the purchase in your best interest.....
Hope this helps you!
Let me know if you like me to recommend a partner agent of mine in your area to you...
And if you every know of anyone moving to the Chicago Northern Illinois area, please have them
contact me and give me their contact info, they should expect first class real estate service from me.
Edith YourRealtor4Life!
edithdoesitright@yahoo.com
0 votes Thank Flag Link Mon Jan 19, 2009
My personal opinion is to go out and look to get a feel for what things are worth.

This will help you decide on your marketing plan for your own home and also give you some idea as to value.

I am not sure personally if there is anything now or ever quick in the real estate market. The more price sensitve a property maybe, the more it is being treated as a commodity and not the unique thing that all neighborhoods, cities, homes, locations that make up real esate really are. On the other hand, I agree with the attitude of staying flexible and trying to make a deal. Listen to what the potential buyers have as objections to see if you can remedy them.

Don Reser
Web Reference: http://ww.wreserrealty.com
0 votes Thank Flag Link Mon Jan 19, 2009
Your welcome Edie.

I once upon a time ago was addicted to real esate, couldn't keep me out of model homes and open houses. Now look where I'm at, doing what I love. Perhaps you're our next Realtor in the area?



Lisa Burrow
RE/MAX Allegiance
Virginia Beach
Nobody sells more real estate than RE/MAX
0 votes Thank Flag Link Mon Jan 19, 2009
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