Home Selling in 23693>Question Details

Jan Farley, Home Seller in Yorktown, VA

I am noticing a drop off in perspective clients, especially the military clients. Hints?

Asked by Jan Farley, Yorktown, VA Wed May 14, 2008

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4
Congrats on your home sale. I thought it may be informative for all of the people writing the same thing over and over again 'wait another year, prices will drop 20%' ; that your home sold within 5% of original list price...in about 3 months and it the sale was over $400k. The market is local and so are the sales. Blanket statement about the market are simply not helpful. This home was in a great neighborhood, nearly 3000 sq ft and close to several bases and NASA. I'm glad that this seller didn't take to heart the gloom and doom and allowed her agent to do her job and get the home sold! There are still 100% loans (putting a down payment is always recommended, though).
1 vote Thank Flag Link Thu Nov 27, 2008
Hi Jan. In your area, prices are just starting to drop. They are still too high. I read another post from a military man in newport news, va. He said WAY too high of prices. They are not aligned with rent and income, so most know it will drop.
0 votes Thank Flag Link Thu May 15, 2008
Ma'am

There are a lot of factors to consider when it comes to the buyer population. First, the banks and lending institutions have buckled down with stringent guidelines to get a prospect pre-approved for a home loan. An individual has to have a great credit score (it varies from bank to bank) 680 is a good start, debt to income ratio has to be pretty low; 100% financing is no longer - so those individuals who don't have funds for a down payment for an FHA loan or even a conventional - no longer have that option, in turn decreasing the number of qualified buyers; an increase of rentals are also your competition - there are buyers who have expressed the fear of not having any equity when its their time to sell (some military buyers) - but the reality is that there are more homes than "qualified buyers". Good Luck with the sale of your home and God Bless

Kihalani Payton
GSH Real Estate
(757)886-4084
0 votes Thank Flag Link Wed May 14, 2008
Hey Jan

Unfortunately this is a problem that almost everyone is experiencing at this time. I would recommend what a great REALTOR in Rocky Mount, Virginia, Betty Kingery founder of Mountain to Lake Realty, told me when I first started out. She said, in the past market, the "name of the game used to be 'location, location, location,' but in todays market we're into 'location, price, curb appeal, and closing costs.'" In other words, have a great location, lower your price to stand out in an over-crowded marketplace, do some yard work, and offer something like paying up to $4000 in closing costs. This stuff isn't easy, but this is how people are selling houses in this market. I hope that helped.

Sincerely,
Miguel Ogas
(540) 420-5670
0 votes Thank Flag Link Wed May 14, 2008
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