Smith Mountain Lake Real Estate | Vicki Millehan

Smith Mountain Lake Market Report

The market at Smith Mountain Lake continues to improve in the waterfront home sector.  More buyers are coming into the market and the average sold price is just slightly higher.  The strongest part of the season is just getting started so if you are thinking about buying, now’s the time.  Inventory has stayed high as sellers who have been waiting are steadily coming on the market, so it’s still technically still a “buyers market”, but be ready to act as new, appropriately priced homes don’t stay on the market long.  If you are thinking about selling, don’t miss getting out there during this busy time of year.  Off water homes and condos & townhouses are still challenging for sellers, and the sales of water front lots is still the weakest part of the market with high inventory and continued price pressure.  Call me for complete details!

3 Mistakes to Avoid When Selling Your Home

You’ve decided to put your home on the market. Almost immediately you fantasize about the mountains of offers that you’ll receive from motivated buyers who are dying to close on your home. But what if your home hasn’t set the real estate world on fire like you had hoped?

Here are three mistakes to look out for when putting your home on the market, and how to avoid them:

You Didn’t Hire a Real Estate Agent

Selling a home is not an easy job. Real estate agents are trained to navigate the complex inner workings of the market. They also have a network of contacts designed to help put your home in front of the right people. Search for a realtor who is experienced in selling your type of home and ask for a meeting to see if you’re a good fit for one another.

Your Photos Aren’t That Great

Just because you have a fancy lens on your camera doesn’t mean that every photo is going to be breathtaking. Make sure the rooms are clean and remove any dated or distracting items from the frame. Be mindful of the light in the room and find the most flattering angle of the room. Or consider hiring a professional real estate photographer. Check with your realtor to find the best ones.

You Refuse to Negotiate on Price

Being flexible in your asking price will benefit you, especially in a buyer’s market. This doesn’t mean that you should cave on a low offer just for the sake of selling a home, but rather that you should consider counteroffers from motivated buyers. Here is another example of why having an experienced realtor on your side is a must. Your realtor will tell you if your asking price is too high and will let you know what similar homes in your area are going for.

Source: Realtor.com, 8 Rookie Mistakes That Keep People from Selling Their Home

First-Time Homebuyer? Plan for These Hidden Costs.

Preparing to move in to your first home is exhilarating. It can also be expensive, and with just cause. Buying a home is the biggest investment you’ll likely make, but it’s also the most rewarding. That said, new home expenses can blindside you if you’re not prepared. Below is a list of common unforeseen expenses for new homeowners:

Appliances

Hopefully you’re aware of which appliances are staying with the home and which are heading out with the previous homeowners. You also have no real idea of how much wear and tear the appliances have seen, so be prepared to fork out some savings to replace them in the future.

Utility Bills

Unlike renting, all of your utility bills are now your responsibility. Monthly fees for water, electricity, and trash pickup are now going to be delivered to your mailbox. Also, if your home isn’t set up for cable, internet, or satellite, you’re going to have to invest in those areas as well.

Taxes and Insurance

Surprise! You’re a property owner now! Which means that you are now responsible for paying local property taxes and keeping your home insured. Be mindful of home improvements that may cause your insurance company to up your premium or drop you. Examples include adding a trampoline, pool, or wood stove.

Collectively, these expenses are far less costly than purchasing a home. However, if you plan for them in the early stages of buying a home, you’ll be prepared.