Easily Avoid these Home-Selling Pitfalls

There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I am going to discuss three reasons why homes don't sell. There are many different reasons why this can happen, but I want to highlight some of the most common reasons why this happens and how you can avoid these pitfalls.

1. Is price related to the location and condition of the property? Location is an intangible factor in a home, and the condition of the home is subject to change. This requires a balancing act to gauge a correct price for your home. It needs to be an attractive value for consumers, but also one that they're willing to negotiate with. You want to avoid going too high with pricing, because then you will price yourself right out of the market.
2. Communication: The market is talking to you, and you have to listen. For example, if you've been on the market for 7-10 days with only 7-10 visitors and no contracts, you're probably priced 3-5% too high. If it's been 10-20 days with less than 10 visitors and no contracts, you're probably pricing 7-10% too high. You have to pay attention to how the market is responding to your home and capitalize off of this information.
3. Poor Marketing: Here is a surprising statistic: 40% of homes on the MLS do not sell. You cannot rely on one website to market your home. Your realtor should have a complex marketing strategy in place to get your home seen by the largest amount of qualified buyers as possible. If people don't see your home, they surely won't be trying to buy it. Make sure your property is advertised in every nook and cranny imaginable.

Hopefully this information has been helpful to you. If you'd like to discuss this issue in more depth I would be glad to talk to you. The best way to contact me is by calling (301) 660-6272.

Be Careful When Renting a Property

There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

A lot of my clients always come to me and ask whether they should buy a property and then rent it out to tenants. While it may seem like a very simple thing to do and an easy investment, you really need to know what you're getting yourself into when you do this.

A common story I hear from a renter is that their monthly mortgage is $1,900 dollars, but they receive $2,000 in rent every month. They tell me that they're making $100 dollars a month and that this is a good investment, or that they would just be happy to break even.

However, this is not the whole story. No matter how good a property manager you are, you will experience vacancies, and at the end of a renting period you will also need to spruce up the property a bit. Also, as an owner, you will have to pay for a special kind of homeowner's insurance. All of these hidden fees and costs can jump out and bite you if you are unaware of the extra costs associated with renting a property.

In all likelihood, you need to sit down with your tax consultant and see if renting is really the right way to go. If you're ill-prepared to rent a property, you are probably making a costly mistake.

Please don't hesitate to contact me because I would be glad to discuss these things with you or recommend you to someone who could help you in a situation like this. My phone number is (301) 660-6272.