Virginia Beach Real Estate

March 2007 sales statistics shows it takes an average of 80 days to sell Virginia Beach homes. It is possible that some will sell in just a few days and some may take several months. There are six factors that influence the time it takes to sell Virginia Beach homes. Lets examine them.

1. Product 
The product, of course, is the property. If the property shows poorly, or has major defects which cannot be or are not corrected, a sale may not take place until the defects are corrected or until the price is adjusted to compensate for them.

Currently, Virginia Beach is experiencing a strong Buyers market and Buyers don’t want to buy a home that needs repair. They want a home in tip-top condition and all they have to do is move right in. so, I highly recommend taking care of any defects BEFORE putting the 'For Sale’ sign in the yard.

2. Price
If the home has not sold after a reasonable length of time, but other similar properties have sold, then a price adjustment may be in order. If this is true and the price is not reduced, the price may delay or prevent the sale. The appraisal will be based on the most recent sales in the area and the property must appraise no lower than the sales price for the buyer to get his financing.

Virginia Beach sales prices are fluctuating and have even gone down in many neighborhoods. Lengthy market times caused by too high a price, can cost you money in the long run and mean less money in your pocket.

Read: South Hampton Roads Real Estate Area Market Report-Virginia Beach Statistics

3. Financing
If the financing costs too much, or if the Seller requires a higher down payment than most people buying in that area are paying, then the financing may delay or prevent the sale.

Today’s interest rates are near historic lows, but money is tight and lenders are requiring borrowers to have higher down payments than a few years ago. Virginia Beach home sellers are needing to offer to pay some of the buyers closing costs to be competitive.

4. Timing
The timing is the condition of the real estate market at the time of the sale. It may be a Sellers market or a Buyers market. Neither the seller nor the real estate agent can change the condition of the market at the time the property is for sale. It must be accepted for what it is.

Your real estate professional has not control over the market, but it is his job to educate you to what is going on in the market so you can make wise selling decisions when selling your Virginia Beach home.

5. Competition
Every Buyer makes decisions about which home to buy and how much it is worth by other choices available at the time of purchase. The supply of other homes the Buyer will compare with your home is constantly changing from week to week and month to month. The current competition always affects the Buyers opinion of your home and what they will think it is worth. So the question is, what will be the Buyers other choices at the time they are shown your property?

Your real estate professional will provide you with a Competitive Market Analysis (CMA), comparing your Virginia Beach home to other homes in your neighborhood that are currently on the market or have sold recently, so you can see what the competition is.

6. Marketing
The Butler Team’s promotion is unique. However, even the very best promotion has its limitations because promotion cannot overcome any of the first five factors if they are out of balance and are not corrected.

Also read: Selling Your Virginia Beach Home: Add Curb Appeal

If you would like more information on how you can sell your Virginia Beach home for the highest price in the least amount of time, visit our website, ButlerTeamHomes.com. Also, get the current market value of your Virginia Beach home and view all Virginia Beach homes for sale.

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