How do my team and I help buyers find homes, given the low inventory in today’s market? Today, I’d like to tell you about our strategy.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationWith the low level of inventory in our current market, how can buyers find a home? Today, I’d like to explain how my team and I help buyers find properties that aren’t even on the market. One strategy we use is calling around neighborhoods that a buyer may be interested in. We’re able to do this thanks to our database of phone numbers and addresses. By calling around our database, we’re able to find out whether anyone in that neighborhood is thinking of selling their home.Since they aren’t listed on the market, these properties will see much less competition.This helps our buyers identify additional options on the market. Also, these properties will see much less competition since they aren’t listed on the market. If you have any other questions, would like more information, or want help finding a home, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Virginia Beach Real Estate Podcast with Robbie McCarty

How to Find a Home Despite Today's Low Inventory

 Our five-day listing program is designed to get you the most money and best terms for your home in the least amount of time. Here’s how it works. Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationThe market is very hot right now and a lot of homes are receiving multiple offers. What are we doing to create higher offers for our listings in the current market? We’ve come up with a tactic that I call the five-day listing. We start by listing your home on a Thursday, after we’ve gotten it ready and had it properly staged for the market. Then, we schedule an open house for that Sunday. Realtors and buyers see the property hit the MLS and all of the other real estate websites on Thursday, so they call to schedule showings on Friday or Saturday. When they call, we tell them that the seller has an open house scheduled that Sunday, and that the seller has asked to wait until after the open house to accept offers. This way, we create urgency and scarcity in the mind of the buyers and the agents. If they make an offer before the open house, they will make the highest offer possible. We advertise the open house on every real estate website out there, including Zillow, Realtor.com, Trulia, and the MLS. That way, buyers know about the open house. We also put out 30 to 50 open house signs to create a huge event. We make a spectacle out of the open house to create a sense of urgency for the buyers.We really want to make a spectacle out of your open house so that any buyers who are interested in your property will be scared that someone else might buy it. A lot of the time, we never even have to have the open house. Since the buyers who have showings on Friday or Saturday are scared of losing the house, their offers are usually very good. In that case, you can just go ahead and accept an offer. If we do have the open house, you will likely have multiple offers on the home by Monday. Those offers can drive the sales price up and help you get the best terms. Our five-day listing strategy helps you sell for the most money in the least amount of time and without any hassle. If you have any questions about selling your home in today’s market, just give me a call or send me an email. My team and I would be happy to help you!

How We Can Turn Your Home into a 5-Day Listing

 It’s hard to find the right home in today’s hot market. Here are a few ways I go above and beyond to help you do just that.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationHow do we go above and beyond to find the right property for buyers? This is especially difficult right now in today’s hot market. Offers come in fast and homes move quickly off the market.For this reason, there are a few extra steps we take to ensure we’re doing the most we can for our clients. First of all, we search sources outside of just the MLS. This includes looking at Zillow, Craigslist, foreclosure and off-market properties, and For Sale By Owner properties, as well.By looking in these places, we’re able to find homes outside of the ones everyone else on the market is already seeing. Additionally, we preview properties for buyers. Listing photos are meant to look good. However, not every home out there is as good as it appears. I’d say between half to ¾ of all homes on the market simply aren’t what they may seem. My goal is to help you find the right home.To avoid wasting time on homes like these, I will preview properties that fit your criteria and select the ones I think will be the best fits for you.This way, we can find the right property and make an offer before it’s too late. My goal is to help you find the right home. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Is It Possible to Find the Right Home in Today's Hot Market?

Should your agent hold open houses in order to sell your home? I’ll explore a few reasons why that may not be the best use of your agent’s time. Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationIf you are trying to sell your home, should your agent be doing open houses? The question isn’t whether or not open houses work—it’s whether or not they are a good use of your agent’s time. According to the National Association of Realtors, less than 1% of homes sell via open house. So, why do agents still bother with them? There are two reasons why your agent might have an open house: They want to show you that they are doing something that looks like work. The agent wants to get future business from the open house rather than sell your home. If your home is in a lower price range, you should also know that buyers who look at open houses often end up buying a home close to 30% less than the price of that home.  Is it efficient for your agent to do open houses? Let’s say you hire someone to frame a house. Are you going to pay one carpenter more because they will use a hammer instead of a nail gun? Of course not. Less than 1% of homes sell via open house.Everything works sometimes, so every now and then an open house will sell a home. That said, your agent really shouldn’t be wasting your time on open houses. They are not going to find a quality buyer who can afford your house that way. If you have any other questions about open houses or about selling your home, give me a call or send me an email. I would be happy to help you!

Do Open Houses Actually Sell Homes?

 Are you thinking of purchasing a home? Make sure that it’s something you truly want.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationToday I wanted to answer the question, “Should I buy a home?”The question that I first want to ask you if you’re thinking about purchasing a home is why do you want to buy a home? There’s a lot of propaganda coming out of the real estate industry telling you that everyone should buy a home, and buying a home is better than renting.The truth is that all of that is designed to get you to buy more houses, so you need to make sure that you’re buying a home for the right reasons. Are you doing it because you think you should do it, or because you’re truly looking for an enjoyable place to live and a better place for your family? When you buy a home, you need to have an exit strategy or plan on owning it for a long time. You also need to understand that your primary residence is not an investment, but rather a luxury item that you’re buying because you want it. You will typically only break even on the home that you live in, and never really make a profit from it. If you're thinking of buying a home, make sure that's what you truly want. If you're thinking of buying a home, make sure that's what you truly want. You need to think of the long-term benefits of owning a home because you’ll be obligating yourself to a 30-year mortgage with monthly payments. It needs to be a smart investment for you, not just monetarily but for your own life.If you have any additional questions about this topic or you’re thinking of buying or selling a home, please give me a call. I would be happy to help!

Things to Consider When Thinking About Buying a Home

 Why is the Hampton Roads real estate market so competitive this summer? I’ll explain today. Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationWhat’s happening in the Hampton Roads real estate market this summer? There are a few main points to pay attention to. First of all, interest rates are still very low. Right now, they’re hovering around 4%, which is great news for any buyers in the market. Inventory levels are also extremely low. If you are thinking of selling your home, the market is on fire. Now is a great time to put your home on the market. Low inventory does make things a little more difficult for buyers, as there are fewer options available on the market. Plus, great deals and awesome properties are being snatched up quickly. Remember, markets can change at any time.If you’re thinking of selling your home, don’t get too cocky. Remember, markets can change at any time. What goes up eventually must come down, so take advantage of the increased prices in the market now. If you’re buying a home, I recommend working with a top agent who’s looking at properties every day. That way, you’ll know the minute a home you’re interested in hits the market. If you have any questions or would like to learn more about the market in your specific neighborhood, just give me a call or send me an email. I would be happy to help you!

The Hampton Roads Summer Market Is on Fire

If you’re selling your home, you want a listing agent who’s done a lot of business and will be brutally honest with you about your home’s price and condition.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationIf you’re selling your property and need a listing agent, there are two main qualities that agent should have.The first is experience. You want an agent who does a lot of business. When you do a lot of business, you learn more about how to solve certain issues. Odds are that a newer agent won’t be as current on all the recurring issues home sellers face in today’s market. This can lead to a less smooth transaction. “ Your listing agent should be experienced and honest. ”The second quality is honesty. You want an agent who will also be brutally honest with you. Most people are programmed to be polite and tell other people what they want to hear. This is bad if you’re selling your house.Every seller thinks their house is prettier and worth more money than it actually is. Your agent should be able to tell you what you don’t want to hear about your home’s price and condition because that will get you to the closing table instead of make you happy at the kitchen table.If you follow the advice of an agent who possesses these characteristics, you will have a successful home sale. If you have any questions or are thinking of buying or selling a home in our market, don’t hesitate to give me a call or shoot me an email. I’d be happy to help.

What 2 Qualities Should Your Listing Agent Have?

Selling a home can be expensive, and today I am going to break down exactly why.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationA lot of agents are trying to avoid this topic and tell you at the last minute how much it might cost to sell your home. Selling a home can be expensive, so it’s important to know what you’re getting into before you make the decision to sell yours. The total cost of selling a home averages around 10% of the list price. The reason for this is the commission for employing a buyer or seller’s agent is typically around 6%, and it’s also typical for sellers to give a 3% buyer’s commission. There’s also an additional 1% for seller closing fees and minor repairs.The total cost of selling a home averages around 10%.So, say you’re selling your home for $300,000. Given the percentages I just stated, it’s going to cost you about $30,000 to sell your home. Now, that isn’t out of your pocket. The money comes from the proceeds from the sale of your home.If you have any other questions about this topic or you’re looking to buy or sell your home, give us a call. We’d be happy to help!

The True Costs of Selling a Home in Today's Market

We've had a lot of success lately working with property investors and single-family homes. Some have even been able to fetch a 20% return on their investment in our market.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationSome of the real estate investors we work with have found a lot of success with single-family investment properties. Some are even seeing annual returns up to 20%. Here's a hypothetical example. Say you buy a $100,000 rental home and you need $25,000 down with $10,000 in reserve in case of issues like vacancy or repairs. On top of that $35,000 investment, you'll have costs like maintenance, taxes, property insurance, and property management of $525 a month. The rent will be $1,250, and the mortgage payment will be $400.This would give you a monthly profit of $325. Since you can write off depreciation, that's essentially tax-free. Effectively, you're looking at a profit of $425. If you add in an assumed appreciation of 2% yearly, you're looking at $7,100 in yearly profit over time, which is a 20% return on your initial investment.By properly leveraging the investment, you can get up to a 20% return.Many people only look at real estate in terms of costs and monthly rent, but if you use a mortgage and leverage, the return on your cash can get pretty significant. If you have any questions about finding investment properties or about the basics of real estate investing, just give me a call or send me an email. I'd be happy to tell you more.

How Property Investors Are Seeing 20% Returns

When you are buying or selling a home, you cannot rely on online home valuations. The true value of a property is determined by three main factors. Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationThere are many factors that affect your home’s value. Whether you are buying or selling a home, you should not make important decisions based on online home valuations, like Zillow. It’s fine to look at those if you are just keeping an eye on sales in the neighborhood, but if you’re buying or selling a home, I recommend hiring an agent who knows what they are doing to look at the home. After all, those online sites cannot look at the main factors that actually impact home value.When determining home value, you have to compare apples to apples. Look at the number of bedrooms, bathrooms, and square footage of homes in your neighborhood. Some areas may have foreclosed properties that are in terrible condition right alongside remodeled homes; the difference in value can be about 25%. A good agent knows the inventory, will look at those homes, and compare yours to the homes it matches best. That way, you won’t end up over or underpricing your home. Your agent can also give you tips to increase your home’s value so that you sell at the higher end of your neighborhood market. The next factor you should pay attention to is sold or pending properties. Those properties will act as a price ceiling for your home, as they are what an appraiser uses to validate the value of your home. Your home price cannot be too far above those pending or sold properties. You need to look at your competition.Finally, you need to look at the active competition. Right now, we are in a low inventory market. There is not a lot of competition out there, so you can be a little more aggressive in that value range and sell your house for more money. If you only look at sold or pending properties, you might sell your home for a little less, so that active competition is very important. So, the three factors that determine your home value are comparable properties in your neighborhood, pending and sold properties, and your competition. If you have any questions about what your home is worth or if you would like to learn more about our current market, just give me a call or send me an email. I would be happy to help you!

3 Factors That Impact Your Home’s Value

We are currently seeing record-low inventory across the U.S. and here in Hampton Roads. Here’s how that affects you as a buyer or seller.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationHome inventory across the U.S. and right here in Hampton Roads is at a 20-year low. Whether you’re planning on buying or selling a home, this affects you. Right now in Hampton Roads, we are sitting at 4.8 months of inventory. A balanced market is usually around six months. With inventory this low, many sellers are getting their homes under contract within just a few days.A lot of homes are selling at or above full price because there aren’t enough homes on the market to choose from. If you’re entertaining the idea of selling, let me know and I can give you an estimate of how much you could get for your home sale right now.Thinking about listing your home?As for buyers in this market, you’ve got to be quick and have an aggressive agent to find the right home and the right price because they are selling so quickly. If you have any questions for me or you’re thinking of buying or selling a home, don’t hesitate to give me a call or send me an email. I would love to hear from you.

An Update on Inventory Levels in Our Market

If you need to sell a fixer-upper, you're probably wondering whether it's smarter to sell it as-is or make the necessary repairs to sell for a higher price. Here's how to make that decision.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationSelling a fixer-upper home can be challenging since it needs extensive updates or renovations. The main question is usually whether you should sell it to an investor without doing any repairs or to take on the repairs yourself and sell the house for more money. The big challenge is that you probably won't have the same resources as a builder or investors, who typically have full-time labor crews. If you take on the repairs yourself, the cost of labor and materials would be much higher than it would be for a builder. That challenge usually begs the question of whether the cost to you will actually be worth the rewards on the back end. Oftentimes, it's not. If you need to sell a property that needs a lot of repairs or renovations, come talk to me. I can typically get you a cash offer for the house within three days. If that offer makes sense, we can usually even close within 10 days. Since there are no inspections, repairs, or appraisals, it's a quick turnaround. Builders and investors can get cheaper labor and materials.I'll even list out the repairs and the cost, as well as what the profit would be on the back end. That will help you weigh the offer and really crunch the numbers to see if it makes sense for you.If you or anyone you know is in this position, give me a call or send me an email soon. I'd love to help you!

How to Handle the Sale of a Fixer-Upper

Is professional staging worth it? We’re looking at the numbers to determine if it is.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationWhen sellers get their home ready for the market, they’ll often ask me about home staging and whether it’s worth paying a professional stager.To answer the question, I looked up some stats over the past year from our clients who professionally staged their homes and the clients who didn’t.The clients who professionally staged their home sold in an average of 11 days with an average list-to-sale price of 100%. The sellers that staged got their full asking price, on average. The average cost to stage a vacant home is around $2,000, with a furnished home costing less.Those who didn’t have their homes staged sold in an average of 75 days. Their average list-to-sale price was 95%, which is good but not great. Professional staging is undoubtedly worth the investment.With that original $2,000 investment, the staged homes sold for 5% higher and in 64 fewer days, which is essentially two months of rent or two mortgage payments. Professional staging is worth the investment, no question. In addition to being a fiscally wise move, it eliminates a lot of the stress surrounding the sale of a home. If you want to sell quickly and for the most money possible, we’d love to set up a meeting with you and our professional stager.If you have any other questions in the meantime, don’t hesitate to give me a call or send me an email. I would love to hear from you.

Is Professional Home Staging Worth It?

Should you worry about the recent increase in interest rates? I’ll go over a few things you need to know today. Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationShould you be worried about the rise in mortgage rates?  The simple answer is no. Rates went from an all-time low of 3.5% to 4.2% fairly quickly. However, I would say that it’s a market reaction to how well the stock market has been doing lately and the new administration coming in, which has a lot of people optimistic about economic change.If you look at the economy as a whole, you’ll see that the economy just can’t handle a huge rise in interest rates right now. So, interest rates will not go up to 6% or 7% this year. That may happen two or three years down the road, but you don’t have to worry about it right now. The economy just can’t handle a huge increase in rates right now.Over the next year, you should expect rates to hover around 4%. The business industry and nation as a whole would be crushed if rates went up significantly to 5% or 6%. If we see strong job creation, economic expansion, and increases in the GDP over the next year, then the Fed may have room to raise rates a bit more. However, rates will remain pretty low in 2017. So, don’t worry too much about the rise in mortgage rates. If you have any other questions for me, please don’t hesitate to give me a call or send me an email. I would be happy to help you!

How Will the Rise in Mortgage Rates Affect You?

How will the new administration affect the Hampton Roads market and the national market as a whole? We have to look to the economy as whole to find out.Buying a Hampton Roads home? Get a full home search Selling your Hampton Roads home? Get a free Home Price EvaluationHow will the Trump administration affect the real estate market here in Hampton Roads and across the nation? The bigger question is how it will affect the economy. Basically, the administration is using a lot of economic regulations and talking about cutting taxes. The reason is that without government easement like we saw during the Obama administration with quantitative easement, our population is in a huge lull until around 2023 or 2025 when millennials come into their peak spending years. So if the government did nothing, our stock market would have crashed and stayed there. The real estate market would have crashed until the mid-2020s. That's why we're seeing low interest rates and all the economic incentives for businesses and stimulation.The new administration's goal will be to ride out the tide and continue to create new stimulation.The new administration's goal will be to ride out the tide and continue to create new stimulation until millennials can pick up the slack from the declining baby boomer generation. For the next year to 18 months, I predict we'll see a very strong real estate market and stock market. We'll also see a stronger economy in general because of all the incentives and government stimulation happening. There's a lot of excitement because it's new and there's a new administration. After that, we don't know whether the economy will remain strong heading into the 2020s. If you have any questions about how this affects you or our local market, I'm happy to help.

How Will the New President Affect Real Estate?

If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Robbie McCarty - your professional At Coastal Real Estate Agent.