Inexpensive Strategies to Earn Top Dollar on Your Northern Virginia Home

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You should be able to showcase your home in the best light inexpensively. As an experienced real estate agent, I help several clients earn top dollar on home sales. Sometimes, I encounter sellers who have equity in their homes, but don’t necessarily have the funds to make certain repairs. Some people don’t have equity at all! Either way, I have some simple strategies to help you earn top dollar in Northern Virginia regardless.

  • Paint. Painting a fresh coat on your home adds curb appeal when buyers walk through your doors. It appeals to that emotion which makes a person act on a decision. You want to grab them with their first impression.
  • Clean or replace carpet. You want the carpet to look fresh and polished. It adds tremendous value.
  • Declutter. Reduce the amount of furniture. Lock up valuables. Remove the clutter on surfaces in rooms. Make those surfaces shine! You’re moving out anyway.
  • Clean up. Clean baseboards. Replace light bulbs. Make sure toilet paper rolls are full. Make it comfortable and friendly to prospective buyers.
  • Delay improvements until closing. There’s a way to do this easily. For example, if you need to invest in a new appliance, you can put it on a credit card if you have equity. Ask your agent about contractors. Perhaps your Realtor might know contractors personally or have done business with them in the past. Maybe they do painting or carpeting.
If you have questions about this topic or anything else within real estate, give us a call or email today. We’d love to hear from you!

1031 Tax Deferred Exchange and Northern Virginia Property Investors

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Let's talk about the 1031 Tax Deferred Exchange. As an investor, you can use this to defer taxes on the sale of investment properties. This is also known as a Like-Kind Exchange. If you sell one investment property and buy another, the gains you had on the first property can be deferred.

This is an involved process with a few nit-picky things to know about. Make sure you work with someone who understands all the rules! For example, if you sell your first investment property, you have 45 days to identify the next property that you will ultimately purchase.

There is also a three property rule. You can identify three properties within those 45 days, and then you have to buy within 180 days.

Additionally, there's the 200% rule, which is a great option if you want to purchase more than three properties. This allows you to purchase four or more properties as long as the value of those properties does not exceed 200% of the value of the property being sold.

Finally, there is the 95% exception. If the value of the properties you want to purchase does exceed 200%, then you have to purchase 95% of the properties you identified.

Now, I tried to break down this complex process into the simplest terms. I'm happy to answer any of your questions about it! It can be complicated and difficult to understand at first. If you have any further questions and want to learn more details, give me a call or send me an email. I would be happy to help you.

Wealth Development vs. Cash Flow

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When I was younger I worked at a restaurant. The owner of the restaurant didn't have to do a lot of work and he made quite a bit of money. However, the owner of the building didn't have to do ANY work and he was wealthy. This was when I learned the difference between cash flow and wealth building.

One of the best ways to generate wealth is to invest in tangible assets such as real estate. Real estate is something that will constantly appreciate in value. Land always gains value over time. Only more and more people are being born in our world, so this is a simple function of supply and demand.

We help a lot of investors purchase real estate, and we would like to help you if you're interested. There are a lot of investment opportunities here in Virginia, so please don't hesitate to contact me if you're interested.

We look forward to hearing from you!

How Accurate Are Zestimates?

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Today we are going to talk about the accuracy of Zillow’s Zestimates. As a real estate professional, I’m constantly talking to buyers and sellers. A lot of times they bring up their Zestimate, and ask our opinion on how much stock they should put into that value.

What I can say about Zestimates is that they do a great job of showing you market trends. If home prices have been going up overall, that will be reflected in their Zestimates. However, it’s what Zestimates don’t take into account that has us hesitant about them.

Zillow doesn’t take any remodels or upgrades you’ve done to your home into consideration when determining a value. Nor do they consider the condition and location of your home in their Zestimate.

Zillow takes the averages of all property values, and is usually off by an average of 8% when it comes to home price estimates. That’s a big number, and being off by 8% could cost you a lot in the long run.

The only way to get an accurate, true figure of what your home is worth is by working with a licensed real estate agent. We can come in and take a look at your home, making sure to note everything that plays a role in your home’s value. This will allow us to determine the best list price for your home.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We would be happy to speak with you!