Thinking of selling your airbnb rental?

May 4, 2020

Customers with airbnb rentals are starting to call and email me.  Their question is should I sell my investment property?

For awhile now many investment property owners have chosen to rent their properties on a daily, weekly or monthly basis.  This approach often leads to a higher monthly rent Vs. a standard lease.  With the current stay at home orders, the short term bookings have slowed down.

This Covid event will not last forever.  Each investment property owner has their own big picture to consider.  If you have questions like,

What would my investment property sell for?
How long will it take to sell?
What are my options for minimizing my tax basis?

Contact me.  I am working and look forward to being of help.

Stay Healthy


Covid-19, Corona Virus, Real Estate

April 16, 2020
Checking in with everyone. This Corona virus has made for some interesting times. First of all I hope and pray that everyone is healthy.
Our real estate market continues to move forward. We have virtual showings and in person showings available. Right now high definition video, pictures and professional floor plans are helping buyers and sellers.

In the last 3 days there were over 200 homes sold, almost 70 homes sold per day. Plus, another 200 just came on the market!

This will not last forever. If you have questions about our market, your home’s value or just feeling anxiety around this event, contact me. 7035870945 or normatcallnorm.com

iBuyer real estate – ibuyer offers

February 21, 2020

You may have heard about ibuyer.  i-buyer for real estate is an attempt for companies to make for instant offers to home sellers.

It’s marketed based on simplicity and convenience: no commissions, no repairs, fast closing, all cash offers.  Often these companies target sellers in a divorce, estate sale, out of town owners, absentee landlords, etc.  Think “we buy houses” on a grand scale.  They do make you an offer but at what cost?  Often fair market value can only be determined by bringing a property to market.

I get the appeal.  A seller can be overwhelmed and this scenario sounds attractive, but look at the facts.  Inventory is down across the U.S.  That means the same number of buyers are competing for homes in very low inventory housing market.  Now, is your best chance to get multiple offers and a great price.

Convenience:  The average days on market in our area is 30.  Many homes sell with multiple offers in the first week, buyers are waiving contingencies.  You will hear “cash offers”   Here is a little secret.  All offers are cash.  The seller is always paid in cash. (Who are they trying to fool?)

No Commissions: So, where is the catch? Here it is……these ibuyer programs typically charge a transaction fee of 7-13%.  That’s more than a real estate commission.  Plus, the seller still does not get a fiduciary, a professional representing them in the transaction.

No repairs: So if a property will sell for more after repairs, why not make the repairs.  There are all kinds of statistics that show updated properties and staged properties sell for more money and in a quicker time frame.  Don’t have the funds to cover repairs?  there are lots of companies that will do the repair work for you now, and be paid at closing.

Quick Settlements/Close quickly:  This is so misleading.  Reason is most banks are ready to close loans in 14 days….just what the ibuyers are offering.

Realtor dot com says  “people who sell their home to an iBuyer often end up paying for that convenience, netting less money.”

These type of programs allow for a savvy seller to make a lot of offers.  The hope is enough sellers will say yes to the below market price offer.  Sellers will still pay a fee.  Sellers will have no one representing their interests.  What could be wrong with that?

Alternatively, what does it cost a seller to interview a local Realtor?   nothing!  it’s free!

Get in touch with me.

Norm Odeneal    www.CALLNORM.com     “When do you plan on moving?”                 

Get the App!  National mobile search is here.

Licensed Realtor in Virginia   “Your Local Real Estate Expert
KW Metro Center –703-587-0945   #1 Real Estate Sales Office in Arlington
2101 Wilson Blvd. Suite 100 Arlington, VA 22201 7032246000
~Curious, what homes are selling for in your neighborhood or what your home value is?

*Buying or selling in another city?  Family or friends buying or selling real estate? I know the best of the best in every city in the U.S.  Would you be open-minded to interviewing them for your next purchase or sale?


Property Surveys

February 19, 2020

Who needs a property survey?  You Do!  Surveys are not required but best practices say to get one before purchasing property.  This can ensure that any existing legal matters can be dealt with before your closing.  And, before they become the responsibilities of the purchaser.

There may be a utility easement, adverse possession, encroachment into the building restriction line (BRL), deed gap, error in the previous survey and/or boundary lines established by others.

Most homeowners get a Boundary Survey done prior to building anything, homes, fences, additions, etc.

Surveys are done by licensed land surveyors.  If you need a name or point of contact, just let me know.

 

Norm Odeneal    www.CALLNORM.com     “When do you plan on moving?”                 

Get the App!  National mobile search is here.

Licensed Realtor in Virginia   “Your Local Real Estate Expert
KW Metro Center –703-587-0945   #1 Real Estate Sales Office in Arlington
2101 Wilson Blvd. Suite 100 Arlington, VA 22201 7032246000
~Curious, what homes are selling for in your neighborhood or what your home value is?

*Buying or selling in another city?  Family or friends buying or selling real estate? I know the best of the best in every city in the U.S.  Would you be open-minded to interviewing them for your next purchase or sale?

 


price reductions

February 8, 2020

So you have listed your home for sale. Then the buyer feedback coming in is the price is too high. Now, buyers are out there seeing property and using online data to form their opinion. You decide to drop the price. Or, maybe your Realtor advised a new price. The rule of thumb is if no showings at all the property is up to 10% too high, and if showings but no offers the property is around 5% too high.
There is something else going on here. An adjustment in price will cause the MLS to resend the property to any buyers with an auto search set up. So, adjusting the price can cause your home to show up at the top of a buyer’s list of homes for that week.
Curious about pricing strategy contact me.
Norm Odeneal www.CALLNORM.com 703-587-0945 Licensed Realtor in Virginia “Your Local Expert”
KW Metro Center – 2101 Wilson Blvd. Suite #100 Arlington, VA 22201 7032246000 -Mobile Search- Download My mobile search app here

Here is an example of what a home seller did recently. Who IMO didn’t use this tool correctly.


6711 Lee Hwy Arlington VA new Arlington VA townhomes

January 5, 2020

Looking for new townhomes in Arlington VA? There are 27 of them coming to the East Falls Church metro area. 6711 Lee Hwy used to be the home of the Suntrust bank building. This address is being redeveloped with new townhouses from NVR Inc.  These townhomes are nextdoor to the Fenwick Court townhouse development.

Curious what is for sale here or what other homes are for sale?
contact me Norm@callnorm.com
http://www.callnorm.com
703`587`0945


Centero and Harris Teeter (George Mason and Columbia Pike)

September 19, 2019

Curious what is happening at George Mason and Columbia pike? This project is the Centro. Anchored by the Harris Teeter shopping center. Also, included is a high rise apartment building. Plus, WhyHotel, Orange Theory Fitness and more.

Quick update on Pupatella pizza. The popular pizza restaurant plans to open 8 restaurants in the area over the next 3 years. Their next location will be 1621 S. Walter Reed Dr.

Questions about our real estate market? Contact me.
Your Local Expert.
Norm