Selling your home in Virginia can be a rigorous process if you don’t pay attention to important details. Being a homeowner has been a roller coaster ride. Home values soared in 2023, and residences in Virginia and the surrounding beltway were no exception.
There has arguably never been a better time for homeowners who have been considering selling their houses. Here’s what you need to know if you’re thinking about selling your house in Virginia.
1- The Best Time For Selling a home in Virginia
When it comes to selling a home in Virginia, it’s all about the timing. However, it’s not simply the month or season that needs to be considered. Certain property types sell better at different times of the year. Homes may sell faster or slower, or even at a higher closing price, during specific months.
i- The Best Time of the Year for selling your home in Virginia
They say location is essential in real estate, but timing is just as important. Listing a house in the middle of the winter, with challenging road conditions and sub-zero temperatures, isn’t ideal.
It takes an average of 45 days to receive a serious buying offer, and 35 days to consummate the deal. This brings the average time it takes to sell a home in Virginia to 80 days.
The good news is that Virginia’s real estate cycle is well-defined, with prices increasing and dropping in perfect sync. We can calculate the optimum time to sell your property based on your goals using transaction data. This makes preparing to sell a property in Virginia a more profitable process.
ii- The Best Time of the Year to Sell your house fast
Money isn’t always the driving force behind a property sale. You may need to sell your Virginia property quickly due to unforeseen. Using actual data, we can figure out which months are the greatest for selling a home in Virginia.
For many Virginia house owners, selling a home instantly is paramount. Job moves, family deaths, shifting demands, and other life changes may require urgent action. However, selling of your current house is often the stumbling block (likely, so you can purchase another).
According to statistics, May is the quickest month in Virginia to sell a home. The average time on the market is only 32 days.
2- Cost of Selling your home in Virginia
Selling your home in Virginia comes with costs. While the buyer covers the majority of closing fees, it is negotiable. Let’s take a look at what you might expect if you decide to sell your Virginia home.
i- Title Insurance
It is customary for the home buyer to pay for the owner’s and lender’s insurance policies. However, this may be negotiable.
In Virginia, there are two types of title insurance policies, each of which is paid at the time of closing.
Lender’s Title Insurance protects the lender’s first line of defence on the property.
Owners Title Insurance (OTI) protects the buyer by assuring that the title is marketable.
A title agent will conduct a title search before the transfer to ensure there are no outstanding liens.
Buyers can be protected by title insurance policies from things like:
- Unpaid loans
- Missing heirs who can claim
- Unpaid taxes
ii- Transfer Tax and Grantor’s Taxes
Any transfer of real estate property in Virginia is subject to the Virginia Transfer Tax. Several transfer taxes are levied by the state on the sale and transfer of real estate between parties. Three of these levies are classified as deed transfer taxes, while others are classified as “recordation taxes.”
The buyer is often liable for paying county or city taxes as well as the state transfer tax. The “mortgage stamps” are also the buyer’s responsibility. You are liable for paying a separate transfer tax known as a “grantor tax” as the seller.
In Virginia, the “grantor tax” is fixed at $1 for every $1000 of the property’s ultimate closing price. This works out to be about 0.1 per cent. It’s worth noting, though, that some regions in Northern Virginia charge an extra $0.15 for $100 spent.
The state transfer taxes that the buyer is accountable for are 0.25 per cent of the transaction price, or $0.25 every $100. They are liable for any local municipal or county taxes.
3- Seller Attorney Fees for selling your home in Virginia
It’s worth noting that in Virginia, real estate deals do not require a certified attorney. In contrast, in numerous other jurisdictions, an attorney is required by law to be present at the closing. Most attorneys charge by the hour, however, you might be able to discover closing attorneys who charge a “flat fee.”
The buyer is responsible for the cost of deed preparation, which typically runs from $100 to $150.
iii- Home Warranty Fees
Virginia owners provide a home warranty to cover any components or systems that the buyer may fail. Offering a house warranty is a good way to sweeten the bargain and attract more buyers.
The selling process can quickly become very frustrating. With regentology, we’ll streamline the process to promptly get you to the best part, multiple offers for your home.
Our network of experienced real estate agents can help you sell your home quickly and at the best price possible. It isn’t easy finding the perfect real estate agent. Let us do the legwork and match you up with the most qualified agent in your area to meet your needs.
All you have to do is fill out our information form and we will provide you with a free consultation.