Showing posts with label 2011. Show all posts
Showing posts with label 2011. Show all posts

Tuesday, June 14, 2011

Buyer Beware (Part 2: Chinese Drywall)


There's a tiny bit of good news here.  A newly passed law (Senate Bill 942) addresses this exact issue.  It requires real estate agents involved in a transaction who have actual knowledge of defective Chinese drywall in a dwelling unit to disclose that information to the prospective buyer or tenant.

But, would a real estate agent know of the Chinese drywall if it was in the home?  Quite honestly, we might not.  The most likely way for us to know of it is for our sellers to tell us that it exists.  But, we don't standardly ask this, and many owners may not even know of its existence.  Even if they notice that wiring is corroding, they may not know why.

The burden of discovery remains heavily with the buyer. Check out this post (click here) to learn how to recognize Chinese drywall, and always, always have a professional home inspection.  It's not standard, so specifically request that your inspector note if he found any issues that could be caused by Chinese drywall and if he recommends further examination.


Wednesday, March 30, 2011

Is Your House Listed Yet?

I am often asked about what our local seasonal cycles are for real estate, so I thought I'd pass along this chart (thanks MRIS) for real estate sales volume in Loudoun County since 2006.  Despite fluxuations due to weather, tax programs, loan programs, interest rates and many other things, this chart shows a definitive cycle for our area.  Lowest sales have been occurring in January and February and the highest number of sales usually in June of every year. 

Keep in mind, this chart represents closed sales.  Most residential contracts are 30-60 days in contract (of course, with short sales that is longer, but I am speaking "generally" here). 

Is your home listed yet?  If you're thinking of selling this year, you may want to get a jump on things.  Buyers are out in force now, and are looking.  Many people won't put their homes on the market until June (they'll wait until school is out, etc), so often the early bird does get the worm.


Vicky Chrisner
703.669.3142


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