"ANGLING FOR AN OFFER"  - Wilson Fauber
 (Featured in the Staunton News Leader Sunday October 5, 2008)

Not so many years ago, selling a home was fairly easy. With more buyers in the market than homes for sale, landing a deal was like catching fish in a bucket.
  But no more. With more than 1,000 active listings in Augusta County - some lingering for a year or more - it takes a lot of bait to catch a deal - and keep it.
  What's it going to take to make your house move fast should you decide to put it up for sale? What could you expect to see on the table if you decided that now's the time to bite into the American dream? We turned to one of the area's top producing Realtors for a look at the bait sellers are dangling these days.

THE RIGHT PRICE
 The bottom line is still the bottom line when it comes to selling a house, says Wilson Fauber, the Greater Augusta Association of Realtor's top-selling agent to date for 2008. "A home that's not priced correctly simply isn't going to sell", he said. Given the fact that he has sold the most houses in the area this year, Fauber should know. "Buyers today are very knowledgeable, very savvy", the certified residential specialist and broker/owner of Regal Real Estate in Staunton said. "When they come to us, they already know what an average selling price is for a particular neighborhood, or certainly a price range. Consequently, they know if a property is overpriced or if it's a good deal".

A STASH OF CASH
Another big hit with buyers these days in closing cost assistance, Fauber said. "This is particularly true for first-time buyers who don't have the advantage of an equity cash-out from a previous residence. We're about 3 to 4 percent of the purchase price or the amount the buyer is borrowing", he said. "Some lenders will allow the seller to put up to 6 percent of the selling price" The money is used to cover the fees associated with the real estate transaction, including the title search and insurance, recording and survey charges, and brokerage commissions. "Typicallly these are (attractive to) buyers in a price range under $200,000." Fauber explained, "particularly to the many buyers out there who have good credit scores and are pre-qualified but are short on funds to cover closing costs. When the seller will pay that $5,000 to $7,000 that means the buyer can get in the house now rather than wait a year or two".
Given the number of homes on the market and the lengthy marketing time some sellers are facing to make their properties move, that's good news for both parties.
The closing-cost carrot doesn't seem to be as enticing for buyers searching for higher priced homes, however. "If you've sold a house for $300,000 or more you typically have the money from the sale of the previous home and don't need money for closing costs", Fauber reasoned. "However, with the financial market crisis, more buyers - even those at higher price points - could find such an incentive a tasty bit of bait. This year, it has been particularly attractive", he said.