Why list in early 2018!

Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes.

Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!

At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That is the biggest drop we’ve seen since Q2 2013.”

Here is a chart showing the decrease in inventory levels by category:

The largest drop in inventory was in the starter home category which saw a 19% dip in listings.

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2018, now may be the perfect time.

CREDITS:keeping current matters.com

Bob Faith

Dockside Properties



How Much Does It Cost to Sell a House? Here’s a Reality Check

I recently was working with a buyer who said the following quote in an email and I thought of this article from 2017. And thought it was a refitting repost on why regardless of if you are a buyer or a seller…why you should use a Realtor…

Here is the quote: “Experience has taught me that trying to buy without a Realtor usually turns into a 3 ring circus”.

So if your not serious about buying or selling and don’t want to CLOWN AROUND, give me a call. 757-894-1479 or online at http://www.chincoteaguehomes.net .

Chincoteague Island & Eastern Shore of Virginia/Maryland Real Estate Blog

Show me the money! Admit it, that’s what you’re thinking when you consider selling your house. In fact, chances are good you’ve mentally spent much of the proceeds already—on a new house you’re buying, and maybe even a nice vacation this summer. Slow down there—while selling a home can indeed bring in some sweet profits, not every dollar goes into your pocket. You also have to pay the professionals who help you unload your property. So now the question in your mind is probably: How much does it cost to sell a house? Really?

On average, home sellers pay their listing agent a commission amounting to about 6% of the price of their home (although that percentage can vary). On a $250,000 house sale, this amounts to roughly $15,000.

That might seem like a huge chunk of change, but don’t go assuming you’re getting ripped off! Here’s where that money goes, and why it’s totally worth it.

The real…

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Dockside Properties sells commercial property too!!!

I recently spoke to a member of an organization who had their commercial property for sale with another firm.  This other firm advertises that they specialize in commercial property sales…but was located a long distance away from the subject property.

In the conversation, I asked why they picked a real estate firm so far away, rather than someone closer…my company for example.  🙂  The response I got was that they did not know that “local” companies could handle commercial property.  So I discuss all the services Dockside Properties could provide to them.  And now, I thought I would pass that on to the general public.

In a city setting, I could definitely see an owner of a large strip mall or something similar using a company that strictly does commercial real estate.  But in an area like Chincoteague Island, for example, there is more benefits to using the local company to sell your commercial property instead of a commercial firm an hour away.  The local company, like Dockside Properties, knows the area better and will not only advertised your commercial property more often, but will have better access to the property since the real estate office may only be a minute or two away.

Dockside Properties is involved in several commercial sales each year.  A commercial sale could be farm land or a store front…or anything in between.  Granted, overall there are not a lot of commercial properties available due to the type of area we live in.  But for those that are available…Dockside Properties has been a leader in getting those properties sold.

So the next time you have a commercial or mixed use property and your considering selling it, or if you are listed with a commercial firm from another area…or even another state…keep Dockside Properties in mind to handle all your real estate needs.  Residential or Commercial.

Thank you for reading,
Licensed in VA and MD

A look ahead in 2018…

Thanksgiving & Christmas have passed.  The New Year has begun.  And most reading this blog have probably finished a week long winter blast of teen and single digits and some significant snowfall.  And if you’re like me…your like “Okay…I am ready for Spring and getting back to a normal routine”.  But even if your a snow lover…if you are a buyer or seller…this blog is just right for you.

If you read my previous blog, you know I reported there was an upswing in activity during the second half of 2017.  Sales were up, days on the market were down, and good activity continued through the beginning of the off season (November & December).  So what does that mean for 2018?

So far, 2018 has started where 2017 left off.  Despite a decent amount of snow on the ground…buyers are still coming to the area to view property for sale.  I personally was able to place four properties under contract in just the first 9 days of the year.  Based on the activity in November, December, and so far in January…I am optimistic that the “off season” will continue to be more active than normal for our area.  And as we reach warmer temperatures and we start “the season” I think 2018 clearly has the potential to be better than 2017.

So what does that really mean??  So if you have ever been a buyer or seller…or even watched something about real estate on TV, than you have heard the term “Buyer’s Market” or “Seller’s Market”.  We are currently in a seller’s market, and have been for a number of years.  This means we have in excess of 6 months or more of inventory availablee for sale.  And 6 months of inventory means that if no additional homes are placed for sale…it would take more than 6 months to sell what is currently available for sale.  In contrast…a seller’s market would be less than 6 months of activity.  If 2018 continues to be as active or better than the second half of 2017 was…I feel it is very conceivable that we could be in a seller’s market by the end of 2018.  But there are a lot of variables that affect this as the year progresses.  If more homes are listed than what are sold or if something happens to affect the country or the economy…we might not see the seller’s market.  But so far, SO GOOD!

I feel we are in the “sweet spot” I referred to in a previous blog.  The sweet spot is where overall…sellers are able to get a price for their property without having to give up a lot on their current asking price and where buyers are able to make a home purchase prior to the increase of prices that will occur if we get into a stable seller’s market.  So if your a buyer…the clock is ticking.  You are literally running out of time.  If your a seller…have faith, your sale is likely near.  But in both cases, regardless if your a buyer or seller…don’t be greedy and make smart decisions.  It is still an unstable market.  The individual buyer situation and the individual seller situation is the key to the current negotiating situation.  Some buyers and sellers are more stable than others.  Negotiating with a buyer or seller who is stable (or not desperate) can be different that negotiating with the buyer or seller who NEEDS the sale/purchase to happen.  Respect the other side of the transaction and keep in mind, even if this is your primary home…ultimately, this is a business transaction.  Try your best to keep emotions out of your decision.  It is obvious that the seller wants to sell for as much as possible and the buyer wants to pay as little as possible.  But it is truly rare for one side to be “out to get” or forgive the term “screw” the other side.

So in closing, 2018 is expected to be a great year.  It truly is great time to sell AND to buy.  But every market is different.  You need a skilled agent to guide you.  And that is where I come in.  I have my real estate license since 2005.  I am licensed in Virginia and Maryland.  I conduct my business between Virginia Beach, Va and Ocean City, MD…with a majority of my clients using my skills on Chincoteague Island, Va. and in the surrounding towns, including the communities of Trails End and Captain’s Cove.  Dockside Properties has been a leader in sales for a decade.  And I have been a top agent for my office on numerous occasions.

I offer my skills to your goals.  Whether you are new to buying or selling in 2018 or if you have had your property for sale in the past, perhaps with another firm, now is the best time to give me a call.  I will use my knowledge and skills to bring the best outcome for your goals.  I was involved in over 200 transaction side unit sales in 2017.  And I would like the opportunity to show new clients why.  I can be reached at 757-894-1479 or robertmfaith@outlook.com .

Thanks for reading.

Individual Best: Over 200 units sold in 2017!!

2017 was a great rebuilding year for real estate sales on the Eastern Shore of Virginia and Maryland.  Starting around June of 2017…it was documented that agents across the shore of both states were reporting increased sales, higher sale prices, and shorter days on market times.

Improved sales were especially noted in the heart of Dockside Properties service around of Chincoteague Island and the surrounding communities of Trails End & Captain’s Cove.  Personally, I had my best individual year in 2017.  I had the highest sales figures I have ever reported in a single year as an agent and I personally had over 200 “transaction side” unit sales.  I am very humbled by these statistics.  And also recognized that the trust my clients and customers have in me is what makes me successful.  My success is their success.

As mentioned earlier…the number of sales were up and the time on the market has started to go down.  And whereas our area tends to see a decrease in activity after Columbus Day for the off season…sales did not drop off as nearly much as it normally does.  In my thirteen year career…this was the most active November and December I have ever been involved in.  And we saw signs of multiple buyers near the end of the year which should lead to higher sale prices in the future.  We are optimistic that this trend will continue in 2018.  If you have questions about statistics in a particular town or area…let me know.

If you’re are a seller or buyer for Chincoteague Island, Va. Trails End, Captain’s Cove, Accomack County, Worcester County, Somerset County, or Northampton County…let me know how I can help you!!!  Call me at 757-894-1479 or email me at robertmfaith@outlook.com.

Thank you for reading!
Bob Faith
Licensed in VA and MD

Please Update My Email Address…

As a Realtor in 2017…one of the most important things is to have consistent contact information.  Unfortunately, my email provider has been less than consistent in recent months.

So please use the following email address for me in the future.

My hope is that this email will be more consistent and have a longevity.

Thank you,

Dockside Properties expands to Maryland

In May 2017, the Chincoteague Island based real estate office expanded its services to the State of Maryland.  Dockside Properties did this expansion based on requests from current and past clients.

When you are a real estate firm that does business up to a state line…it can often be an issue when a seller or buyer asks you about a property just across the state line.  And sometimes these customers don’t understand why you can show one house in Virginia, but maybe not that one a mile up the street.

Well, now Dockside has bridged that gap.  Rather than telling the customer we can’t handle Maryland or passing the customer to a Maryland agent where the customer needs to start over…now we can offer a streamlined process of buyers who may be considering both states and sellers who may own homes on both sides of the line.

So now Dockside Properties and I are fully licensed in Virginia and Maryland.  Something very few local real estate offices can say.  We bring our knowledge and success to the towns of Pocomoke City, Stockton, Girdletree, Snow Hill, and northward.  And we will still take care of our local communities of Chincoteague Island, Trails End, Captain’s Cove, Atlantic, New Church, Wallops Island, and southward.

Give me a call so we can discuss all your real estate needs.
757-894-1479 – http://www.gowithdockside.com

“Come sit Dockside with us and discuss your real estate needs”




Taking Contracts Seriously….

When you decide to list your property with a Realtor, hire a Realtor as a Buyer’s Agent, or sign an offer on a property…you are signing a contract.  It is important that you read the document prior to signing…especially the purchase contract that will be presented to a seller.

So, many of you are probably thinking…that makes sense or that is a no brainer.  But let’s expand on that.  In regards to the purchase contract…aka the written offer, you are presenting the terms in which you are willing to buy a seller’s home.  That offer or contract becomes binding when the seller agrees to the terms, signs it and delivers it to you, your real estate agent, your attorney, or any one else you have designated as your representative.  Once it is delivered to one of those parties…the contract is binding in a court of law.  Unless you have a valid contingency to allow you to withdraw from the contract, you could be liable for the terms of the contract.

So what does that mean???  That means that if you cannot perform your duties as a buyer or you choose not to perform your duties as a buyer…you can (simply put) be sued.  So for example, if you tell the seller it is a cash offer/purchase…but it is really and equity loan or some other sort of loan…and you can’t get the loan after all…you can’t back out of the contract due to lack of funding.  You could be found to be in breach of the contract.  You also cannot change your mind and decide not to buy the home.  In either of these cases, you must have a valid contingency you are using to properly be “released” from the contract.  There are usually lots of valid contingencies…so make sure you talk to your Realtor and/or attorney about your specific situation.

And finally, if you are not going to go through with buying the home and you DO have a valid contingency to get you out of the deal.  There is still a process involved to terminate, release, and return your escrow funds.  It is not usually and automatic thing.  Again, ask your Realtor or attorney about the process in your area if you need to back out of a purchase.

As for contracts between buyers/sellers  and Realtors.  They are just as binding.  When you sign a listing agreement or buyer’s agreement…you are committing to that Realtor for the period of time on the agreement.  And in turn the Realtor is committing to you.  If you have a valid agreement with an agent…either as a seller’s agent/firm or a buyer’s agent/firm and you breach the terms of that agreement…you could be liable for the commission that firm would have received by assisting you.

The moral of the story is to take contracts seriously and discuss the contract with your agent/attorney.  All contracts are different and have different terms.  Ask your attorney or Realtor if you have any questions about your contract.  This blog is simply an opinion and does not replace the conversation you should have with an attorney or Realtor that you are working with.

If you are looking to sell property on the Eastern Shore of Virginia or Maryland…give me a call 757-894-1479 or email me at rmfaith@wildblue.net .

What is a cash offer?

Recently I place a property under contract and presented it as a cash offer with no contingencies to the seller.  The offer was accepted.

A few weeks later when we went to closing, the seller questioned why the title company was giving them a certified check and not handing them a bag of one hundred dollar bills.  To this seller, a cash offer meant they were getting cash at closing.

To my knowledge, there is no attorney or title company that will pay a seller with cash at closing.  That is not to say they couldn’t…but in the normal practice of business cash is not used to disperse funds to the seller.

On the buyer’s side, most settlement agents prefer a bank check for the purchasing funds…however they will usually accept cash if necessary.

In either case, if you have questions or concerns…ask your Realtor or settlement agent the business practices of that company.

Bob Faith – Dockside Properties