The weather has been cool, rainy and unpredictable but it has not put a damper on the hot real estate market we are experiencing. Our real estate market in Northern Virginia has been very predictable – you put a house up for sale that is priced right, in the right condition and location and we are getting multiple contracts from buyers.
There is a caveat to bear in mind: Our real estate market is hyper-local and we have pockets that are not selling at such a frenetic pace. Therefore, price and condition are even more important in these locations. I can definitely inform you if you are in a hot – or not – neighborhood, so please feel free to call me.
Keep in mind, today’s buyers are looking for the perfect house – no matter the price range – and when they see it, they buy it or at least try! We are seeing a lot of pent up demand for “good” homes. Now, if a seller tries to “push” their price, doesn’t put their house in the right condition or stage it, the house languishes on the market. Condition and price are king in today’s market. Another reason sellers should not push prices is that we are experiencing issues with appraisals as a result of the multiple offers we are receiving. Appraisers are working with us to get the values but in some cases it is just too difficult and, as a result, we are having difficulty to come in at the contract price.
The number of available properties remains low due to the increase in buyer activity, so if you are thinking of selling, now is a good time. Mortgage interest rates are still fantastic and there are great loan products available which means there more opportunities for buyers to become homeowners. The market should continue at this pace for the next few months, in my opinion, so buyers need to be ready to write when they find a home they like.
There is good news for buyers as well, the aforementioned interest rate climate being chief among it. If you are well represented by a professional agent and are using well known local lenders and title companies you are strongly positioned to win those bidding situations or concessions from sellers for your strong buyer profile. You do need to be nimble and ready to make decisions quickly as well as to have the vision to focus on the things in properties you cannot change (lot, location, etc)
We have a great market and guidance along every step of the way is critical when buying or selling – especially today. The internet can give you information—but up-to-date relevant details on what is happening in your area is what can help you maximize your price or get you into the home of your dreams. To learn more about how I can help you, please call me today.
It’s a good life.