Here Today, Gone Today!
The Loudoun County Virginia real estate market has changed. If you're thinking of buying a home, or perhaps you've tested the waters of the Loudoun County real estate market, you know we have returned to multiple offers, escalation clauses and competitive bidding. We're back to the market being a dream for home sellers. Low interest rates, a stable local economy, increased demand and LOW inventory (less than 2.6 months of inventory!) have created an atmosphere where quality homes are under contract in just one or two days.
Buyers MUST make buying a home their #1 priority, no ifs, ands or buts. Having financing lined up, realistic expectations, looking at homes as SOON as they come on the market and being flexible when negotiating their offer will all pay off.
If you have a home to sell in order to buy a new one, sell it. As a buyer, you will not be able to win a home in this market if your financing is contingent on selling your current home. It just ain't gonna happen. I've even proved this statement with a recent client who wouldn't listen to my advice. When I called the listing agent for the home he wanted to buy, I put the call on speakerphone so he could hear the agent's response (he laughed in my face) when I inquired about making a purchase offer contingent on my client selling his home. That $1,000,000+ home was sold a week later. When selling your home in order to make a purchase you can give yourself some protection by having a home of choice contingency. This provides protection that as a seller, you will have the opportunity to find your new home before you close on the sale of your current home.
Finally, in order to beat your competition you have to stand out. Larger down payments, larger escrow/deposit checks, shorter contingencies and quicker closings all help a potential buyer appeal to the seller's desire for a quick and easy transaction. Remember, speed is important. Get to that new listing within a day or two of it hitting the market and be ready to pull the trigger if you like the home after your visit.
Orignally posted at http://loudounrealestateguy.com/here-today-gone-today/
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