Bidding Wars Are for Homes are Back in Arlington and Falls Church
A recent article in the Washington Post Real Estate section declared that real estate bidding wars were back and “happening routinely in some popular neighborhoods."
And that’s what I’ve found recently on a half-dozen homes that I’ve helped clients sell and buy in Arlington and Falls Church. A combination of pent up demand to purchase and lower inventory has turned the Arlington housing market into a seller's market in sought-after price ranges ($400k-$800k).
Why multiple offers?
There are less homes available overall for sale. The number of homes for sale was down 11% in May compared to May 2010 on Arlington's Orange Line.
All of these homes that had multiple offers had two things in common – they looked great and were well-priced.
3 tips for sellers
So, here’s 3 tips for home sellers in Arlington to help get your home sold fast and at the best price:
1. Understand the competition. You need to know comparable prices and gauge demand. To do that I help sellers look at the current competition and the price of comparable homes nearby that have sold within the last 3 to 6 months. The condition of the seller's home and any major updates and renovations that the seller has completed are also a large factor in setting price.
2. Price it right. Price is the single most important factor when selling your home. So it’s better to aggressively price against your competition than to over price. Find out what your home is worth.
3. Make your home look its best. A great first impression is important. Prospective buyers want homes in near-perfect “showplace” condition. That’s why I work with a professional stager to make your home look great to potential buyers. See 101 ways to prepare your house for sale.
Meg Ross, the Orange Line Expert
Specializing in Arlington real estate along the Orange Line including Courthouse, Clarendon, Virgina Square, Ballston and Falls Church. Licensed in Virginia and Washington, D.C.
REALTOR®, Certified EcoBroker®, 2010 Angie’s List® Super Service Award Winner, NVAR Top Producer 2008-2010, NVAR Multi-Million Dollar Sales Club 2008-2010
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