More Bang for Your Buck in Northern Virginia

After wading through years of overstocked housing inventories, the real estate market here in Northern Virginia is showing signs of becoming a seller’s market. While this is obviously a point in the favor of those homeowners who want to list their properties, understanding what this means can also help potential buyers get the most bang for their buck.

Gone are the days when buyers could make ultra-low offers, and even negotiability itself is on a steady decline. Buyers need to be aware that sellers are receiving more offers than they have in recent memory, and many of these will be close to or just barely below the asking price. The lesson here is to understand the market and bid accordingly – something your Sullivan Group agent will be well prepared to do.

Not only are prices becoming more and more stable, but wait times are also disappearing. As a buyer, if you see a property that definitely interests you, don’t take too long to think about it. A properly priced home will move quickly now, often going under contract within weeks or even just days of listing.

Another way to become an attractive buyer is to consider streamlining your contingencies. Get pre-approved for a mortgage to be able to compete with cash buyers. Buyers sometimes accept a lower offer from a cash buyer than they do from a mortgage-contingent offer just to streamline the process and guarantee a sale.

When two or more buyers offer similar bids, sellers often fall back on other details to help them decide which offer to accept. Don’t underestimate the power of personal interaction. Make it a point to introduce yourself to the seller’s agent. Start up a conversation so that the agent has a personal connection to report back to the seller. In the long run the seller is the one who chooses which bid to accept, but it can’t hurt to make a good impression with his or her agent, too.

The real estate market here in Northern Virginia is more alive than ever making it a great time to realize your home ownership goals. All of us here at the Sullivan Group are ready to help you do just that. Contact the office at 703-222-3300 or speak with me directly on my cell at 703-268-6380, or by email at csullivanrealty@gmail.com.