It's about time. And it's about timing.
The clock ticks off the seconds. You watch 60 go by and you've got a minute. Minutes become hours, and hours turn into a day. Such is the passing of time.
Over thousands of years, man's measurement of time has become ever more precise. From sunrises and sunsets to hourglasses to complicated gear systems in Swiss watches and atomic clocks, our activities are more governed by the tick of the second hand or an electronic digital signal than ever before.
Victories in the Olympics are garnered by hundredths of a second.
Science and computer technology enables researchers to measure events and reactions in the span of micro and nanoseconds.
Real estate time is not this precise.
However, one thing remains true: IN REAL ESTATE, TIME IS OF THE ESSENCE.
In Virginia, as in most states, the real estate contract itself makes this point exceedingly clear.
Paragraph 14 of the Virginia Jurisdictional Addendum proclaims in bold capitalized print:
"TIME IS OF THE ESSENCE AS TO ALL TERMS OF THIS CONTRACT."
These are just a few ways that Father Time plays a large role in real estate:
- Location, location, location. Yes, but what about timing as a key element? This year's market is not last year's market. Today's real estate market may not even be the same as yesterday's. Prices change. Sales volume changes. Buyer preferences change. Interest rates change. Homes selling for $500,000 a year ago may only be selling for $425,000 today. Time is a huge factor.
- Time on the market. As a buyer or seller, a key indicator is how long a particular home has been on the market for sale. A longer time period often indicates an opportunity for negotiation. Sellers will have to re-evaluate their pricing after their homes have been on the market for a certain amount of time without a buyer.
- Time for making an offer. Although many homes spend significantly more time on the market today than they did a few years ago, the good ones that are priced well are still selling. While increased inventory allows buyers to spend more time looking for the right home, when one is found, a decision often needs to be made quickly to ensure a purchase. Whether a home has been on the market a week or 11 months, there's always the possibility that others will jump on the chance to purchase it. Real estate requires thorough research, but quick decisions.
- Deadlines. The real estate transaction presents many deadlines upon the participants. There are deadlines for inspections. Deadlines for appraisals. Deadlines for counter-offers. Deadlines for contingencies. Deadlines for settlement. A professional real estate agent will track all of these deadlines and make sure that you don't miss any deadlines which could cost you the transaction and void the deal.
Real Estate is about Time.
Time is Money.
Isn't it about time you had a professional, experienced REALTOR on your side?
START YOUR HOME SEARCH IN NORTHERN VIRGINIA OR D.C.
CLICK HERE TO FIND OUT HOW MUCH YOUR HOME IS WORTH
Don't let time slip away!
Brian Block RE/MAX Allegiance 703-626-0715
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The most precious thing anyone has to give is their time because once used it is lost forever. Thanks for the post.