The market in Northern Virginia slowly moved from being a buyer's market through a balanced market to what now appears to be a sellers market in 2013. Part of this is fueled by a 5 year low in inventory in Northern Virginia.
This means buyer's agents must have their clients 100% ready before they open the first door of a potential new home. No longer can you leave talking to a lender until the day you want to write an offer. A buyer needs to have not only talked to a lender but provided the documents required to have a solid lender letter in hand.
Buyer's agents need to prepare their clients for the possibility of multiple offers. Buyer's need to understand how best to write an offer that provides the seller the best offer possible. This doesn't always mean more money but could mean a quicker close, fewer contingencies or a rent back to give them more time to move.
The shift to a sellers market in Northern Virginia also means listing agents need to keep the lines of communication open. Respond to inquiries about listings and keep the status up to date in the MLS. It's frustrating to make an appointment to show properties only to find out a contract was ratified days before and hear "I just forgot to update the status."
With cooperation between all the parties to a transaction there is no reason the current market shift should be any different than all of those that have come and gone before.
If you are looking for an agent to help you deal with the current Northern Virginia market give Cindy Jones and CJ Realty Group a call at 703-346-2213.
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