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Looking for a Deal: Here's One Statistic You Need to Track

By Brian Block

Real Estate Agent with RE/MAX Allegiance, Managing Broker/Branch Vice President

September 17, 2008 09:19 AM

Everyone is looking for a deal.

A dozen or so times a week, someone tells me "look out for a good deal for me," "I'm looking to get a great deal," "let me know if you see a deal."

Such a deal. Everyone wants to wheel and deal when it comes to real estate.

To quote a local area diamond merchant, "Nobody pays retail anymore, why should you?"

When looking for a deal in Northern Virginia real estate, there's one statistic that you need to track more than any other. That statistic is the sales price to list price percentage. These numbers will show you how much negotiating room there is in a particular area. (If you are planning to sell your home, you need to know these numbers too to get a realistic view of what buyers will offer.)

Have I got a deal for you!

Review this chart below that shows the figures for August 2008 comparing final sales prices with listing prices of homes in Northern Virginia jurisdictions, then contact me for more information on a specific zip code or local neighborhood that you are considering.

Sales Price as Percentage of Listing Price -- Northern Virginia

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

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Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

I have to chuckle. I get calls regularly from folks who are looking for a "good deal". Like they are the only prospective buyers who want a "deal".

Sep 17, 2008 09:26 AM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Brian, great indicator to track by area. In bad times it seems it slips under 93% and in good times above 97%.

Sep 17, 2008 09:28 AM

Ken Tracy

Coldwell Banker Residential - Naperville, IL

Helping clients buy and sell since 2005

Hi Brian. Good stats. Well presented too.

Thanks for writing,

Ken

Sep 17, 2008 09:37 AM

Debbie Malone

Londeree's Real Estate & Property Management - Lynchburg, VA

From Lynchburg To The Lake (434) 546-0369

Brian, Those are great statistics, we still are seeing 97% on sales. I had one client lose out last week to a lower priced offer (after offering 100%) due to the fact they were using FHA financing and the seller didn't want to look at FHA offers.

Sep 17, 2008 09:47 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Brian, interesting that even Prince Willliam is over 90%.

Sep 17, 2008 09:50 AM

Michael Sahlman

www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL

e-PRO - Miami Beach Florida Luxury Homes

Hi Brian. I love stats like those, Another good one is to point out to the sellers that these list prices are the ones that are attracting buyers, whereas, the average list price is ___ , so they get a clear picture of what price range is working. You can also do the same for avg. expireds too and average ones going into pendings as they are the most recent.

Sep 17, 2008 04:29 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

This is some great advice for buyers and I wrote a post a couple weeks ago to sellers saying if you don't want to expire, you better price it right. Buyers are more educated today than any other point in history and they know what the price should be and won't even bother looking at homes that are overpriced.

Sep 17, 2008 05:04 PM

Tina Merritt

Nest Realty - Blacksburg, VA

Virginia Real Estate

Brian - why are Arlington and Alexandria so high? Is it because there is still a strong market and high demand inside the beltway? Is it in anticipation of an influx of people moving to DC after the election (with a new administration, no matter who wins)? Just curious.

Tina in Virginia

Sep 17, 2008 11:19 PM

Anonymous

Jason

Tina - if I may, as an amateur demographer, Ive wondered that too. As it turns out, it looks like Arlington & Alexandria did not heavily participate in the speculative frenzy of a few years back. County sales records indicate huge sales spikes in Fairfax & beyond as flipper sold to flipper, sold to flipper. Thus, much of Arlington & Alexandria's run up was done on the backs of true owners - thus a more organic demand if you will.

The rest of it is stuff we all consider - gas prices have pushed marginal buyers closer in - traffic farther out is horrendous, etc. Also, with people having fewer kids these days, the small square footage of this housing stock is suddenly more appealable to a larger group than it was when everyone had 2.4 kids in tow.

Its interesting in that these areas have done better than the rest of the NOVA area since the beginning of the downturn. A trend that is likely to continue for the forseeable future.

Sep 18, 2008 03:01 AM

Looking for a Deal: Here's One Statistic You Need to Track

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