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9 Comments on Looking for a Deal: Here's One Statistic You Need to Track
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".
Brian, great indicator to track by area. In bad times it seems it slips under 93% and in good times above 97%.
Hi Brian. Good stats. Well presented too.
Thanks for writing,
Ken
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.
Brian, interesting that even Prince Willliam is over 90%.
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.
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.
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
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.