The Northern Virginia real estate market for detached homes and fee simple townhouses in Northern Virginia is hotter than it's been in years. Inventory levels are LOW! If you are just pulling comparable sales figures, based on say 60-90 days worth of closings, you would not get the whole picture. That's because houses that have closed in February and March, may have been put under contract in December, when the market was much cooler. So if you are looking at sales history and thinking that most houses are selling for under list price - think again. You need an experienced Northern Virginia Real Estate Agent who knows what is really happening in the marketplace right now. Because it has changed drastically since winter. So turn off CNN, and realize that the Northern Virginia real estate market place is different than the rest of the country.
Well priced, presented and marketed properties, especially in the under $750,000 price range sought after neighborhoods are getting multiple contracts within 2-7 days on the market in most close-in Northern Virginia communities such as Arlington, Falls Church, Vienna and Alexandria. When multiple offers are presented in this market, it usually means the seller will get their list price or a little bit more, with no subsidy. Standard contingencies are still normally left in place, but if you've found your dream house and don't want to lose it, consider the following list of terms that can make you stand out in a multiple offer situation.
- Solid Earnest Money Deposit - higher than 1-2% shows you are really serious about getting the house and less likely to walk away.
- Slightly over asking price - If the property is worth it to you, and the other homes you've seen don't compare, throw in a bit more over asking price to give the seller an offer they can't refuse.
- Put more money down - If you have been saving up for a house, put it down on the house. The more money you put down, the more financially solid you will appear to the seller and the less likely you will be to get rejected for financing.
- Get a great agent (goes without saying) but your agent should advise you of these things and a little bit more - like calling the listing agent and find out what other terms are important to the seller. Some sellers may want a 30 day close, others may want to stay longer. Your agent should do your homework and find out what will get you the house. Then take your agent's advice!
- Waive contingencies - This is a touchy subject and only the most savvy buyers should do this. There are a few standard contingencies: Inspection, Radon, Financing and Appraisal. Ask your agent for honest advice on the pros-cons of waiving any of these. For example, waiving inspection contingency does not equate to buying the house "as-is" and the seller still has to make sure that plumbing, electrical and appliances are in normal working order.
- Shorten contingency times - Sellers want a done deal. So get your inspeciton done in 5 days. Get your financing done in 14-21 days. Good lenders can make this happen.
- Use your Realtor's recommened local lender - They are accountable. They want to get more referrals from your agent and will do a better job than the central office in Texas.
Comments (6)Subscribe to CommentsComment