Realistic Buyers Who Don't Fight The Market Come Out On Top.

By
Real Estate Agent with RE/MAX Executives

The key to getting in the "right" mindset is to have the "right" agent explain to you the current market conditions. For example: Northern Virginia is experiencing low inventory in the housing market. I believe this may be taking place across the U.S. but don't quote me on that. There are still plenty of buyers. This creates more demand than supply, which creates higher prices, multiple offers and homes sitting on the market for a lower number of days. 

With all this being said you will still have people that will driving into the most desirable subdivision in the city, pick out the best home, write an offer for less than asking price, while asking for 3.5% in closing cost and wonder why they aren’t living in the home 30 days from the day they wrote the offer. Think of it like this, if you have 19 people looking for a house in subdivision 7B and they are in the price range of 140k to 200k. A house that is move in ready comes in the market Thursday at 1:17 pm priced at 188k. EVERY! AND I DO MEAN EVERY! Realtor has their clients set up on auto alerts for listings in that area. So at 1:20 pm when you get that email notifying you that a new listing is on the market in your area you better believe that 36 eyes (if not more) are gazing at the same home. They are noticing that it is move in ready just like you are and they are going to write an offer after they go and view it just like you.

Most first time homebuyers don’t believe the hype and usually have to get burned once or twice writing investor type offer (Sorry investors that was a cheap shot). Some are more compliant listen to the advice of their agent and those are usually the ones who come out on top.

Now am I recommending that you write an offer way over asking price for a home?  No, not at all I’m just saying if you are aware of the trends in the area you are looking to buy you have a better chance completing the ultimate goal. You might see a home that’s been on the market for 120 days it needs some work and you know they need a buyer. HEY! That’s your chance to get in with that pushy offer and see if you guys can work out a deal. It’s all about mindset, knowing when to push and what buttons to push. 

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Virginia
Tags:
housing market
northern virginia
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Ambassador
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Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

Some buyers have to lose out on a bid or two before they understand the process.

Aug 28, 2012 02:50 PM #1
Rainer
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Anthony Jones Jr.
RE/MAX Executives - Woodbridge, VA
CDPE Woodbridge, Lake Ridge, Dumfries Homes For Sa

Doug ~ I know oh so well and actually feel bad sometimes because the home they end up buying doesn't measure up to the home they lost out on. Well in some cases. 

Aug 28, 2012 02:55 PM #2
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Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Anthony, I have a buyer who decided to test the waters with a couple of low offers. Lost both houses. When another one came on the market, he wrote a strong offer. The seller still ended up countering but my client didn't want to lose house #3 so he accepted the counter. That house had only been on the market 11 days. Buyers have to act quickly.

Aug 28, 2012 02:56 PM #3
Rainer
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Anthony Jones Jr.
RE/MAX Executives - Woodbridge, VA
CDPE Woodbridge, Lake Ridge, Dumfries Homes For Sa

Tammie, well at least he learned! Some don't EVER learn. 

Aug 28, 2012 02:59 PM #4
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Rainer
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Anthony Jones Jr.

CDPE Woodbridge, Lake Ridge, Dumfries Homes For Sa
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