Under Contract After Multiple Offers in Woodbridge, VA
Each listing has a different pathway to success. On October 4th (2015,) I had the pleasure of embarking on that journey to success with the owners of 11648 Crest Maple Drive in Woodbridge, VA. That was the day that this lovely brick front colonial, backing to trees on a half acre lot, hit the market. However, in the weeks between getting signatures on the listing paperwork and activating the listing, the Sellers took every note I gave them on preparing their home for market and then some. They had new carpet installed and the home painted. They had already done many renovations to the home. And because they wanted to put their best foot forward, they even replaced windows with broken vapor seals. These were conscientious home sellers. And as a Listing Agent, I loved that I was the one lucky enough to work with them.
When we initially put the home on the market, we consulted the comparable sales and decided that $540,000 would be a fair price. However, after a neighbor's home was chosen before theirs and three weeks with no offer and limited traffic, my Sellers and I looked at the last month of activity and came to the conclusion that reducing to $525,000 would be best. Six more weeks on the market and still no offer and they made their last price reduction to $515,000 on December 10th.
Despite price reductions, a higher days on market count will lead buyers to bring themselves to believe there is blood in the water. It's probably those oh so unrealistic discussions that happen on HGTV where marketing time becomes somehow relevant to making an offer. On December 13th, we got our first offer. Used to be that your first offer was your best. Not in this case. My Sellers countered and that first buyer evaporated.
December 20th brought another set of buyers that felt a low offer would be feasible given the higher days on market. That negotiation lingered to December 28th when a third offer came in . And delightfully, it was not a buyer looking solely at days on market, but the overall price and condition compared to other homes on the market. The home was under contract with that third buyer on December 29th.
It will be mid-February before the final sales price can be revealed. In the meantime, let this be a cautionary tale to buyers who see a great home with sixty or so days on the market behind it. Look at the overall value of the home compared to others currently for sale. Don't just look at marketing time and feel there is fire sale going on. That strategy may just lose you the home of your dreams.
The lesson for sellers would be that you can get your home under contract around the holidays. In fact, you can get multiple offers. All you need to do is hire the Listing Agent that believes and works in the year round marketplace that is Prince William County, VA.