Under Contract After Multiple Offers in Woodbridge, VA

By
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470
https://activerain.com/droplet/4MlF

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 11648 Crest Maple Drive went under contract on December 29, 2015 after being listed for $515,000they 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 Kitchen and Morning Roommarketing 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.

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Topic:
Home Selling
Location:
Virginia Prince William County Woodbridge Crest Ridge Estates
Groups:
Diary of a Realtor
Addicted to Active Rain
Bananatude
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Crap-Tacular
Tags:
selling a home in december in woodbridge va
what is the december market like in prince william county va

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Rainmaker
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Michele Connors
The Overton Group, LLC Pitt & Carteret County - Greenville, NC
Your Eastern North Carolina Realtor

Great story ! HGTV needs a disclaimer dont ya think !

Glad to see it Pending , and seems buyer #3 had the common sense the others lacked to understand the local market. 

Dec 30, 2015 08:53 AM #1
Rainmaker
1,492,715
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Chris Ann, I am delighted for you and your sellers, buyers are getting a great home. Indeed, serious buyers are out looking at homes during holidays and just because the home has been on the market doesn't mean "low-ball offer" is warranted. Great job!

Dec 30, 2015 11:10 AM #2
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Chris Ann, congratulations on getting the deal done.  Someone got a nice Christmas present, a few days late!

Dec 30, 2015 12:52 PM #3
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Chris Ann Cleland What a great way to wind down the year and head into 2016! Happy New Year to you and many more super transactions are ahead of you!

Dec 30, 2015 09:44 PM #4
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Chris Ann - Congratulations on helping your sellers find the perfect way to start the new year!

Dec 31, 2015 12:42 AM #5
Rainmaker
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Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Excellent advice.  When agents call and ask why a property has been on the market "so long?" (huh, in our market, that can be 30 days, gasp!) I just say I do not know.  It's priced well, in excellent condition and should have sold.  It just hasn't.  There is not always a reason.  It just is. 

Dec 31, 2015 01:10 AM #6
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Chris Ann -- excellent news and a nice way to celebrate the New Year!

Dec 31, 2015 02:41 AM #7
Rainmaker
1,209,902
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Kudos, Chris Ann Cleland and sellers.  Thanks for informative post about on market strategy and negotiating.

Dec 31, 2015 05:40 AM #8
Rainmaker
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Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Congratuations ChrisAnn... glad to hear that the sellers listened to their agent. Happy New Year.

Dec 31, 2015 08:35 AM #9
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Chris Ann Cleland

Associate Broker, Bristow, VA
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