Woodbridge Virginia Homes For Sale: Another Sign That The Bottom Of The Price Market Has Been Hit
Woodbridge homes for sale are selling faster, for top-dollar, as the buyers hop off the fence and swarm the market.
Affordable homes priced under $500,000 in good condition are often getting 3,4,7, even 9 offers, with most bidding over the list price.
This home was listed for $159,000 and sold to the highest bidder at $175,000.
Bernie And Sarah Outbid On Five Homes
We're helping a large group of buyers shop for homes in good condition, at affordable prices. Bernie and Sarah are moving on to their sixth house, after losing five houses so far to higher bids with multiple offers.
The last house on which they bid was listed for $175,000. They bid $198,000, and were outbid by another buyer offering $201,000.
This nearly-new home was listed for $459,000 and the top bidder won it offering $476,000
Skeptical Buyers Often Need To Lose A Few Houses To Come To Grips With Market Bottom
Joe and Beth were hoping to get "a good deal" on a home in the $400,000-$450,000 price range. Who doesn't want a good deal?
I shared with them the facts about home prices firming now that the available inventory is dropping and lots of buyers are buying homes.
But they were pre-conditioned by two years of doom and gloom reports in the media about falling prices, homes selling for a fraction of their list price, and strategies for grinding down sellers to get tens of thousands of dollars off list prices.
They made an offer on a house on a Friday, and by Sunday, there were five other offers that all came in higher than the offer made by Joe and Beth. Ouch.
They shrugged it off as a freak coincidence.
They bid on three more homes before winning a house. Each time they bid on a house, we showed them the record of recent sales in our MLS database. We showed them the numbers. They saw for themselves how houses were selling $10,000, $20,000, and more over the list prices.
This home was listed at $429,000, and sold to the highest bidder for $450,000
Parents And Friends Counsel Young, First-Time Buyers With Outdated Advice
Meg and Ryan were married just three weeks when they set out to buy their first home.
Mom, Dad, brothers, friends, co-workers all told them to find a good house, bid low, and be ready to walk away from a house if they couldn't get at least $20,000 off the list price.
They too had to lose two homes to multiple offers before they saw the light.
This home was listed for $140,000, sold for $200,000
Banks List Homes At Stupid-Low Prices To Attract Multiple Offers
Banks holding foreclosed homes are feeding the frenzy by listing homes at prices $40,000, $50,000 below market value to startle buyers with super-low prices that attract shoppers in swarms of showings.
Then, the bank asset managers sit back while multiple offers bid the price back up to market value.
This strategy has been cutting days on market (DOM) down into single digits, thereby cutting the carrying costs to the bank.
This home was listed at $164,000, and sold to the highest bidder at $180,000.
Pay Attention To The "Comps" When Making Offers
The key to winning the home of your choice now is to pay close attention to the recent sales values for homes similar to the home on which you write an offer.
Realtors call the record of comparable sales "comps". That's Realtor slang.
If you are bidding on a house, look closely at list price versus sold price.
As always, if you need help finding your home you may call us at 703-590-2252, or email us at Patty@ErickAndCompany.com