Tough Buyers Market
We are currently in one of the toughest Buyers Markets in Northern Virginia in at least 14 years. With the low inventory of homes on the market. Sellers have the upper hand that have their homes in Model condition, great location, close to commuter routes, rail, subway and bus lines, conveniences like shopping, recreational facilities and top rated schools. Sellers are having their homes sell the same week that they go on the market if not the same day. Often with competing contracts. Making it hard for Buyers to get the home of their dreams on the first try.
To help your chances of making a winning offer on a home in this market. Buyers should understand that it’s tough to negotiate when a Seller has multiple offers. In cases of Competing Contracts it sometimes comes down to how badly a Buyer wants the home.
Your Realtor will advise you during this often frustrating period with strategies to help make your offer stand out above the others. Buyers that have a home to sell. Before you can buy the home you want to make an offer on. Your offer will look more attractive to a potential Seller, if you already have your home on the market. Most Sellers want a fast settlement because they need the proceeds of this sale to purchase their next home just like you or they may even be relocating out of the area.
Your Realtor should actually talk to the Seller’s through their agent to find out what is important to the Sellers to make a deal work for them. Things that may be important could be offering the Sellers a Rent-back period after Settlement to ease the timing of getting into a new construction home, maybe to prepare the home that they are moving to or possibly to ease their children's transition into a new school. Often Sellers don’t want to make any repairs but won’t list a home for Sale-As-Is. By waiving the Home Inspection Contingency, this can make your offer look more attractive to a Seller. If you are a Cash Buyer your offer will look more attractive as there is no worry about financing a Mortgage or a Financing Contingency that could possibly fall through. There are more tips that I could share but they vary case by case.
The bigger thing is to have patience and be decisive. When you see a home that you like. Be ready with a Mortgage Pre-Approval in hand to make an offer. In the time that it takes to get pre-approved for a Mortgage or to waffle back and forth about if this is the right house? You can lose the chance to make that your home in hours or less. Have a checklist of what is important to you for your next home. You will adjust this list as you see more homes. Ideally 10 items. If you can get all 10 items that is great but 8 out of 10 you are still winning. I have had homes go Under Contract while I was in the middle of showings. Receiving a text or call that the Seller has just ratified a contract on the home.
The Real Estate market is hot right now because of fear of rising interest rates, Buyers with the Credit and the Funds to purchase a home and partially with the hype over Amazon’s HQ2 being located in Crystal City/National Landing with more high paying jobs.
Please visit my website - https://wadesellsva.com to find your next home. My website has every home in MLS in the Washington, DC area, especially Northern Virginia and is updated every 15 minutes with the latest homes for sale. Search here and let’s find your next home together.
Real Estate Consultant
NVAR Multi-Million Dollar Sales Club
Cell - (703)609-4617
Office - (571)386-1075
Licensed in Virginia - 022517660
Pearson Smith Realty
43777 Central Station Drive
Blog Archive2019-05-28 12:15:56
Buying a Short Sale? Keep This in Mind
Tough Buyers Market
Manassas - Prince William County's Hidden Gem
Why You Need A Buyers Agent?
Don't Sabotage Your Home Purchase - Things To Not Do