The newspapers and TV continue to lament the state of the real estate market in the Northern Virginia area. It seems that the market is dead and houses are languishing on the market for months with no activity. I'm assuming this would explain why every home I have shown in the past week has a multiple agents coming and going within a few minutes of each other. Today while out with buyers to double check on their "first choice" and take a look at a few new homes we encountered agents either already in the home or waiting at the door to get in when we were done. We plan to write an offer tomorrow and are keeping our fingers crossed.
Yesterday another one of my buyers wrote an offer on a property first thing in the morning (we were the first ones in the door after the listing went live) and by the time the owners were ready to review contracts in the evening their were three. Fortunately ours is the ratified contract! It seems that the news hasn't been keeping up with all of the activity going on around the area.
Does this mean that every home is selling? Of course not but homes that are priced right are getting noticed instantly by prospective buyers. It is a time for sellers to be realistic about their pricing and making sure that the price reflects the condition of the property. I got a chuckle out of the description on a short sale listing I encountered this week that said "LENDER SAID I NEED AN OFFER FOR THE LISTING PRICE 405K" yet a non short sale townhouse in the same neighborhood is under contract with a list price of $290,000. So it goes to show that not everyone gets it yet but those that do are going to have plenty of activity on their listings and maybe even multiple offers coming their way.
So don't believe everything you read or hear on the news. The market in Northern Virginia has a lot of activity right now. Prices are lower than they have been in the last few years and interest rates are down. Savvy buyers are out making offers on their future homes.
If you are thinking of buying a home this spring give me a call. I'll show you the best deals in the area and help make home ownership a reality for you.
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As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.
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We had two buyers this week want to write on homes they saw for the first time on the first day.
Let's hope they have the fever.
Lenn-a little bit of spring fever and a good bit of realism makes for a great market!
I've never been a big fan of the media, not since I changed my major in college from journalism to public relations. And that really isn't much better.... ;)
Congrats on doing a bang-up job in Northern Virginia!
Cindy, I had the same experience over the last week with several buyers. And by the time my clients decided to write, they sellers had already accepted another offer.
We also wrote an offer on an overpriced listing that has been on the market 289 days. I did not expect the sellers to negotiate much, and I was right. They only came off their price by $10,000, and their price is off by $50,000...so we are moving on!
I will be curious to see how the rest of the year goes, but so far, so good!
Price matters!