Everybody loves a sale! Whether it's a holiday sale, a post-holiday sale, a clearance sale, a white sale, a red tag sale, a seasonal sale, or just a plain old sale, shoppers look for and want a bargain.
How about a house sale?
Homes in Arlington, Virginia are on sale for the Spring.
Excuse me, what do you mean, Brian?
Homes are selling for an average of between 4% to 13% off the seller's asking price in Arlington depending upon which area of town you consider. In today's buyer's market, almost all homes in Northern Virginia are selling for somewhat under the initial asking price. Since this discount is available, I counsel my clients to sometimes look at homes up to 10% above their price range with the expectation that there's some wiggle room to negotiate a lower price.
If the average negotiated final sales price is between 4% to 13% of the original asking price, then the initial offers by buyers may be even lower in anticipation of a counteroffer by the Arlington seller.
Armed with knowledge of the average sales price to listing price ratios, I help Arlington homebuyers make more informed decisions about the price to offer to help them purchase their desired home at the right price at a compromise that sellers are willing to accept. When assisting sellers, I present the same information so that they can price accordingly taking into consideration the market sale-like conditions.
Here's a breakdown by Arlington zip code of the current average sales prices (% off list price). Click on the links to view sample available homes:
ZIP CODE AREA SAMPLE AVAILABLE HOMES % OFF LIST PRICE (CLOSED SALES)
22201 CLARENDON CLARENDON 1021 CONDO 4.89%
22202 CRYSTAL CITY CRYSTAL GATEWAY CONDO 12.36%
22203 BALLSTON ALTA VISTA CONDO 6.16%
22204 S. ARLINGTON COLUMBIA TERRACE HOME 9.00%
22205 WESTOVER BONAIR HOME 5.78%
22206 SHIRLINGTON FAIRLINGTON MEWS HOME 5.20%
22207 N. ARLINGTON COUNTRY CLUB MANORS HOME 4.35%
22209 ROSSLYN ATRIUM CONDO 4.15%
22213 W. ARLINGTON FALLS STATION CONDO 4.14%
Neighboring Alexandria, Virginia has a relatively similar sale going on right now with the average sales price coming in at 6.27% off the listing prices. Fairfax County's sale is slightly better with an 8.83% discount.
For bargain basement prices, head out to Manassas, where the average home is selling at a steep 16.71% discount from the asking price.
Brian Block is proud to serve the Northern Virginia real estate market. View his website for the latest listings and homes for sale in Northern Virginia and search all active homes.
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Brian - OMG- I love this post... it is a great concept that I would love to borrow for my area, if you dont mind!!! Your are right- EVERYONE loves a sale, my favorite is on shoes, but I know a lot of people who would love one on a house!
Similar sales discounts in our area but after the seller has the property in range sometimes after several price adjustments. Thanks for the info.
WOW! If that does not bring those buyers out of hiding, I don't know what will!
KIM: Thanks for your comment. Feel free to use something similar for your market.
TERRY: We're seeing quite a few dramatic price adjustment here as well.
BARBARA JO: I think the buyers are starting to come out of hiding judging from recent phone calls and e-mails.
FRANK: If I recall correctly, I used the most recent listing numbers. The discount would likely be even larger if you took the original listing price before price reductions.