The real estate market in Northern Virginia is continuing its positive trend with homes selling in an average of 30 days or less. Part of this is due to the influx of job opportunities, the low interest rates, and the popularity of the area. However, with the housing inventory at an all-time low in Northern Virginia, home buyers have to think smart and act quickly when they find the home of their dreams in a seller’s market.
Trying to purchase a home in a seller’s market can be challenging and you may miss out on an opportunity to put a bid on the perfect property if you don’t act quickly. The following are some helpful buying tips:
Making an Offer Fast
When you’re ready to make an offer on a home, you need to move fast. A seller’s market means there is a shortage of inventory, and there are a number of buyers all looking to bid on the same property. An attractive home in a prime location will be extremely popular, and it can receive multiple offers. When you see something that you like, be prepared to make an offer immediately.
Be Flexible on Your Price
The price of the home can also come into play during a seller’s market. If you’re really interested in a specific dwelling, you don’t want to waste your time by offering less than the listing price. In some cases, you may have to come up more than what the sellers were originally asking for the home.
Show Your Strength – Be Pre-approved
A buyer that comes in with an offer and has the appropriate pre-approval documentation has a better chance of ending up with the home than someone who doesn’t. Your very first step before commencing a home search in Virginia should be to meet with a lender to see how much home finance you qualify for.
Have Your Earnest Money in Place
If you’re looking to make a big impression on the sellers, you may want to try offering a significant down payment on a property. Your real estate agent should be able to offer you advice on the amount, and you can double or triple the deposit.
Don’t Ask for Too Many Favors
A seller’s market is not the time to ask for favors such as painting the front door a specific color, asking for the appliances and fixtures or setting a specific closing date. If you really like the home, you need to be as accommodating as possible.
Make the Closing Date Comfortable
It’s customary for the seller to move out of the home upon closing. However, if the seller needs more time to find another dwelling or they’re looking to make more of a leisurely move, you can agree to a closing date that is in their favor to win them over into accepting your bid on the home.
Northern Virginia is experiencing some of the hottest housing trends at present, and the area is leaning towards becoming a seller’s market. For the buyer that writes a fair offer, acts quickly and accommodates the seller on a particular closing date, your chances of having your offer accepted are greater than those that are left unprepared.
Author Georgina Clatworthy has always had a keen interest in real estate and writes informative articles to raise awareness about market variances. Avenue Realty, LLC, with offices in Vienna and Charlottesville, will help with your new home search in Virginia. Buying or selling a house is a major life event, and as real estate agents this firm makes it their mission to make the process as smooth as possible.
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