Tips Buyers should use when the Inventory of homes is low.
The Northern Virginia Real Estate market is Hot ~ and the inventory is now trending at record lows. We’ve come a long way since the darkest hours of the bottom of the home market in 2009. Now, buyers are finding the competition for homes surprisingly stiff. The days of touring twenty homes listed in Fairfax or twenty townhomes for sale in Manassas and deliberating over the tiniest details have slipped away.
So what can you do to increase your odds at landing a home that you can love? Here are a few tips to help as you navigate this increasingly active market:
1. Get pre-approved for a mortgage before you begin shopping. Browsing without the power to buy is a recipe for heartbreak now.
2. Be clear about the neighborhoods and areas you are interested in before you shop. Understand what the recent trends have been in terms of sales, credits toward closing costs and competition for those sales, if possible.
3. Play to Win! Since you will likely face competing offers or sellers seeking top dollar offers, play your best cards in your offer. Don't miss out on the home you want to purchase by loading your offer with "test the water" contingencies and lower than asking price offers, especially if the property has just been listed.
More: 3 Great Benefits of Owning a House
4. Have your agent review with you Multiple offer Strategies. Ask specific questions about how it works and what to expect. If your agent hasn't even brought up the topic, you may want to seek another agent when your agency agreement expires.
5. Get cutting edge MLS information and/or information on homes not yet on the market. Hot sheets and inside information on potential new listings can position you for first in line. Work with an agent who has access to the latest information and a solid network of connections in the community.
6. Make offers on multiple properties and see which gets accepted first. If you have four homes which meet your criteria, don’t go round robin on the offers. Write four offers with the assurance that the you will be the final signature to ratify. This places you in the driver's seat of choice.
More: Tips to Consider Before Buying a Second Home
The fact is, Homes are Selling in Gainesville and New Homes are being Listed for Sale in Bristow, Manassas and Fairfax every day. I’ve seen what it takes to win a great home in a booming market, and would be glad to guide you through the experience.
If you're serious about buying and don't want to mess around ~ let my experience at negotiating put you in that home of your dreams. Oh... and by the way Sellers, this is the best market in recent years to sell your home. Let me show you how.
Sean Blanchette
