Across the country, real estate markets have been on a steady incline for some time, and there’s no denying that over the last year McLean has seen a huge boom as well. Compare March of 2017 to the same month last year and you will see marked signs of growth. New listings have dropped by 19.6% compared to March 2016 while new pending and closed sales have increased by 30.2% and 17.9% respectively. The combination of fewer homes for sale and homes selling at a rapid rate create a strong seller’s market.
Buying in a Seller’s Market
Don’t throw in the towel. By making strategic choices in your search, you can buy with confidence, even in a seller’s market.
- Hire a Buyer’s Broker: By working with a qualified broker throughout your search, you will have an experienced professional looking out for you and guiding you through every step of the process. A broker who is intimately familiar with McLean, will have an insider’s perspective of the market and will help you find the right home for you and advise you so you can be sure you’re making the right investment.
- Use the Offer to Your Advantage: In a seller’s market, a desirable property listed at a reasonable price may have multiple offers. However, the offer that wins out isn’t necessarily the highest number. There are certain factors that can make an offer much more attractive to a seller such as how financing is done, whether there is a large down payment or an all cash purchase, a quick closing date and minimized contingencies, etc. This is another area where having a broker you trust helping you to craft an offer can be invaluable.
The Homeowner Who Is Ready To Sell
It may seem that being in a seller’s market means your home will sell itself. This is not the case. First of all, though fewer, there will be other homes on the market, and it’s important to take the right steps to market your house competitively. Additionally, there are several surprising factors that enter into a seller’s market; ignore them and you may find you have a hard time going to contract. Instead, take advantage of them and make the market work to your benefit.
- Don’t Skimp the Details: To successfully sell a home, even in a strong market, it takes great marketing and strong know-how. In a seller’s market, choosing an experienced brokerage that can advise you on what will raise the selling price most, and has the knowledge to market your home effectively, will make a world of difference.
- Price Carefully: It can be tempting to put the house on the market with the listing price set high. But often this isn’t a great strategy. If you start higher than what the current market allows, you may find your home sitting for months unsold. This ends up raising suspicions with prospective buyers, and leads to low offers. It can delay the sale and, in the end, it can even lower the final price. An experienced broker will help you set the price right, which, in turn, will maximize your return and ensure your house won’t sit on the market longer than its competition.