HAVE HOME BUYERS IN NORTHERN VIRGINIA HAVE BEEN WAITING FOR A SIGN?
IT'S TIME FOR VIRGINIA BUYERS TO GET OFF THE FENCE. We speak with home buyers regularly. Our agent partners are helping many 
prospective home buyers through home tours in our buyer's preferred area of choice and qualified price range.
However, we've found over the years that buyers are much more comfortable getting "off the fence" when they understand the Northern Virginia real estate market dynamics.
IS THE BUYER LOOKING FOR A HOME? OR. . . with high inventory of homes for sale, many home buyers believe that they can buy homes with offers of 50-70% of list price. While that's not likely to happen, the buyer then leaves the market and decides to wait until prices "get to their level". Of course, while many home buyers know that they are qualified for $XXX amount, their comfort level for a mortgage payment may be much lower. Buyer's agents need to talk with the buyer and determine if the buyer is motivated to buy a home to live in or more interested in the negotiation.
CAN WE GET A GOOD DEAL TODAY? It depends, on your ability to evaluate properties. There is a lot more to selecting a home to buy than price. Your buyer's agent should provide you with recent reports of homes sold in your selected area. Based on an evaluation of these homes, you should see that the average SOLD price for homes is close to the LIST price of the homes. The reports of spectacular deals is largely just that, reports, but not based on fact. Homes in the Northern Virginia Market are selling for approximately 90% of list price.
WHY CAN'T RESIDENTIAL HOME BUYERS GET THE SAME DEALS THAT REAL ESTATE INVESTORS GET? Because real investors usually buy with few or no contingencies. However, if you are looking for a home in which to live, possible with your family, most consumers are not able to buy homes without contingencies. Real estate investors often have cash, buy with no financing contingency, no appraisal contingency, no home inspection, make offers for price with no seller concessions and with quick settlement dates. Few home buyers can compete with investor buyers.
ABOUT CONTINGENCIES. Consumer home buyers are often stretching their budget to buy a home. The cost of acquisition including down payment, closing costs, pre-paids, and inspections are costly and home buyers can't usually risk buying a home that is going to be costly to maintain or repair. Home buyers need to move themselves and their family in and get the children off to school the next week and get to work next week. The home can't usually remain vacant while expensive and extensive repairs are made.
INVESTMENT BUYERS HAVE AN EDGE. Investment buyers, on the other hand, can usually buy a property with cash or an established credit line, can usually close quickly, do not have inspection contingencies and often buy without appraisals. In other words, investors can take risks because they are experienced. The typical investment buyer makes a clean offer with no contingencies and even though the seller's net proceeds may be lower than with a home buyer consumers, the average consumer cannot compete because if the home has defects, the house doesn't appraise or the home inspection shows defects, the seller will take a lower price for a non-contingent offer.
IT'S NOT THE PRICE - IT'S THE PRICE TREND.
| County | January | December | November | |
| Alexandria | $396,711 | $450,229 | $406,356 | |
| Arlington | $466,478 | $522,657 | $513,040 | |
| Fairfax | $360,721 | $403,380 | $409,082 | |
| King George | $252,831 | $262,206 | $293,183 | |
| Loudoun | $328,754 | $355,293 | $355,235 | |
| Prince William | $210,255 | $212,403 | $221,504 | |
| Stafford | $254,804 | $253,335 | $240,598 | |
The prices above reflect the trend of home sales in Northern Virginia real estate for the past 3 months.
Could prices go lower? Of course they could. However, if you and your agent learn the facts about the market, you'll be making smart offers, negotiate well, you'll be in your newly acquired home and you won't even care about the market.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, e-mail.
Visit our local map pages below with demographic information.
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| Arlington County |
Alexandria Old Town County |
Fairfax County | Fall's Church City |
Fauquier County |
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| King George County |
Loudoun County |
Spotsylvania County |
Stafford County |
Prince William County |
