While the number of homes sold in Northern Virginia over the last few months is less than in 2017, it is because there are fewer homes on the market to choose from. Demand is high, making it a seller’s market. Here are a few tips buyers can turn to, to win a bid in a seller’s market.
Sellers want to sell as fast as possible and are likely entertaining multiple bids. If you aren’t preapproved they may not take the time to wait to see if your bid is something you can stand behind—so preapproval is a must.
Hire A Tenured Realtor
Working with a realtor is always recommended but is essential in a seller’s market. Not only does having a tenured realtor highlight your commitment, but it will speed up the process. In addition, your realtor knows how and what needs to be negotiated—and negotiation plays a far greater role in a seller’s market.
Be Fast, Fair, And Flexible
In a buyer’s market you can take your time and view several homes before you make a bid, but in a buyer’s market, you have to act fast. Yes, take enough time to ensure the home has what you need. In fact, don’t even bother to view homes that don’t have your bare minimum requirements. That being said, be flexible. Do you really need a swimming pool or can you add one later? While you might love the kitchen appliances, buying your own is one less expense sellers have to worry about. Or let them leave behind the appliances they don’t want to deal with moving.
Be flexible on the move in date as that often plays a large role in a seller’s final decision. Forgo the little things that you could negotiate more on in a buyer’s market, such as a broken light fixture or other minor repairs. Last but not least, in a seller’s market you must offer a competitive and fair bid—and you must respond quickly to your counteroffers.
Make It Personal
Buying and selling a home is business, but since it’s a home it is also personal. When sellers are entertaining multiple bids in the same price range, they often go with the buyer they feel a bit more of a personal connection with—or the buyer they feel will take the best care of their beloved home. Find common ground and consider writing your seller a short but heartfelt email or a handwritten note letting them know how much you love their home and how well you will take care of it. At the very least, keep the list of changes and updates you plan to make to yourself as some sellers may take your preferred design aesthetic personally.
Whether it’s a buyer’s market or a seller’s market working with a tenured realtor will always streamline and simplify the process, often saving you both time and money. If you are ready to purchase a home in Northern Virginia the team at Jerry Sardone Realty is here to help you find the home of your dreams—and win your bid. Reach out today to get started!