April Market Update

If the Price is Right…

It is hard to believe the first quarter of 2019 has come and gone. Time truly flies and like time, houses are flying too … off the market that is (when they are priced right, in prime condition and in the right location)! Today, more than ever, price controls the sale of a home on the market. Recently, I sold houses with multiple contracts, some with just one, some that escalated and others that came in under the list price. In each of these situations, the price based upon the condition helped get our sellers the contract on their property.

Here are a few examples:

  • On one house, we started at $550,000 which we felt was appropriate – initially. After 12 showings in the first weekend and over 15 visitors at the open house, we did not receive an offer and general feedback was that we were priced “a little high” so we reduced to $537,990. It sold 2 days later. Great house, great lot, showed great, but priced high so didn’t sell until the price was right.
  • On another house, we were priced at $600,000. We had lots of activity, lots of interest but only one offer that was too low for my sellers to accept. After 3 weeks, we reduced just $5,000 and received more showings and a great offer. Price was key!
  • The next house, the sellers did everything the stager recommended so the house was in prime showing condition – above and beyond anything else in the price range. Because of the condition and our price point along with a fantastic lot, we received multiple offers with the price escalating way above the list price.  So, it is important to stage and properly price to do even better than market.

As you can see, there are buyers in the market looking for homes today, but they are discerning and price is the critical factor. Sellers cannot get greedy and “expect” to get more than their neighbor or overprice because inventory levels are low. If you or someone you know is looking to sell, it is important to contact me as each situation is different and needs the appropriate analysis.

Have a great Easter and Spring Break with family and friends!

if the price is right

#aprilmarketupdate #realestate #northernvirginia #housing #remax #remaxgateway

 

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