The Spring Market has Arrived!
The Spring Market has sprung into action! Although inventory levels are down, activity on listings is up, open house visitors are abundant and multiple contracts on listings are happening more frequently throughout Northern Virginia. In Arlington and close in locations, we are seeing contingencies getting waived and huge escalation clauses for buyers to win contracts. It is a good sign for our market to have such great activity and I expect it to continue for the next few months.
All this being said, pricing properties properly is still paramount to success in getting houses sold. Along the Route 1 corridor close to Amazon’s HQ2 people are definitely “future pricing” their houses. Their hopes to cash in are not bearing any fruit and I don’t believe this pricing strategy is going to get them sales any time soon. At this time, pinpoint accuracy in pricing is the strategy to undertake. Do not price for negotiations. Do not price higher because the neighbor received multiple contracts (as not all listings with multiple contracts are going above list price as I mentioned last month’s newsletter).
If you are a buyer, do not despair, we can help you find a house even in the low inventory market dynamic that we are currently experiencing. Although we are below 3,000 active houses for sale in Northern Virginia, the pace of houses coming on the market for sale is increasing each week. We also have access to “Coming Soon” properties through our network of professionals whom we deal with on a regular basis. Having someone scout out properties for you before they officially hit the market is extremely important, so please feel free to call me to discuss this in more detail.
Don’t forget to set your clocks ahead this month and get out there and enjoy the longer days!