Tuesday, July 30, 2013

Homebuyer Advice— How to Beat the Northern Virginia Real Estate Competition

Bidding wars are back! Competition has increased in Northern Virginia real estate as housing inventory is hovering around low levels and prices continue to rise. More and more homebuyers continue to flood the real estate market, thus contributing to more competition with offers.

According to real estate brokerage Redfin, "69 percent of homes on the market fielded multiple offers in June in 18 states." Bidding wars have been reported as most common for bargain-priced homes where buyers are forced to compete with real estate investors.

So, how do you make sure you snag your NOVA dream home? How can you be certain your offer stands out among the rest? The Wall Street Journal recently offered the following tips:

Don't Lowball Your Offer
Above all else, make sure your offer is not insulting to the NOVA home sellers. Real estate experts often advise buyers in a competitive bidding scenario to submit their maximum offer first, not the offer based on what they think other buyers will do.

Set Your Walk-Away Number
At the beginning of your home search, set the number that is your absolute maximum— your "walk-away price." This will help you avoid getting caught up in the competition.

Be Flexible
Being flexible will help you stand out as a willingness to negotiate closing dates or offering benefits to sellers can really set buyers apart.

Get Pre-Qualified
Getting pre qualified to purchase a NOVA home can eliminate a lot of headache for the sellers, as well as you as the NOVA homebuyer. This option shows the seller that you are able to actually close on the home.


Earle Whitmore


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