NOVA Homes Blog: What Does A Seller's Market Mean in Northern Virginia and DC?

Tuesday, March 29, 2016

What Does A Seller's Market Mean in Northern Virginia and DC?

By now, you may have heard about a lack of inventory in the real estate market or noticed it for yourself as you begin house-hunting in Northern Virginia and DC. Inventory has been trending on the lower side for months and while it may be frustrating for buyers, it has contributed to what's called a "seller's market."

A seller's market is one in which homeowners have the upper hand, which can lead to quicker and easier sales. For buyers, it likely means more competition for the house of your dreams in the NoVA area.

If you are a home seller this year in Northern Virginia and DC, mind the following ways you can prepare for a successful sale:

Inspect and disclose

As a homeowner, it is wise to disclose any known issues associated with your property from a roof leak to a plumbing problem. Once you have a deal with a buyer, the control becomes theirs and it could be more costly to you than repairing the problems ahead of time or making the buyer aware prior to the deal so they can factor that in their offer.

Decide how to deal with offers

In a real estate market with lower inventory, you may find that multiple offers are on the table. Devise a plan for how you will deal with them or wisely defer to your real estate agent for assistance. Each strategy is dependent on the specific area— for instance, it may make more sense to accept an offer right away in one area versus waiting a given amount of time to review all offers in another.

Analyze the competition

This is one perk of working with a real estate agent! Prior to listing your NoVA home, I will analyze comparable properties in the area to find the best listing price. I have decades of experience in helping sellers price their homes competitively so buyers will take notice!

Questions about selling your home? Give me a call today! I'm happy to help walk you through what it takes for a successful sale!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

Long & Foster Real Estate, Inc.
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When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
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