What is a “seller’s market”? And does it really impact you? A seller’s market usually means that homes are selling quickly and for near the asking price, typically because of a scarcity of homes for sale. Whether you’re buying or selling, a seller’s market will impact you!
In Loudoun County, the inventory of homes for sale continues to decline, making for a seller’s market. A recent report released by the Dulles Area Association of Realtors suggests that there are no signs the low-inventory will change its course. In fact, they found that Loudoun County has 15.8% fewer active listing compared to March of 2018. And, compared to March 2015, there are 53.2% fewer active listings.
The March 2019 DAAR report also notes that homes are spending an average of just 22 days on the market. More importantly, sellers are receiving almost 100% of their asking price, with an average home price at $471,000 — about 1.1% lower than March of last year.
So what do you do? Navigating a seller’s market can be tricky for both buyers and sellers. CK Realty Group has a few tips on how to meet your home buying and selling goals despite a challenging market.
Advice For Buyers
When you are looking to buy a home in the midst of a seller’s market, it is important to find an experienced agent with a large network. Not only will the agent be well-prepared to guide you through the process, but he or she may also be able to find you additional homes to consider. Sometimes, homes are bought and sold without ever officially going on the market. If your agent has a large network of other agents, they might be able to find something that is in the process of being listed, but that hasn’t yet gone on the market. This will allow you to have greater options and will also keep you from entering into a competitive bidding war.
You also need to be ready to act quickly. It’s helpful to have your finances in order and be ready to jump on a listing. Be prepared to compete against multiple offers, and know that being outbid is a real possibility. Discuss using an escalation clause with your agent as well.
Work with your agent, stay on top of it, and keep trying!
Advice For Sellers
Even if you’re in the middle of a seller’s market, you still need to update your home and prepare it for listing. In order to maximize your home’s selling potential and secure the highest possible bid, follow these steps to get your home market-ready. Update, paint, and clean
Once you’re ready to list your home, be ready to move. Your home might sell quicker than you expected and you need to be prepared to move out. Make sure you have a place to go! It’s also important that you are ready for receiving multiple offers and to move quickly in order to take the best, highest offer.
As with buying in a seller’s market, it’s important to use an experienced agent with a large network. An agent who has many connections and knows how to navigate the market can help match you with a buyer looking in your area–perhaps without even having to go on the market.
CK Realty Group has some of the top agents in the Northern Virginia area. Well-versed in a seller’s market and with an extensive network, CK Realty Group can help you find your next buyer or seller. We can help you navigate multiple offers and secure your new home. Call us now for a no-obligation consultation.