Buyers’ Market Advice
Did you know that Great Falls and parts of the McLean market are a buyers’ market right now? In other parts of Northern Virginia, like Sterling, Reston and Alexandria, homes are selling in 30-45 days, in some cases with bidding wars, which is good for sellers, but not great for buyers. By contrast, in Great Falls homes this year have averaged 127 days on the market. In McLean, the average days on market for homes in 2016 is 88.
Our advice to sellers in any market, but especially in a buyers market, is simple: be the best house on the market. We get there with the 4 P’s:
- Preparation: taking the time to get the home ready;
- Presentation: the home needs to look perfect and appeal to the most buyers online and in person;
- Pricing: Don’t die a death of a thousand cuts! The home has got to be priced right from the beginning; and
- Promotion: creating a multi-platform, targeted marketing campaign to reach buyers.
Our advice to buyers in a buyers market? If you like it, pounce. You’re in the drivers seat, but… keep in mind that even in a buyers market, even with a house that’s been on for 439 days and had several price drops, don’t put off making an offer in the hopes that you will be in a stronger position. It is our experience, far too often, that if you like a home enough to consider making an offer, someone else will too.