The Wall Street Journal says that “Buying a Home This Spring Will Be Hardest Years” (April 4, 2017). That is certainly true in Eastern Loudoun, especially Ashburn.

Ashburn inventory is super low. Closed sales are down 23%, mainly because active listings are down 26% (February, RBI). There is little to buy!

This makes the bidding process really competitive; with multiple offers, creative terms including free rent backs, purchasers paying everyone’s closing costs, and escalation clauses. This is especially hard for first time home buyers and those with little extra cash.

So how to compete?

1) Have your mortgage Pre-approved. Better yet, use a loan like McLean Mortgage’s Loan First. McLean will complete the entire underwriting process ahead of the offer This gives the sellers much more comfort that you can by their home, and significantly strengthens your offer.

2) Work with an established and knowledgable RealtorĀ® who knows the market, knows what is going on in the market, and is on good working terms with local agents. As the saying goes – it is not always what you know, but who you know. Although RealtorsĀ® are bound by laws and by RealtorĀ® ethics, it certainly doesn’t hurt for you have someone working for you who is on friendly terms with their industry colleagues.

3) Be ready to act, quickly. We recently had a property get it’s first offer within 6 hours of going on the market. Probably 10-15% of the contracts happen before the house is even on the market! (Another reason to work with an established agent that knows what is coming soon.) You must be ready to make decisions quickly as soon as your agent tells you that your dream home is on the market.

Want more information? Contact me today.

StatisticFebYoYMoM
Total Sold Dollar Volume36,883,786down24.1%down11.2%
Closed Sales79down23.3%-6%
Median Sold Price$447,000up0.5%-3.9%
Average Sold Price$466,883down1%-5.6%
Median Days on Market19 daysdown57.8%-20.8%
Average Days on Market62 days0%+26.5%
Median Price per Sq Foot$205up5.1%-1.4%
Average Price per Sq Foot$205up2.5%-1%

SmartCharts, MarketStats by ShowingTime