I am working with a client in Northern Virginia who has recently moved here from out of state. She is in a great position to buy, but has a very specific idea of the type of home she would like, the area in which she would like to live, and the price that she would like to pay.
I am sure I have said enough for the experienced realtors to know that she is going to have a tough time finding the house of her dreams!
What is a a reasonble price for a really nice home in another metro area does not buy anything comparable in Northern Virgnina (and conversely, a nice N.VA home price doesn't buy anthing comparable in New York or LA). My client has said to me repeatedly,"If I have to hear that it is a 'buyer's market' one more time, I am going to scream...what does that even mean?"
Our job is often about educating our clients; unfortunately, the education we can provide does not always give them the end result that they desire!
In Northern Virginia, my definition of the current "buyer's market" is this:
1. Prices are negotiable. Not on every house, but on many houses.
2. Sellers are frustrated by the 'days on market' and open to the idea of providing concessions to move their house.
3. Buyers have a lot of inventory to choose from (it is not always what they want and their price point, but there are plenty of homes).
In the past, homes sold quickly, at full price with no seller contributions. Sellers were lucky and buyers were happy to find anything they could afford. Right now, sellers are feeling like they are giving up everything and the buyers are giving up nothing.
It will be nice to get to a "normalized" market where selling a home is a negotiable process with give and take on the part of both the buyer and the seller and both happy with the final result.
In the meantime, I will contine on my quest to find a nice home for my out-of-state client...
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