Buying a Nothern Virginia Home: Multiple Contracts

For SaleIf you are planning to buy a Northern Virginia  home this Spring, be prepared to be decisive, flexible and quick. Why? The era of writing multiple contracts before securing a home is back.

Working with buyers in the popular $300,000-$400,000 price range, I have seen a lack of listings and a competitive buying environment.

Recently,  I wrote the 3rd contract for some buyers in this competitive range. The sellers, operating from a position of strength (there are more buyers than listings) have options; if they reject or counter a contract, they know that more buyers will come along. We received a counter offer and my buyers decided that the counter was not one that they were willing to accept. 

It can be a frustrating position for a buyer, so if a buyer is to be successful, they need to be fully prepared. They can do these things to make sure they get a new home:

1. Be fully qualified by a reputable lender
2. Be flexible and available for showings
3. Recognize that there will always be another house…so don't pay more than you are comfortable paying and don't stretch beyond your financial comfort zone
4. Be willing to compromise. You likely won't get everything on your wish list.

If your are buying in Northern Virginia this Spring, you should be aware that it is no longer a 'Buyer's Market.' Getting in the right frame of mind and being ready to act, will go a long way toward making sure that you end up with the right home at the right time!

 

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 Momentum Realty

A GREAT Real Estate  experience.

If I can help you, your friends or family buy or sell their next home in Northern Virginia, please let me know!

If you need help with a home outside of Northern Virginia, I have an extensive network of referral agents and will make sure you are working with the best!

The contents of this blog may not be copied or reproduced without the permission of Holly Weatherwax.

 

 

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Comment balloon 1 commentHolly Weatherwax • February 25 2014 05:01AM
Buying a Nothern Virginia Home: Multiple Contracts
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