With shrinking inventories and more competition, buyers are finding they have less negotiating power in today’s market. CNNMoney recently highlighted some of the following tips to help home buyers be more successful in their purchases this spring:
1. Lowball offers are a waste of time: “The days when you could scoop up a house for 20 percent less than the list price are long gone,” the article notes. Homes are selling much closer to their asking price nowadays, surveys show. Michael Murphree, a real estate professional in Birmingham, Ala., says he advises his clients that if homes are selling below the list price in an area but are still being sold in less than two months to make an offer that is no more than 2 to 3 percent below the asking price. If homes are selling above the listing price, Murphree advises clients to make their first offer at the full asking price.
2. How to win a bidding war: To do that, agents say come with a higher price and fewer contingencies, and be flexible with when you can move in. In some transactions, the sellers could be left trying to find new housing for themselves, so some real estate professionals suggest leaving the closing date blank on the contract and allow the seller to fill it in, or be willing to negotiate a leaseback if the seller needs more time to vacate.
3. Shop around for financing: Credit unions and small banks tend to offer the lowest rates and may even be less strict about their underwriting, Guy Cecala, publisher of Inside Mortgage Finance, told CNNMoney. Cecala recommends getting a good-faith estimate from one lender and then showing it to other lenders to see if they can beat it.
Source: “Housing Is Back! Best Moves for Home Buyers,” CNNMoney (April 8, 2013)
Properties in Focus
$249,500 : , Alexandria 22312
3 beds, 1 full, 1 half baths
Living area: 1,068 sqft
Year built: 1965
Days on Market: 90
$242,900 : 521 Bashford Ln #4, Alexandria 22314
0 beds, 1 full baths
Living area: 500 sqft
Year built: 1944
Days on Market: 17
$775,000 : 2627 Wooster Ct, Vienna 22180
4 beds, 3 full baths
Living area: 1,301 sqft
Year built: 1961
Days on Market: 1
$825,000 : 8900 Magnolia Ridge Rd, Fairfax Station 22039
5 beds, 3 full, 1 half baths
Living area: 3,237 sqft
Year built: 1987
Days on Market: 10
$845,000 : 128 Cambria Walk, Alexandria 22304
4 beds, 4 full, 1 half baths
Living area: 2,543 sqft
Year built: 2017
Days on Market: 4
$634,999 : 9523 Bastille St #1-105, Fairfax 22031
2 beds, 2 full baths
Living area: 1,685 sqft
Year built: 2014
Days on Market: 53
Julie NesbittJulie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Enjoying Winkler Botanical PreserveWe had a great time walking the trails.
Don’t take chances with real estate.
REDUCED: 7202 Churchill Rd, McLeanOpen House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROAD McLean, VA 22101 6 Bedrooms 5.5 Bathrooms 6,752 SF $1,695,000
[FWD: The Empire Strikes Back Pictures]We played a game at the office this Sunday. Lots of fun. Sincerely, Will Nesbitt Principal Broker Nesbitt RealtyAlexandria VA licensed in the Commonwealth of Virginia and the State of Maryland 703 765 0300 (main) 571 237 7902 (direct)888 783 6391 (fax) ——– Original Message ——– Subject: The Empire Strikes Back Pictures From: [email protected]…