So far, the 2017 spring housing market has been a seller’s market here in Loudoun County because there aren’t many homes for sale. Homes that are priced right are under contract within days. This makes it difficult for buyers to get their home of choice because they are competing with so many others. It’s important to have an agent working for you who can offer thorough knowledge on the state of the market, as well as provide advice on how to be the winning bidder on that home you love. Here are a few tips:
Time is of the essence – have your agent set you up on a search that provides immediate updates to the market. As soon as you see something that interests you, have your agent take you out to see it. Don’t wait for the weekend when the bulk of potential buyers will be coming through.
Have all of your financing lined up. Be sure to have a chosen lender, and have your pre-approval letter ready to go. This must be part of your offer in today’s market. Have your lender match the information in the letter to the sales price.
Be prepared to offer at least full price. If the home is priced well and you are really committed to purchasing it, your agent may advise you to offer above asking price or at the very least add an escalation addendum so you can compete with other offers. In this market, most homes that are priced well will have multiple offers within the first few days of going up for sale.
Offer a larger EMD (Earnest Money Deposit). It goes towards your closings costs anyway, and it will let the seller know you are very serious about purchasing the house.
Make sure that you are working with an agent who pays attention to detail so that your offer is written correctly. Listing agents can be very busy and appreciate a clean and solidly written offer.
When competing with so many other buyers, it’s important to set yourself above the rest in any way you can. Having a knowledgeable and experienced agent will ease the process and they will be able to walk you through all of these steps.
All MRE | AP agents are licensed REALTORS® and subscribe to NAR's strict Code of Ethics, which is based on honesty, professionalism, and the protection of the public. We fully support and operate in accordance with The Fair Housing Act.