Articles

So an opportunity has arisen that you must act upon sooner, rather than later. And even though you know that it is a Buyers' Market, you have to sell you home and you have to sell it fast. Waiting is not an option for you. You need your property to sell, no matter what the market conditions.

Let us give you a scenario to explain some logic. Put yourself in the shoes of the Buyer. Looking at it like a buyer, If you knew that your area was in a Buyer Market, and you knew that the last property sold for $450,000 & that prices had been declining recently. As a buyer, would you as the buyer, offer more than $450,000 for the next property that came on the market or less than $450,000? It would be hard to come up with a situation where the answer would be more. So you see, if you were the first one to sell you would win. If you were the one at $450,000 you make more than the next one & so on & so on.

Calculate your holding cost: Most sellers look at the one shear number of how much less they are going to list for as compared to the home that sold 2 years ago or the last property that sold prior to your listing without taking into account something called the waiting cost. Holding cost normally includes the Principal, Interest, Taxes & Insurance that would be outlayed plus any Condominium or Home Owners Association dues. Add to this the amount that property values are declining in value on a monthly basis. Then ask yourself is it better to hold or wait or is it better to take the "hit" up front, rather than prolonging the issue.

The most amount of buyers you will get to consider your property will be in the first 30 days - Ride the Wave: In a Buyers Market, there is no room for the old mindset or Sellers Market mindset of Pricing it high with room to negotiate or room to come down in the future. With a limited amount of buyers and a greater amount of inventory, the time to price the property correctly is right up front. The greatest number of prospective buyers will be coming through your property in the 1st 30 days and most of these will move on to another property or categorize your property as overpriced if it is not correct when they first see it. It is very important that you determine your Northern Virginia Condo & House Values correctly. Worst, they will categorize you as the owners that are not serious to sell.

The Silver Lining to selling a condo in Northern Virginia during in a Buyers Market is when you are trading up. Sure, you are not getting as much as you wanted on your existing property, but you will be paying the same percentage less in a trade up situation. And the same % of a larger number means you are saving more money than you "lost" on your current property.

Remember, In a Buyers Market, marked by declining prices, each month you wait to sell results in less money you will get at closing.