This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.
Buyers are feeling the pinch of the limited housing inventory — especially in the middle price range of the market.
Days on market is averaging 19 with lots and lots of properties going in just 2 or 3 days. Escalation clauses are making a comeback as buyers struggle to position their offers as “the best” among many.
So, what can a buyer do to stand out in a crowd?
Here are a few things that can help:
- Have your financing in order. Get prequalified by a well-known (I prefer “brick & mortar”), lender. Have your letter in-hand ready to go.
- Focus on property that has been on the market for a while. In this market if a property has been on the market for 10+ days, it’s likely overpriced. Time usually softens a seller’s view on the value of their property.
- Make your home inspection for informational purposes only. This may sound scary but you’ll retain your right to void your contract if you find something wrong. Many sellers will become negotiable once they see the results of an inspection.
- Be ready to move fast — have your agent set up “auto-searches” for your target neighborhoods and be ready to go see houses as soon as they hit the market.
- Don’t abandon common sense. Be reasonable, be patient, it will happen eventually.
Here are a few of the houses that sold in the past week in Reston.
Sold & Pending Sale — Past 10 Days
11326 Bright Pond Lane
5 BR/ 3.5 BA
List price: $999,000
Sold Price: $999,000
2229 Cedar Cove Court
3 BR/3.5 BA
List Price: $590,000
Sold Price: $592,000
2270 Wheelwright Court
3 BR/2 BA, 2 half bath
List Price: $473,000
Sold Price: $469,900
1553 Brookshire Court
3 BR/2 BA
List Price: $400,000
Sold Price: $412,000