October Market Report for Alexandria and Northern Virginia
November 3rd, 2009 Categories: Real Estate News
Several things stand out in the October market reports for Alexandria and Northern Virginia. First, inventory has dropped significantly in Fairfax County, especially for year to date statistics. At the same time, listings remain steady and new contracts are up year to date.
Inventory also remains low in Alexandria with a slight increase in new listings and houses under contract. Arlington is showing an increase in both listings and new contracts but with a slightly less dramatic decrease in inventory. For more information about each of these areas, check the direct links below:
Alexandria
Arlington
Fairfax County
Washington, DC
Keep in mind too that DOM or days on market is a sensitive marker with buyers. Before making an offer, buyers are keen to know how long a home has been on the market. If a house has been on the market for only a few days, buyers tend to make offers at the full asking price or just slightly below.
The opposite is true however if the house has been on the market for over 30 days - buyers often see it as less than desirable and will make a lower offer - the assumption being that the owner will accept less because they are anxious to sell.
If the days on market is very high, some buyers will not even consider a property, thinking something may be wrong with it. Educated buyers know what is probably “wrong” is the price was set higher than current market values and they that to their advantage in negotiating lower offers.
Sellers need to be aware of days on market for two reasons. First, the more time their home is on the market, the lower the offers will be from buyers. This is why properties almost always sell at their highest price in the first days of exposure to the market, especially in depreciating markets when prices are falling.
Second, sellers need to consider average days on market for the brokerage company they choose to represent them. Coldwell Banker has lower average days on market because we assist sellers in positioning their home to sell in the first days of exposure, resulting in the highest possible price in the current market.
Market reports are a great way to get a feel for what is happening in Alexandria and Northern Virginia but for a more detailed analysis of your neighborhood, give me a call at 703.927.4554 or email me at michael.bergin2@verizon.net.
Michael
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