Have you heard about, or better yet, been faced with stiff competition in certain housing markets around Richmond, VA that are leading to multiple bid situations? Some areas seem to barely receive a notice, while others are overcome with such frenzied activity that it is leading to numerous offers and extremely competitive contracts that go well above asking price. Certain locations are so thin with little or no inventory that when a property hits the market, buyers begin to line up, quite literally, in the street.
Buyer-anxiety and the pace of movement around these homes is so extreme that it seems reminiscent of housing boom conditions from just a few short years ago. It’s almost impossible to believe situations like this can exist today – with one exception – it is not across the board in all locations! In most instances low inventory is leading to very strong home sales, but the price of these homes is not skyrocketing. In fact, price increases have been, on average, quite modest. Yet there are pockets which appear to be progressively heated.
In all instances, sellers need to be prepared for these conditions by remaining realistic about sales prices; keep a calm head and price your home compellingly. Perceived value is the key to generating interest. The market is working in your favor, let purchasers pursue the price. Preparation also remains important. Don’t underestimate the need to have the property looking its best in order to attract more traffic.
Purchasers need to be prepared to act quickly. They should have their finances squared away with a reputable lender. If they have more cash to put as a down payment they will be perceived as a more desirable prospect. Cash is still King! Minimize your contingencies in order to be more appealing, but be intelligent about choosing what to do or what to omit from an offer. Put your best foot forward immediately in order to be a front-runner and to generate a response. You will also want to be available to your Realtor in order to respond quickly to anything that may arise.
To increase your chances of success, choose an experienced REALTOR to be your advocate. Call on us if we can help you!