This is one of the strongest seller's markets I have seen in the thirteen years I have been in real estate sales. There are probably five buyers for every home listed that are ready, willing, and able to purchase homes at market value.
Multiple offers are received sometimes within hours of a property going active. Most homes seem to be selling in the DMV within five days, often with multiple offers received and selling for over asking price. This means if you are a seller, now it is a great time to sell your home for a premium and sell it quickly.
However, on the flip side if you are looking to buy a home the market is so competitive that you need to be prepared. Prepared means: already having spoken to a lender and completing their online application to receive your prequalification.
If you are not prequalified, you may be disappointed when the home you love becomes available and sells out from underneath you before you have a chance to get approval.
The first step of the home purchase process is always the lender approval; in the past buyers may have had some time to get lender approval together after finding their dream home, but
now it really needs to be done up front - before you begin looking. With interest rates being so low, buyers who are ready to be competitive and make strong offers will be able to lock in at an incredibly low interest rate.
Sellers who are ready to make a move to a new location, a new housing type, or just make a change in their lives should take advantage of this opportunistic seller’s market. If you have been thinking about buying or selling respond to this email so that we can set up a time to discuss your goals, or simply give me a call!
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