Buy Alexandria Real Estate: Fast or Slow Sales? Depends Where You Are

Alexandria Virginia Real Estate Blog

Fast or Slow Sales? Depends Where You Are

When you are selling your home, there are typically three things that you want to achieve:

  1. the best price
  2. the least hassle
  3. the fastest sale

You Want a Fast SaleLet's examine the dynamics of "the fastest sale."  The best way to accomplish this is by pricing your home right.  The best place to start is by reading my following blog posts:

Come on Down! You're the Next Contestant on The Price is Right

But... But... My Neighbors Got $X for Their House

If you want my love then take my advice... Adjust Your Price

"We can always reduce the price later" -- Price Reductions are NOT A GOOD MARKETING PLAN for Northern Virginia Homes

Nothing indicates how long a house will remain on the market more than how it's priced.  You want to make sure that your home is priced to sell... not to sell your neighbor's home.

The other major indicator of how long a home will stay on the market is its condition.  Clear out the clutter; touch up the paint; make sure all the appliances are working; and stage the home for maximum showing appeal.  If a buyer can't picture themselves living in your home, they won't buy it.

When a buyer looks at homes on the market, one of the first questions they typically will have about any particular home is "How long has it been on the market?"  A longer "days on market" usually indicated more negotiating room and a more motivated seller.

So, are home sales fast or slow in Northern Virginia right now?

It depends where you are.  Here's a chart that shows the average number of days that homes sold in August 2008 were on the market in various jurisdictions.  While homes in Falls Church City sold in about 6.5 weeks, those in Prince William County lingered on the market for 111 days!

Days on Market in Northern Virginia -- August 2008

Even within each jurisdiction, there can be lots of variance.  In Alexandria, for example, homes in Del Ray sold in just 48 days, while homes in Stonegate were on the market an average of 162 days before they sold.

Need to know how long a home has been on the market or are you ready to market your home so that it sells quickly?  Give me a call.

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Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

 

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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
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START YOUR NORTHERN VIRGINIA HOME SEARCH TODAY!

Comment balloon 10 commentsBrian Block • September 18 2008 06:29AM

Comments

Brian, Very well written post. I love the links . Hope sellers read the post.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 10 years ago

Hi Brian..you are an early riser also i see. Like your graphs. Did you generate them through Excel or are you using a service?

Posted by Michael Sahlman, e-PRO - Miami Beach Florida Luxury Homes (www.HomesForVIPs.com - Keller Williams Realty) almost 10 years ago

Brian-Great post, you are the man in Virginia!

Joe

Posted by Joseph D. Federico, Eastern Massachusetts Real Estate (Donahue Real Estate Co.) almost 10 years ago

Hi Brian - Excellent post about proper pricing along with other recent articles that back up your view point very well.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 10 years ago

Brian - Great information about the importance of pricing and how long a home has been on the market is perceived by buyers.

Posted by Donna Bigda, Greater New Haven CT Real Estate (RE/MAX Alliance) almost 10 years ago

Hi it's me again.  Question again....why is DOM so low in Falls Church?  Is it due to a lack of inventory?

Tina in Virginia

Posted by Tina Merritt, Virginia Real Estate (Nest Realty) almost 10 years ago

Price and condition sells property we just bring the interested buyers to the home when they get their the house has to do it's job. Look good and price is all important.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) almost 10 years ago

Clear out the clutter is the best piece of advice ever.... I just wish sellers would understand what that means!

Posted by Kim Wood, Kim Wood ~ The Tech Byte (The Tech Byte) almost 10 years ago

No lets get rid of the homes on the market where the sellers says "I don't need to sell". A sure sign that they will not lower their price to market value!

Posted by Richard Shuman, Real Estate Broker - Orlando Area - Love Referrals (The Only B.S. I Have is from the University of Massachusetts) almost 10 years ago

Hi Brian, it does make a difference in what area your listing or client is looking.  The DOM can vary greatly based on location.  Buyers are very savvy these days and longer DOM will impact the purchase price as you so skillfully noted. Nice post Brian.

Posted by Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375, Real Estate Services You can Trust! (Flexit Realty "Flexible Home Selling Solutions") almost 10 years ago

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