Home Front: Northern Virginia Market Report August 2020
We've been talking for a couple of months now about how it's a great seller's market and buyers are competing for prime properties. When inventory is very low and buyer demand is high, this can often lead sellers to think "Great! I can ask any price for my house and someone will be willing to pay it!" Unfortunately for those sellers, that is not the case. Buyers today have access to tons of data and understand the value of a home. They have a threshold for what they will tolerate in terms of pricing.
Because of the currently low days on market (the time it takes from a property being listed until the seller accepts an offer), it's very important to price a home correctly from the start. If a home listed at a very high asking price sits on the market for a few weeks before a price adjustment is made, buyers are inclined to think that there is something wrong with the house because it has not yet sold. They may still not consider it even after the price is corrected because of that perception. Even in a seller's market, correct pricing is key!
Want to Know How the Market Changes Affected Your Home's Value?
Modern amenities meet timeless Colonial charm in this custom design built by Doll Homes. Located in Historic Herndon, this home has tasteful finishes throughout, a 3-car garage, and amazing outdoor space for all year enjoyment.
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Welcome home to this lovingly maintained, split-level, brick and siding home located on almost a 1/4 acre lot in the heart of Sterling Park.
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