What's Up Wednesday- May 13, 2020
This week on What's Up Wednesday, we explore one change we're currently seeing in the market right- an uptick on homes receiving multiple offers. We're seeing this both on our own listings and when assisting our buyer clients. When a seller receives multiple offers, they consider many factors when deciding which one to accept. The sale price is not always the make or break component. For example, a seller may choose the offer with the highest down payment because they feel that buyer is less likely to have issues with obtaining a loan or perhaps they prefer to work with the buyer who can be the most flexible with the closing date. It's a nice position to be in as a seller to have multiple options to choose from.
Homes that receive multiple offers generally sell quickly, so we took a look at the average days on market for homes that recently accept an offer.
In Loudoun County, homes that went under contract between March 15th and today were on the market for an average of 15.5 days. This is a 9% decrease from the same period of time last year.
In Fairfax County, homes that went under contract between March 15th and today were on the market for an average of 14.7 days which is an 18% decrease from the sale time last year.