Claudia S. Nelson, Keller Williams Realty, Woodbridge VA
Bidding wars are back!
Yeah for Woodbridge area Home Sellers!
Good news for Woodbridge area home sellers, not so good news for Woodbridge area home buyers. In the current Woodbridge area Real Estate Market we see a limited inventory of homes for sale, according to WTOP area homes for sale are down by 17% while at the same time area home buyers are up by about 25%. Basic economics: Supply and Demand!
We see fewer foreclosures and short sales in the Woodbridge area which keeps inventory of homes for sale low. Although we are seeing more and more regular home sales, there is still a lack of inventory of homes for sale.
If you are currently thinking of selling your home, this is an ideal market. If you are not sure if you have enough equity in your home to selling it you should speak to a Woodbridge area Realtor to determine an action plan. Chances are good that, because of the recent shift in the real estate market, that you have equity in your home, which will allow you to selling at a profit or at least to break even. Sellers that wanted to sell just last year but were unable to sell should definitely reconsider now.
With this limited inventory of homes for sale in the Woodbridge area multiple offers are back, bidding wars are back. Buyers removing contingencies just to gain the upper hand are back. Sellers have to keep in mind that if they are accepting offers that have a financing and an appraisal contingency the home still has to appraise and the buyer still has to option financing. I have seen buyers waiving appraisal contingencies, putting a higher down payment and offering to making up for differences if the appraisal doesn't come in. Sounds familiar?
If you are interested in knowing what your home is worth in Today's market call me today:
571-285-4319
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