April 2013 - Zip Code 22308
The news keeps getting better for sellers. Even though the tight market continues as a result of low inventory making it tough for buyers, prices are increasing signaling that home equity is on the rise. With mortgage interest rates remaining low, purchasing a home still has many advantages over renting.
You can see from the graph that average sold price has increased significantly. This is partly due to the increase in market value. It is also attributed to purchaser’s willingness to pay more than list price to have a competitive contract in order to buy their home of choice. The average sold price to original list price is approximately 101%. We continue to see numerous transactions with multiple offers, escalation clauses, and fewer contingencies.
As the number of properties entering the market remains low, the ones that remain are seeing higher days on market. Compared to the April 2012 last year, the number of active listings in April 2013 is 15% lower and the average sold price for a single family home with four or more bedrooms has increased 43% to $880,426. Whereas the average sold price for all single family detached homes was $823,608, or 44% higher than the same period last year.
For buyers the message is clear. Affordable housing is available in our market but buyers must be prepared to act quickly. That means having a mortgage pre-approval completed by their lender, and consider doing the paperwork to begin the loan application. While the burden of due diligence rests on the buyers’ shoulders, be prepared to have the necessary inspections completed as quickly as possible. With property being listed in the morning and under contract in the afternoon, decision making should have a high priority or an opportunity could be lost.
Even with less competition in many communities, sellers still need to do the things that make an impression on buyers. The overall condition and appearance of the house can be a deterrent to potential buyers and cause the house to languish on the market. It can also result in offers being much less than the desired price. The definition of market value is the sum of money is willing to pay for a given house on a given day. The buyer’s perception of value will influence their purchase contract.
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