It’s a seller’s market in Fairfax County; does this mean that there are no homes to buy?

La, la, la, la, la… STOP!  When the music stops, everyone runs to find a vacant spot… but inevitably, someone ends up standing without a place to sit.

Fairfax County Real Estate buyers

Buying a house in Fairfax County can feel like a game of Musical Chairs. A bunch of homes go on the market, loads of buyers flock to visit them and make an on-the-spot offer on their preferred one.

But, at the end of the weekend, more than one buyer ends up without a new home for yet another week.

This musical chairs situation is caused by too many buyers and not enough listings

The result of having more buyers than homes for sale is lots of buyer traffic as soon as a home is listed, multiple offers on a home, and “bidding wars”.

This overflow of offers allows the seller to select the best one for their needs (the one with the higher price, the least number of contingencies, and the best financing terms).

When sellers have multiple choices, they can afford to negotiate for higher prices. Some sellers even choose to price the home higher to start with. But, as with anything, there is a limit.

Even in a seller’s market, there is such a thing as an overpriced listing – at least in Fairfax County Continue Reading…