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First Love, Second Wife or Third REALTOR
There is a story of a real estate agent’s prayer: “Dear Lord, if I can’t be someone’s first love, or second wife, at least, please let me be their third REALTOR®.” In a normal market with a balanced supply of sellers and buyers, this describes the preference that it might be better to be the […]
First Love, Second Wife or Third REALTOR
There is a story of a real estate agent’s prayer: “Dear Lord, if I can’t be someone’s first love, or second wife, at least, please let me be their third REALTOR®.” In a normal market with a balanced supply of sellers and buyers, this describes the preference that it might be better to be the […]

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There is a story of a real estate agent’s prayer: “Dear Lord, if I can’t be someone’s first love, or second wife, at least, please let me be their third REALTOR®.” In a normal market with a balanced supply of sellers and buyers, this describes the preference that it might be better to be the third listing agent to help the seller after they became more realistic about their list price.

In today’s market, it might have more to do with buyers because of the increased competition, their chance of having an accepted offer is greatly reduced and it is only after they have lost several that they become more aggressive in the negotiations.

Competition for homes being sold has greatly increased over the previous two years, according to a recent REALTORS® Confidence Index Survey from NAR. In April of 2021, there were nearly five offers for every home sold which increased from two offers in 2019 and 2020.

Utah reported the highest number of offers per home sold with seven while Arizona, Georgia, New Hampshire, and Washington had six. California, Colorado, Tennessee, and Texas each had five offers per home sold.

To make their offers appear more attractive, more buyers are making cash offers to eliminate financing contingencies and reduce the chance of rejection. Cash offers represented 25% of offers in April and 21% in the first quarter of 2021 compared to 18% in 2020.

Buyers who are not able to make cash offers are increasing their down payment. Nearly half of homebuyers are putting 20% or more down during the first quarter of 2021. Even first-time buyers are using an 80% mortgage to make their offers more attractive to sellers.

The median days on the market for listings was 17, down from 21 days a year ago. 31% of residential sales were made to first-time homebuyers which is down from 32% in March 2021 and down from 36% one year ago.

While nearly ¾ of homes closed on time, 5% were terminated and 22% were delayed but eventually went into settlement. Appraisal and financing issues were the major contributors to the delayed transactions. The two major factors for the terminated transactions were also appraisals and inspections issues.

Today’s environment requires a strong, sensitive agent who understands your goals as well as the intricacies of the market to be able to devise a plan to make it happen. Your agent and their recommendations for the other professionals involved are the boots on the ground necessary whether you are a buyer or a seller.

LIST OF BLOGS

No Need to Make Common Mistakes

A successful home sale, considered by many owners, is to maximize their proceeds in the shortest time with the least inconveniences. Just because it is a seller's market doesn't mean that homeowners can shortcut some of the steps that make it happen and they certainly...

A Lesson from a Pro

A well-known professional home stager, recently, decided to sell the 4,000+ square foot home which she lived in with her husband. It was certainly well maintained and by most standards, could have gone on the market immediately. However, she still went through a full...

Equity, Price and the Agent You Select

A Seller's equity in their home is the difference between what the home is worth and what they owe. At any point in time, it is an estimation because value is a very subjective term. If the seller thinks the home is worth more than an actual buyer will pay for it, the...

Rising Rents – Music to Your Ears?

Rents going up may not be pleasant to hear for tenants, but it could be music to your ears if you are an investor. The recent CoreLogic Single-Family Rent Index, April 2021, showed a 5.3% increase in national rent year over year which doubled the increase experienced...

Choosing the Right Agent in a Seller’s Market

Even in the present, low stock real estate market, sellers are withstanding the desire to offer it themselves and still looking for the aid of a realty specialist. It might be more crucial than ever and there is excessive at stake to run the risk of going it alone....

5415 Easton Dr, Springfield, VA 22151

Price: $825,000 5415 Easton Dr, Springfield, VA 22151 MLS #: VAFX2014124 Tax ID #: 0801 02210031 Ownership Interest: Fee Simple Structure Type: Detached Levels/Stories: 3 Waterfront: No Garage: No Beds: 6 Baths: 4 / 1 Above Grade Fin SQFT: 3,035 / Assessor Price / Sq...

46490 Cedarhurst Dr, Sterling, VA 20165

Price: $750,000 46490 Cedarhurst Dr, Sterling, VA 20165 MLS #: VALO2005950 Tax ID #: 018396668000 Ownership Interest: Fee Simple Association: HOA Structure Type: Detached Levels/Stories: 2 Furnished: No Waterfront: No Garage: Yes Beds: 4 Baths: 3 / 1 Above Grade Fin...

10025 Bonnykelly Ct, Bristow, VA 20136

Price: $654,990 10025 Bonnykelly Ct, Bristow, VA 20136 MLS #: VAPW2000470 Tax ID #: 7495-33-3072 Ownership Interest: Fee Simple Association: HOA Structure Type: Detached Levels/Stories: 3 Waterfront: No Views: Garden/Lawn, Street Garage: Yes Beds: 4 Baths: 2 / 1 Above...

9774 Upper Mill Loop, Bristow, VA 20136

Price: $629,999 9774 Upper Mill Loop, Bristow, VA 20136 MLS #: VAPW2006976 Tax ID #: 7595-24-7295 Ownership Interest: Fee Simple Association: HOA Structure Type: Detached Levels/Stories: 3 Waterfront: No Garage: Yes Beds: 5 Baths: 2 / 2 Above Grade Fin SQFT: 2,912 /...

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A Lesson from a Pro

A well-known professional home stager, recently, decided to sell the 4,000+ square foot home which...

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