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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

Charlestown Homeowners Association

History of Charlestown HOA: Founding and Development: Charlestown, located in Springfield, Virginia, was established as a community in 1966. This Williamsburg-style townhouse community was designed to offer residents a blend of historical charm and modern living. It...

Charleston Square Homeowners Association

History of Charleston Square HOA Formation and Development: Charleston Square Townhomes, located in Fairfax, Virginia, is a community established around 2007, with construction completed by 2009. It represents a modern development within Fairfax County, which has a...

Caton Woods Homeowners Association

History of Caton Woods HOA Fairfax County, established in 1742, has a rich history of community development, and Caton Woods fits into this narrative as a relatively newer addition. While specific historical details about the founding of Caton Woods HOA are sparse, it...

Chateauneuf HOA

History of Châteauneuf HOA Châteauneuf HOA's exact founding date isn't explicitly stated on their website, but the community can be contextualized within the broader development trends of Fairfax County. The area was historically part of the vast agricultural lands...

Charing Cross Condominium Association

Historical Background Fairfax County, established in 1742, has long been a hub for historical significance and growth. Charing Cross, while not dating back to the county's inception, reflects the newer wave of suburban expansion that characterized post-World War II...

Chaconas Homeowners Association

History of Chaconas HOA Chaconas HOA, like many homeowner associations in Fairfax County, emerged from the broader trend of community planning that took hold in the post-World War II era. Fairfax County, established in 1742, has seen significant development...

Chapel View Homeowners Association

History of Chapel View HOA Chapel View HOA, located in Fairfax County, Virginia, emerged as part of the post-World War II suburban expansion that characterized much of the Eastern United States. The area's development can be traced back to the mid-20th century when...

Chapel Trail HOA

Historical Background Fairfax County itself has a deep historical lineage dating back to its establishment in 1742. However, when focusing on Chapel Trail, we must understand the development patterns of post-World War II suburban expansion. The Chapel Trail community...

Chapel Square West Community Association

Historical Background The history of Chapel Square West is intrinsically linked to the broader narrative of Fairfax County's development. Originally part of the land owned by Lord Fairfax, the area began to see residential development in the mid-20th century as part...

Chapel Square Civic Association

History of Chapel Square Chapel Square's history is emblematic of the broader development trends in Fairfax County. Established in the latter half of the 20th century, Chapel Square emerged as part of the suburban expansion driven by the post-World War II economic...

RECENT POSTS

Chateauneuf HOA

History of Châteauneuf HOA Châteauneuf HOA's exact founding date isn't explicitly stated on their...

Chapel Trail HOA

Historical Background Fairfax County itself has a deep historical lineage dating back to its...

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