The real estate market is a dynamic and ever-evolving landscape, shaped by a myriad of factors including economic shifts. In 2024, the industry continues to experience significant transformations, with emerging trends reshaping how properties are bought, sold, and managed. Staying ahead of these trends is crucial for homeowners, investors, and industry professionals alike. Recently we’ve seen some changes to how home sale offers are presented, accepted, and how the transaction unfolds. These are changes we’ve seen in our own transactions, heard about from fellow real estate professionals, and is being reported in the news. Here are the latest trends in Northern Virginia Real Estate Market.
MULTIPLE OFFERS CONTINUE
One report from the National Association of Realtors indicated that one in 4 homes sold received multiple offers. In spite of buyer demand cooling, this indicates that low inventory still impacts buyers needing to purchase a home. In today’s competitive real estate market, homes that are in excellent condition are attracting significant attention and are often receiving multiple offers. Buyers are increasingly prioritizing move-in-ready properties, seeking to avoid the additional time and expense of renovations. As a result, well-maintained homes with modern amenities, updated fixtures, and pristine curb appeal are experiencing bidding wars, with eager buyers willing to offer above the asking price to secure their dream home. This trend underscores the importance of home sellers investing in quality upgrades and maintenance to maximize their property’s appeal and market value.
HOME INSPECTIONS ARE BACK
In the Northern Virginia real estate market, there has been a noticeable increase in the number of home inspections being conducted. Buyers are becoming more cautious and are keen to ensure that their potential new homes are free of hidden issues and costly repairs. This is especially important to home buyers who must face paying a monthly mortgage with a 7% interest rate. This trend reflects a broader emphasis on transparency and due diligence in the home buying process. As a result, sellers are also taking preemptive steps to have their properties inspected before listing, addressing any potential problems in advance to make their homes more attractive to discerning buyers. This heightened focus on home inspections is contributing to a more informed and confident market for both buyers and sellers in Northern Virginia.
CONTINGENT ON HOME SALE OFFERS
An offer contingent on home sale is a type of real estate contract where the buyer’s purchase of a new home depends on the successful sale of their current property. This contingency protects the buyer, ensuring they are not committed to buying the new home if they cannot sell their existing one within a specified time frame. If the buyer’s home does not sell within the agreed period, they can either extend the contingency, negotiate new terms, or withdraw from the purchase without penalty. This arrangement provides a safeguard for buyers, allowing them to avoid owning two homes simultaneously and the financial burden that may come with it. For sellers, however, such contingencies can introduce uncertainty and potential delays in the sale process. One positive to home sellers accepting a Sale of Home Contingency is that they may still accept another offer during this time. In this case, the seller would give notice to the first buyer allowing them 72 hours to remove the Home Sale Continency or the contract is void. Then the Seller can accept the second offer.
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FINAL THOUGHTS
Times are changing and there are new trends in Northern Virginia real estate market. With these new dynamics, finding a real estate agent with knowledge of contingencies and exceptional negotiation skills is critical.
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