The Fredericksburg real estate market is hot and heating up.  This fact is indisputable and the result is that buyers have to be aggressive to have their offer submitted.  This can be a frustrating experience for buyers, but not if they go into it with their eyes wide open.

A buyer’s agent should prepare you for the road ahead with some data that will help you make informed decisions.  For instance over the last 90 days, the list to sales price ratio in Spotsylvania County  is at 97.9%.  That means that the norm is for the seller to come down off of their price by only about 2.1%.  Many first time buyers lose the home they first offer on because of advice they get from well-intentioned, but misinformed friends and family.  I have had buyers say we need to offer $20,000 less, or whatever “magic” number they have in their head.  The result is they always lose out on the house.

The numbers vary as well depending upon the price range you are seeking.  For instance, if you are looking at homes for sale in the $200,000 to $250,000 range, the list to sales price ratio is 98.4%.  Sellers, on average, are only coming down in price 1.6%.  And, keep in mind this is only an average.

The fact of the matter is that the vast majority of the homes for sale right now under $350,000 receive multiple offers.  So, in addition to your agent advising you on the list to sales price ratio, you need to know a couple more pieces of information.

1. The average buyer today loses out on 3 homes before they have an offer accepted
2. A home today that is in good condition and is priced reasonably receives an average of 3 offers at one time, usually within the first 7 days
3. Many offers today include an escalation clause, often escalating above list price.

Let’s look at these three things in a little more detail.

The average buyer today loses out on 3 homes before they have an offer accepted.  This can be avoided in many cases if the buyer is willing to listen and learn a few things.  First, they need to understand the list to sales price ratio mentioned above, and they need to understand items 2 and 3 above.  Unfortunately, many buyers force themselves through a learning curve and lose homes before they listen to the wise counsel of a solid real estate agent.

A home today that is in good condition and is priced reasonably receives an average of three offers at one time.  Buyers should expect to be competing with other offers.  With that knowledge they have to think aggressively as they develop their offer.  Should we ask for closing costs if we don’t truly need it?  Can we close quickly, even if we don’t need to move in right away?  What is the most we are willing to pay for this house?  Are we willing to pay above list price?

Many offers today include an escalation clause, often escalating above list price. The last question in the previous paragraph goes against the grain for a lot of people.  They think they should be talking the seller down, not going above their list price.  Well, it is a free market, and in free markets a lot of things happen.  If there are buyers willing to pay above list price and you are not… chances are you are not going to get the home.  If the market is willing to pay more than the agent and seller thought it was worth, then the market will determine the home’s value.  It is that simple.  Many sellers say I am not going to pay full price or go above their list price… and they end up making offers on 4 or more homes and losing the ones they really wanted.

Under contract in just 7 days!

Under Contract 8 Barley Corn Dr, Stafford, VA SPEND LESS, GET MORE! – Gorgeous home on 1 Acre Lot Bedrooms: 4 Bathrooms: 2 full Living Area Approx: 1720 List Price: $Get Current Price Check out the kitchen!! Gorgeous gourmet kitchen is the hub of this delightful home and features upgraded appliances, cabinets, countertops and flooring. Cathedral ceilings, tons of storage, and an awesome basement adorn this home and make it both beautiful and functional. Large rear deck, skylights, mature trees on a 1 acre wooded lot, beautiful flooring, and an abundance of natural lighting. Must see… so much home for the money. Potential 4th bedroom in the basement NTC. Click link to see more photos, school, area information and more: Have questions? Ask me. Schedule a Showing Stafford Homes For Sale Search All Homes For Sale Fredericksburg VA Homes For Sale Homes Close to Where You Work What is Your Home Worth? Courtesy: Jeff Edmisten & Ruthie Buck Email Me Now 540-538-7222

Equal Housing Opportunity

Under contract in just 7 days!

Under Contract 8 Barley Corn Dr, Stafford, VA SPEND LESS, GET MORE! – Gorgeous home on 1 Acre Lot Bedrooms: 4 Bathrooms: 2 full Living Area Approx: 1720 List Price: $Get Current Price Check out the kitchen!! Gorgeous gourmet kitchen is the hub of this delightful home and features upgraded appliances, cabinets, countertops and flooring. Cathedral ceilings, tons of storage, and an awesome basement adorn this home and make it both beautiful and functional. Large rear deck, skylights, mature trees on a 1 acre wooded lot, beautiful flooring, and an abundance of natural lighting. Must see… so much home for the money. Potential 4th bedroom in the basement NTC. Click link to see more photos, school, area information and more: Have questions? Ask me. Schedule a Showing Stafford Homes For Sale Search All Homes For Sale Fredericksburg VA Homes For Sale Homes Close to Where You Work What is Your Home Worth? Courtesy: Jeff Edmisten & Ruthie Buck Email Me Now 540-538-7222

Equal Housing Opportunity