The spring real estate market in Northern Virginia is heating up fast and early this year. Below are tips to keep in mind when house hunting or selling this spring.
1. Be Prepared to Buy or Sell Your Home Fast in Northern Virginia
As a seller, this likely means you have already bought another home or plan to ask for a rent back from the buyers. To list your house, you have photos taken and pre-list to get more attention. If you plan far ahead, you could receive multiple offers and get to choose the best offer rather than settling.
As a buyer, this means you meet with your real estate agent, get a loan pre-approval and are ready to put an offer on a house as soon as it hits the market. Having a trusted real estate agent that can show you homes and write offers quickly, makes all the difference!
2. Don't Lose Track of the Fine Print
As a buyer, you may be tempted to waive all contingencies, but you should only do that if you are able to handle the consequences. For example, if the home has major repairs, is that a financial hit that you can take?
If you keep one contingency, be sure it's the title contingency! You want to make sure the title of a house comes back free and clear before you commit to purchasing it!
Sellers may be tempted to accept offers that waive most contingencies, but offer less money or could be risky in other ways. Always look at the full picture of offers that are received on your house before making a decision.
3. Don't Get Frustrated or Caught up in a Home Buying Frenzy
For both buyers and sellers it may seem like you must move fast on offers. Keep in mind that you should feel comfortable with the process and not give up things that matter. Buying a home is one of the most important purchases of a lifetime, and you want to make sure it is done the right way.
Buyers, don't be discouraged when you lose out on multiple properties. It is not unusual to lose out to another buyer that is willing to put in an escalation clause to outbid any other potential offers.
Make sure you learn from each transaction. Sellers, make sure that you have enough time to consider multiple offers.
At Allied Title & Escrow, our team of industry experts and attorneys have over 25 years of experience in title, settlements and real estate transactions. Headquartered in Arlington, VA, we provide residential and commercial services throughout all counties of Northern Virginia, Washington DC and Maryland. We strive to provide the highest level of service and will handle all aspects of the title and settlement process.