The spring housing market is always a bit of a frenzy. Sellers have to be decisive and ready to move quickly when they see a property of interest, and even then it may not be enough. Additionally, properties of interest tend to be properties of interest for other buyers and that when things get competitive. Competitive usually results in multiple offers, usually for tens of thousands over asking price, and waiving most – if not all contingencies. Offers that have fewer contingencies are looked more favorably upon by sellers, such that offers that aren't the highest purchase price may still be chosen by sellers if they have fewer contingencies than higher offers.
My clients were first time homebuyers, but they had put in the work to prepare themselves and were clear about the features they were looking for in a home. They were formerly in the military and made use of a VA (Veterans Affairs) loan program. The VA program is a wonderful program for former service members, but the program can take longer to close and does not allow for contingencies to be waived. In a competitive situation, an offer can become a no-go when sellers have other offers to choose from. I worked to help prepare them as first-time homebuyers and for how we could position their offer in a competitive market…
After a few weeks of looking and not seeing anything of interest, a listing of strong interest came on the market. We were the first showing (and perhaps only showing) as it also happened to be a holiday weekend, which worked to our advantage. The property did need updates, but my clients were prepared and willing to do the work. They decided it was “the place” and we quickly submitted their offer. They offered $4,000 over list to incentivize the seller to select their offer and not wait for others, which proved to be enough and their offer was accepted. After we were ratified, two additional positive things happened. First, their appraisal came back with higher value than the sales price. Instant equity! Secondly, another comparably sized unit (though one that had been updated) came on the market and sold for $100,000 more than the purchase price of their property.
Despite it being the “crazy” spring market and using a loan program that required more time and all contingencies, I was able to assist my first-time buyer clients to navigate the market and find a place that they can work to make into their home.
Neighborhood: Arlington
Who We Represented: Buyers
