So we just finished the first quarter of 2017, let’s see what’s happening in the Vienna real estate market. Here are the stats:
55% of the homes that sold first quarter, did so in under 30 days. That number was only 43% in 2016. And of the homes that went under contract first quarter, 32% sold in a week or less!
- Homes that sold (closed) in the first quarter averaged 75 days on market, just 6 days longer than in 2016.
- We currently have a 2.3 month supply of homes in Vienna – and 210 Vienna homes for sale (townhouse, condo and single family).
- We are teetering between a Balanced Market (neither a Buyer’s or a Seller’s market) and a Seller’s market overall. However, in any given price range, the numbers may skew very differently – making some price ranges a Seller’s Market and some a Buyer’s Market. For example – we have a 7 month supply of homes in the Vienna market over $1.3 Million. And in the under $800,000 price range – we have a 1.5 month supply. This means Buyers over $1.3 Million are looking at a Buyer’s Market, and Buyers in the lower ranges are competing and facing a serious Seller’s Market.
BUYERS & SELLERS
Make sure your agent is providing you with the data you need to make good decisions. Buying and selling often becomes about emotion. Buyers fall in love with homes or want to “get a deal” to feel good about buying. Sellers are invested in how much THEY love their home or have a number in mind based on what they “need” to get out of it.
The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. The data above about the variances in different price ranges is a perfect example of why. Right here in Vienna we have two totally different markets. If you’re looking to buy, and you “make an offer” below list price – you might be VERY successful in the upper ranges because we have such an abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.
With half of the homes selling in less than 30 days and 32% selling in a week or less – you need all the advantages you can get. And this doesn’t even count the ones that are sold BEFORE they hit the MLS. In fact, just this week The Belt Team sold another Vienna home NOT in the MLS to a Buyer we’ve been working with since last year. Boy are they happy! Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.
NOW is the time. Call Terry Belt or Kevin Kleifges Or Tom Hanton NOW at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.