Fredericksburg, VA. and the surrounding areas of Spotsylvania, Stafford and Caroline Counties continue to grow a strong seller’s market. Buyers looking for Fredericksburg Homes for Sale are finding very low home inventory and multiple offer situations on those currently active. This decline in inventory is due to a number of factors. Sellers are willing to wait for prices to increase, sellers can’t afford to sell, and a decline in foreclosure-reo bank released homes seems to be the main culprits. This has created a challenging time for today’s home buyer. My advice to Fredericksburg buyers that find themselves in a “seller’s market” is to be aware of their finances, know your needs first and wants second. What are you willing to compromise on? Put your thoughts on paper. Be patient and level-minded and don’t take your offer personal. Put your best foot forward. Be cautious of the listings that are priced really low. These are set up for multiple contract situations. The deep pocket normally wins. Get preapproved and have your agent hold the letter on file. Get your earnest money deposit funds available. Quick response is the key to success.
Your Fredericksburg real estate agent should memorize the current market, especially with the low inventory. New home listings should be delivered to each of you to view. The second you see a home or property you like, set up a private tour with your Realtor. I’ve actually got my clients to tour homes before the seller’s agent had time to plant the sign in the yard. Take notes on the homes you tour. Score each home from 1 to 10 based on your needs and wants.
You found the home you like, now what? Discuss all aspects of your offer with your Realtor. Again, put your best foot forward. Make your best offer. You may not have time for a counter offer situation due to the low inventory. Remember, other buyers are on the street. They may fall in love with all the same features and location just as you. Suggest that your agent inserts a time line for response in the offer. 48 hours should be sufficient. This may prevent your offer from being buried among a ton of other offers in a multiple offer situation.
If you are a serious, qualified Fredericksburg Area home buyer and you are looking for serious, aggressive representation, look no further than me. I’m a Licensed REALTOR with Century 21 Adventure Redwood. My office is located near the center of the Fredericksburg, VA area. I dedicate time each day to study the current market. I know what’s out there. Contact me today to set up a private meeting.
By: Tom Smith
Associate Broker, Century 21 Adventure Redwood