Hey, Britt! How’s The Market? Part 2: A Deeper Dive Into Alexandria
As the local housing market continues to evolve, one prominent trend stands out: Move-in-ready homes are the best sellers! With mortgage rates rising and buyers aiming to keep their monthly payments manageable, cash can be stretched thin after covering closing costs, down payments, and moving expenses. The result is that buyers are seeking homes that require minimal immediate work and are ready to be lived in and enjoyed.
It’s no surprise that move-in-ready homes are the top choice for homebuyers in our current market conditions. With limited cash reserves, buyers are willing to pay a premium for properties that are well-maintained, updated, and ready to move into without major renovation. Attracting more potential buyers, these properties are three times more likely to get an offer in the first 10 days on market. Plus, the high demand for move-in-ready homes leads to our sellers being two times more likely to receive multiple offers and competitive bids that work in their favor.
Thinking it's still a seller’s market because inventory is low? Not doing the initial legwork to paint, clean, stage, and upgrade will end up costing you more, through price reductions and buyer negotiations, in your final sale price. Homes that require substantial work linger on the market for longer periods and lead to increased carrying costs and overall inconvenience for sellers. Because move-in-ready homes are brought to market at their best, buyers are more likely to be satisfied with the condition of the property and include less to be negotiated over in the contract.
Let’s take a closer look at the housing market in the Old Town area (22314 zip code). This past June, 82 units were sold, indicating ongoing activity in the local real-estate market. Some 30 percent of the 82 homes sold were purchased by cash buyers. A remarkable 56 out of the 82 homes were sold within 10 days or less on the market.