Is now a good time to sell/buy?
Posted 04-11-2010 at 10:16 AM by Tish Thompson
We're currently seeing a shortage of inventory in many areas around Northern Virginia....lots of buyers with almost nothing to buy. Anyone who understands the law of supply and demand knows what that means: buyers are competing for the same homes, sellers are getting multiple offers, and properties are selling at or slightly above asking price. Now is a perfect time to sell.
The good news for buyers is that a number of homes on the market right now are equity sales...as in NO BANKS INVOLVED! You get to work with a "real" seller. This means more room to negotiate, the opportunity to learn the history of the home you want to buy, and best of all you can close faster. There is still time to take advantage of the $8000 tax credit but hurry because it expires at the end of this month. You may be concerned about overpaying. How do we work around that? Easy...don't buy at the top of your price range. If you qualify for $450000, I suggest looking up to $435,000. If you ask for closing help, expect the seller to either pay half and add the other half to the offer price OR the seller may add the entire amount requested for closing to the offer price.
The good news for buyers is that a number of homes on the market right now are equity sales...as in NO BANKS INVOLVED! You get to work with a "real" seller. This means more room to negotiate, the opportunity to learn the history of the home you want to buy, and best of all you can close faster. There is still time to take advantage of the $8000 tax credit but hurry because it expires at the end of this month. You may be concerned about overpaying. How do we work around that? Easy...don't buy at the top of your price range. If you qualify for $450000, I suggest looking up to $435,000. If you ask for closing help, expect the seller to either pay half and add the other half to the offer price OR the seller may add the entire amount requested for closing to the offer price.
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