What's one of the the most popular questions buyers want to know when looking at houses? "How much should I offer? What are things going for? What percentage of asking price are sellers taking on average?"
Of course, the specific answer for any given house will depend on a lot of factors, but one of the most important things to consider is, "how is the house priced relative to its market value?" If it's priced right, you may end up paying more than 100% of list price for it if you really want it. It happens frequently in this market. If it's overpriced compared to other comparable sales, then you may end up paying a lot less than the average. So, as always, statistics are a guide, but not an absolute because there are lots of variables to consider.
With an average sold to original list price average of 95.32%, this zip code is up slightly more than 2% over this year same time and down 1.97% over last month. The 5 year average is 94.6% so zip code 22308 is pretty steady when it comes to the average sold price when compared to the list price.
This does not mean, of course, you are going to snap up any house in the zip code for 5% under list price. Again, there are variables, from time of year, to level of competition and amount of inventory. One of the biggest factors is going to be motivation of sellers - do they need to sell? Can they afford to sell at a lower price? Have they bought another house? Have they moved already and making two house payments?
If you are a Fort Hunt home seller, then your questions are what is the inventory? What is selling? What does the competition look like and how does it compare to my home? In addition to running a comparative market analysis for our clients, I also like to take them to preview the competition if possible. I think it is important for sellers to get a "reality" check sometimes and see what the market has in store.
While a lot of analysis goes into making an offer - or pricing a home correctly - it's not all science. There is definitely an art to understanding what is going on in the market at any given time and knowing how to make it work for you.
From Northern Virginia to the Northern Neck, we provide you with stellar service (just read what some of our former clients have to say about it) and top notch market knowledge to help you sell your current home or buy your next dream home.