Bidding Wars are Heating Up in Arlington Real Estate

by Dan Lesniak

Clarendon Park

Arlington Real Estate Bidding Wars

Bidding wars are back in full force in the Arlington real estate market, especially in high demand areas close the Orange Line Metro corridor. The combination of low inventory, low interest rates and a good local economy have been the main contributors to this situation. When buyers face competition they often have to shorten or waive contingencies as well as offer above list price. The Clarendon area has seen some of the most competition lately, especially in 1BR condos and townhomes.

This type of real estate market makes it even more important to make sure you are working with a real estate agent with a proven track record in the local market. If you are a buyer in this market make sure you work with an agent or team that knows about upcoming listings and the best strategies for putting together a competitive offer.

Selling in the Current Arlington Market

If you are a seller in this market you most likely will only get one chance to sell your house so make sure you make it count. Make sure your agent or team has a solid methodology in place. This should include the following elements:

  • Preparation of the home for going to market (including renovation, painting, staging, decorating, etc.)
  • Price determination based on numerous factors (com parables, interest rates, inventory, demand, etc.)
  • Pre-marketing of the home (print mail, online, youtube, networking to other agents and potential buyers)
  • Initial marketing rollout
  • Process for accepting and reviewing contracts (It is very important that your listing agent understand the expected demand and has an efficient process in place that allows for maximum competition)

 

If you have any questions on how to approach this market, either as a buyer or a seller, contact our team today for a free consultation by emailing [email protected]

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