MEDIAN PRICE HISTORY
This chart reflects a 5 year history of median price levels in Loudoun County. The blue line is for all housing types; but as you see, detached homes (purple), attached homes – i.e. townhomes (pink) and condos (red) have all followed a very similar pattern. As you can see, the market “bottomed out” here in late 2008, and has clearly been in recovery since.
ARE PRICES BEING NEGOTIATED?
Buyers and sellers both need to know: “Are buyers in this market expecting to negotiate down from the asking price, or are the buyers expecting to pay the asking price?” It’s an important question. Sellers need to price according to market expectations. Buyers need to know, too, so they are looking at properties in the right price range, and so they know how to present a offer that might be accepted.
The 5 year history shown on this chart reflects the “ORIGINAL list price to sale price” ratio. It demonstrates that when you were buying in 2008, you could probably negotiate a good bit from the listing price. But, in the last couple of years we are seeing far less negotiation on sales prices. Sellers are turning down low ball offers and getting within 5% of their asking price.
You’ll find that sellers are more willing to negotiate their prices after they have been on the market for a bit of time. As the chart shows, seller’s don’t do a lot of negotiating until they have been on the market for several weeks, and that buyers hoping for “negotiating” need to target homes that have been on the market more than 90 days. BUT, (and there is always a but) if the house sold right away it’s probably because it was priced well to start with; and homes not selling quickly were not priced right in the beginning. The lesson for sellers is: Don’t price leaving room for negotiation, you may not have any offers to negotiate for a while. The lesson for buyers: Getting a “good deal” doesn’t mean getting a discount from the listing price, since the listing price may have been higher to start with. Whether you’re a buyer or seller, A good REALTOR is your best ally for getting the price right.
*Please note, all charts on this page are updated on or about the 10th of each month as new statistics are available from our local multiple listing service. So please check back for the most current information.
You can also learn more about the regional market by checking out the page on Northern Virginia Regional Real Estate Market Stats which also contains information that is updated monthly.
When you’re looking for a REALTOR that knows the market,
you can trust Vicky Chrisner.
Office: 703.669.3142
Email: [email protected]
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