Reply to Market is changing in favor of buyers in N. Virginia

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I've been looking closely at the Moco market and it seems the market has frozen in the last few weeks.  It sent from hot to frozen in really a matter of 3 weeks.  I don't see how this could be a Moco trend, so i'm betting you will start seeing this in Nova now/soon. [/quote]

I don’t think so.  Nova suburbs are hot right now and I think it’ll continue to outpace Montgomery and DC.  I’m watching the market closely as we are selling our house soon and I’ve been watching trends since last August. Vienna is $$ right now and even areas like Waynewood and fort hunt.[/quote]

This is what I see. A home will sell way above everyone else in the neighborhood. The people had impeccable taste, gorgeous landscaping and they listened to the realtor. They used the realtor's professional stager. They priced it below what the Realtor knew it would go for to get more people to take a look knowing they would be blown away by the house and willing to go above what they wanted to pay for a home.

Now a neighbor wants to sell. That neighbor has fewer upgrades and not as good taste. The neighbor insists the home is worth the same as the fancy home. Neighbor uses a realtor who gets a mediocre stager, or who recommends staging or upgrades that will only appeal to a small target population and misses out on the majority of people who have that type of money to spend. I have occasionally seen some really poor choices for staging-either outdated or wrong target. The home is priced at the amount the last one sold for and seller is shocked nobody wants it or they get a bid far below and refuse to consider it. Home lingers and another one comes on the market on that or a nearby street at a lower price with good upgrades, it goes fast. Eventually seller finally decreases price, but not enough to reach the searches it needs to reach.

Then there is just WTF stuff. In my neighborhood one neighbor did everything right and consulted with a top-notch realtor with every upgrade. Home is stunning and it went for a lot. The next neighbor had upgrades that were very taste specific and had a limited target audience.  Things were well done, but nothing that impressive. I think they sold it on their own with no previous real estate experience, but they had a relative with experience advising them. I don't know where they found this buyer, but he bid way above comps and their asking price site unseen. Perhaps there is a real estate website that just targets rich people around the world with plenty of money and no idea of the local market.[/quote]

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