As tight inventory continues to dominate the region, both Fairfax County and Alexandria City inventories were up in April compared to April of 2023. But even with these slight inventory increases, median and average sale prices continued to climb as we move into the summer months.
In Alexandria City, the number of active listings were up nearly 3.3 percent over active listings in April 2023, while new listings were up 6.7 percent over the same period. In Fairfax County, active listings were up 16.2 percent and new listings up 22.2 percent in April, compared to a year ago.
Such increases have yet to provide price relief for buyers, however. The median sale price in Alexandra City was 20.5 percent higher in April than it was in April 2023, and in Fairfax County, median sale prices were up a little more than 7 percent.
Looking at sales performance so far this year, average sale prices in Alexandria are 8.3 percent higher through April, while Fairfax County sale prices are up 10.1 percent compared to the first four months of 2023.
Sellers remain in a position of strength throughout the region, but it’s still crucial for sellers to understand the market and ensure they’re positioned for success when they go to sell. Homes are selling quickly, but proper pricing strategy still reigns supreme. Overpricing a home can force it to sit, which is something sellers don’t want. The longer it’s on the market, the less chance the seller has to find that top-of-the-market sweet spot when it comes to price.
Also—particularly in this region—buyers really want that turn-key property. Considering upgrades and modifications often can give a seller the edge among competing properties. Buyers typically will pay top dollar for a home that requires little more effort than to move in and start enjoying the home. While sellers should be strategic about the upgrades they consider, smoothing out rough edges in a home often can pay off in the end.
Despite the strength of sellers today, buyers also can position themselves better to compete among a crowded field of buyers throughout the region—even with interest rates hovering near 7 percent. Perhaps most important for buyers is limiting the number of contingencies contained in an offer.
While paying all cash for a home isn’t in the realm of the possible for many buyers, all-cash offers tend to be some of the strongest. Even if a buyer needs a loan, buyers can help themselves a lot by contacting a lender and having a lender not just “pre-approve” a loan, but actually get the loan through underwriting. If your lender can’t do that, we might be able to find one who will.
While we would never recommend waiving an inspection on a property, it’s often possible to do a pre-offer inspection. Basically, a buyer will hire an inspector to do the inspection (with the seller’s approval) before submitting an offer. The home inspection can be one of the biggest hurdles, so if you can perform it before offering, you can help yourself quite a bit.
With a loan, there’s typically no avoiding an appraisal, but as a competitive buyer, if promising a certain amount above appraisal (in the event of a low appraisal) can give the seller peace of mind and make an offer most appealing.
The market remains competitive, so it’s more crucial than ever to make sure you have a champion on your side when venturing into today’s competitive market. Please reach out if you’re looking to have the upper hand.
Christopher Prawdzik is an associate broker with Samson Properties in Alexandria. Operating as D.C. Region Real Estate with his wife, Angela Logomasini, they are Realtors® serving the Virginia, Washington, D.C., and Maryland real estate market and offer comprehensive real estate services.
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