The Fairfax real estate market in Fairfax County, Virginia is always bustling — and for good reason. The job market is strong and steady, the schools have excellent ratings, and the location is convenient and ideal. However, with so many powerful characteristics, the market is competitive for buyers and complex for sellers.
Here’s what you need to know.
What Buyers in Fairfax Need to Know
Buyers in Fairfax are competing against others for their perfect dream home. This means that they have to position themselves to act quickly. When you see the home you want, you don’t want to delay in taking action. And, you may want to be willing to go above and beyond — waiving contingencies, offering more than asking, and so forth.
Get Pre-Approved. Working with a lender and getting pre-approved for a mortgage can give you more power in the game. While you may not be a cash buyer, you are proving with your lender’s letter that you are good for the amount. This can also help you stick to homes you can afford.
Work with a Local Realtor. Those real estate professionals who are well-versed in the local market will be able to guide you to the right properties and then help you negotiate and get your offer seen. They will understand what you are looking for and help you find it — even if it means going off the beaten path.
As a buyer, it is important to understand that Fairfax is an area in high demand which means home prices are likely to be higher than average, so be prepared. Know what you can afford and what it is you are looking for as this will help your realtor narrow down your search.
What Sellers in Fairfax Need to Know
Sellers in Fairfax are facing a complex market. Rather than listing and hoping to get an offer, they are often bombarded with multiple offers and have to navigate through them. This can add extra strain to the process. Be prepared.
List at the Right Price. In competitive markets like Fairfax, it can be tempting to want to overprice your home. Unfortunately, this can have a negative effect. Those who do this tend to turn away potential buyers and have their homes on the market longer.
Work with a Local Realtor. A local realtor understands the local housing market and can help you walk through the entire process. From creating the perfect listing and setting the price just right to negotiating and getting you ready for closing — and everything in between.
Account for Closing Costs. As the seller, you will be required to pay certain closing costs as transfer taxes, commission fees, and more will be included. Keep this in mind. Also, know that you may be able to negotiate the payment of certain items thanks to the competitive arena. If so, your realtor will be your best source of information here.
With a better understanding of the Fairfax real estate market, buyers and sellers increase their chances of a successful transaction from contract to close.