Saturday Real Estate Spotlight: Property Condition Matters Now More Than Ever When Selling Your Home
Every Saturday, our local real estate expert Mike Shearer, will provide tips and information about our local market.
This week, we are focusing on preparing your Fairfax County home for sale.
It used to be that when you put your home up for sale in Fairfax County that all you had to do is post the listing and wait for the buyers to show up and make offers. Even though this market remains fairly robust, there are some subtle changes taking place. These changes are extremely important to all sellers considering putting their homes on the market in Fairfax County during this buying season.
The most glaring change is that properties in Fairfax County that are not completely fixed up are sitting on the market a bit longer than in the past, and they are not commanding the same sales prices as a year ago. A perfect case in point is that I currently have two properties on the market in the exact same neighborhood in Burke. The first property is in good condition and shows well. It has been on the market for a while, and the owner has just agreed to reduce the price. The second property has been totally rehabbed. The kitchen and baths have been totally redone. There are new floors and recessed lighting. This property is priced $10,000.00 higher than the other one. This second property has received multiple offers and is now under contract after being on the market for only two days.
This very same sales dynamic is taking place throughout Fairfax County, and other surrounding areas as well in the Washington, D.C. metropolitan area. The houses that have been updated – especially the kitchens and baths – are commanding higher prices and in many cases are receiving multiple offers within a matter of days. The properties that are not fixed up are still selling, but they are staying on the market for longer time periods and are getting sold for less money.
Not all sellers in Fairfax County are interested in fixing up their properties before they sell. It is extremely important to have a listing agent that is aware of this recent trend. It is vital to have the home priced right to match the condition of the property and to also accommodate the sellers’ timeline for when they plan on moving.
Keller Williams Realty, CDPE, SFR, IMSD