Alexandria VA Real Estate - Are There Any Black Friday Deals?
Undoubtedly your email inbox has been flooded with Black Friday and Cyber Monday deals. And according to news reports, it's actually been a record setter. But what about real estate? Are there ever any 'Black Friday' deals when it comes to buying houses?
I'm working with a couple of buyers right now who would say so. Scenario #1: My buyer found a 'steal of a deal' on a foreclosure. It was a 2BR/2BA condo in the building where he wants. This home was priced to sell. My buyer went out of town with the intention of submitting an offer upon his return. Not only was the condo under contract, but so were four others out of the seven that we saw! File this one under 'the one that got away'. Scenario #2: My buyer found a short sale condo that had already had multiple offers. After submitting an offer, he was disappointed only to learn that the seller selected a cash offer that was lower.
Here in Northern Virginia, we have multiple cycles in our real estate market. We have the traditional spring market, where historically sellers are able to get the most for their home, but that's also when buyers usually compete the most. There's also the 'post-Father's Day market'. This is the time after school ends and families take a vacation, then decide to beef up their home search in order to be settled in before school starts. And finally, there's the holiday market. That's the market that we are in now. This is the market where you will most likely find 'HAVE TO SELL' sellers. You'll also face some competition among other buyers because the market will include buyers who want to be in their homes before Thanksgiving, before Christmas, or before December 31 for tax purposes.
Home affordability is at an all time low in Northern Virginia. Not only will your pre-approved dollar go farther than it's gone in the past five years, but with seller concessions (paid closing costs and home warranties), there are deals in place that will be contingent upon you closing before December 31.
You may want to keep an eye out of the Fannie Mae foreclosures. Did you know that you can purchase a Fannie Mae foreclosure with as little as $500? Here are the newest foreclosures that have hit the market in Alexandria, are you ready to go house shopping yet?