Congratulations to you if you are living in Northern Virginia in a rented property and want to buy a home for your family. If you are exploring the housing market, you will come across some interesting phrases attached to the descriptions of the houses listed on the market. Some of these are Price to sell, new price, motivated seller, price reduced, and price to sell. While others are self-explanatory, it becomes confusing for many new homebuyers to understand the real meaning of Motivate Seller.
Motivated seller may have different meanings in different housing markets. In the case of Northern Virginia real estate market, it has excitement has suddenly fizzled out and things have cooled down to a level where sellers are not getting appointments for showings. Especially in Fairfax & Loudoun County real estate, the housing market has become very sluggish these days. It was a stable housing market only a few months ago but it can be termed as a very slow market these days.
With the arrival of the Fall season, the housing market has shown a sudden decrease in activities. Buyers have shrunk because of the season and sellers are therefore experiencing difficulties in getting offers for their properties. Unemployment cannot be a reason behind this decreased interest among the buyers. North Virginia has a steady unemployment rate of 3.9% for the last many years (this is below the national average of unemployment rate).
This low interest among the buyers is the biggest reason why sellers (or their listing agents) are using phrases like ‘Motivated Seller’ in their descriptions of their properties. Literally speaking this phrase tells you that the seller is motivated to sell his property. But isn’t it the same case for all other sellers who do not use this phrase? If a home is listed on the market, it is there to sell. Of course, there are a few sellers who just want to test the waters to get an idea of how much they can get for their property. But such sellers are in a minuscule minority.
In general, what you can infer from the phrase seller highly motivates is the fact that the seller is open to negotiation. You can hope to get the price reduced by a sizeable amount. It may also mean that the seller is desperate to get an offer and he might settle for a much lower price than what is mentioned in the advertisement.
Have further questions about a home in the Northern Virginia housing market? Ritu Desai at Samson Properties is a phone call away at 703-625-4949 or email her at Info@enOVAHomes.com.