Each week, “Just Sold Condos” spotlights condos in Arlington that have sold over the previous week. The market summary is crafted by Rick Bosl, the Arlington Condo Expert, founder of ArlingtonCondo.com, and an agent with KW Metro Center. Contact Rick and make your next move the right move.
Welcome to Just Sold Condos in Arlington!
Last week, August 26 to September 1, we had 19 condos and co-ops that went to settlement, which was fewer than the week before but probably due to the Labor Day weekend. The quickest sale was a condo in Fairlington that went under contract after 3 days. The longest time on the market before going under contract was a condo at George Mason Village that took 144 days and several price cuts before selling.
For a complete list of what sold last week, visit ArlingtonCondo.com Just Sold Condos page.
Here are some other stats from last week:
- Average Days On Market (DOM): 32 days
- Median DOM: 18 days
Looking at stats for year to date:
- Average DOM: 27 days
- Median DOM: 10 days
Here’s the thing, though. The Days On Market stats that are often quoted are only for properties that actually sold. The full name of the statistic is really Days On Market Before Selling. If it doesn’t sell, then, of course, it doesn’t factor in.
Last week, there were 16 condos that didn’t sell and were removed from the market.
For a complete list of what didn’t sell last week, visit ArlingtonCondo.com Just Expired Condos page.
Year to date, there have been 191 condos in Arlington that were listed but didn’t sell and were removed from the market. The reasons vary from deciding to rent instead to a change in life circumstances, so they are no longer interested in selling.
How do the days on market numbers change if the 191 that didn’t sell are included? Let’s thrown in Pending, and Temporarily Off listings too. The results are not surprising:
- Average DOM: 35 days
- Median DOM: 15 days
Both the Average and Median DOM went up when the Expired, Cancelled, and Withdrawn listings are included.
What determines whether a condo sells and how fast? Good question. Keep reading.
9 Key Factors That Will Get Your Condo Sold Fast
1. Price It Right from the Start
Set a competitive and strategic price based on recent comparable sales and current market conditions. The market is in constant flux and being fixated on what your neighbor’s condo sold for 8 months ago is not the right play. Pricing too high can lead to prolonged market time, while pricing competitively attracts serious buyers.
The mistaken approach some sellers take is to price it high I.e. ‘they can Is lower the price’. The problem with that approach is that you will get the most traffic during the first few weeks it is on the market. The average buyer will take several months before finding the right place. So, when you first put the property on the market, you have 3 months’ worth of buyers being exposed to the property for the first time. If it is overpriced to start, many buyers will pass on It. By the time you get it to the right price, only new buyers coming into the market will see it.
2. Professional Photos & 3-D Virtual Tours
High-quality photos and 3D virtual tours are essential to showcase the condo’s best features online. A professional photographer has the right lenses for wide-angle shots which are necessary to capture the entire space. Fusion photography, where every shot is taken on a tripod and given 3 exposures. The 3 shots are then fused into one. Perfectly exposed photo — views to the outside are perfectly exposed and there are no dark interiors.
3-D virtual tours make it easier for out-of-town buyers to get a feel for the space without a physical visit. With a 3-D tour, the buyer can take a ‘tour’ simply using their computer and mouse. They can move through the unit, look right, left, up, down and turn around.
Having the photos in the right order makes it easier for the buyer to tour the property in a natural flow. One overlooked opportunity many sellers and their agent fail to take advantage of is adding descriptions to all the photos. This is a great way to point out certain features.
Pro tip — Put the best 3-5 photos first in order. The reason being is that many real estate sites will show the first few photos in the summary view. To see all the details, you need to click further. Grab the buyer’s attention in the beginning.
3. Location, Location, Location
Location, location, location! You may have heard that real estate mantra before and it is still relevant. Of course, that advice is geared towards buyers. Obviously, if you are selling, you already have your location and can’t change it. What you can do though is highlight the relevant attractions to the area. Remember, not everyone is familiar with your exact location, especially out-of-town buyers. You are not just selling your condo, but selling the location, too. Shopping (Whole Foods, Starbucks, Trader Joe’s, etc), transportation (especially metro stations), restaurants, sports & entertainment, are all worth highlighting.
The location within the building can make a difference, too. Are you on a top floor? Are you on a more desirable side of your building? Mention that.
Keep reading for the remaining 6 factors and to take a free assessment: 9 Key Factors That Will Get Your Condo Sold Fast.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
