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, September 2-8, we had 11 condos and co-ops that went to settlement, ranging in price from $339,500 for a 2 bedroom/1 bathroom condo at the Lancaster on Columbia Pike to $715,000 for a 3 bedroom/3 bathroom townhouse style condo at Windgate in Shirlington.
Only one of the 11 sales was on the market for more than 21 days. Not only did the other ten sell in a short amount of time, but they sold for nearly 100% of the asking price. What did these sellers know that resulted in these sales? Read “What Savvy Sellers Know” below.
For a complete list of what sold recently, along with detailed stats and listing information, visit ArlingtonCondo.com Just Sold Condos page.
Last week, there were 8 condos that didn’t sell and were removed from the market. The average days on the market before they were pulled off were 58 days, quite a difference from the eleven above.
For a complete list of what didn’t sell last week, visit ArlingtonCondo.com Just Expired Condos page.
What Savvy Seller’s Know
Knowledge is power and when used properly, it can give you an advantage over the competition. Here are a few insider tips that might be new to some people. They are equally valuable for a buyer — don’t go into a transaction blindly.
Dual Agency — Is it a good thing or a bad thing?
In Virginia, dual agency occurs when a single real estate agent represents both the buyer and the seller in a transaction (in some states, like Maryland, single-agent dual agency is illegal). While this might seem like a convenient arrangement, it comes with its own set of pros and cons. On one hand, having a single point of contact can streamline communication and potentially expedite the process. However, it also raises concerns about conflicts of interest. An agent’s fiduciary duty is to both parties, which makes it next to impossible to fulfill. Dual agency should be avoided and don’t let an agent tell you otherwise.
If a buyer doesn’t have their own agent and doesn’t want one, the listing agent can do what is called ‘ministerial acts’, whereby the listing agent is only representing the seller but can assist the buyer fill out the contract, without giving the buyer any advice along the way.
It’s worth noting that Virginia law permits dual agency, but it requires full disclosure and consent from both parties involved. If you choose this route, ensure that you’re fully aware of your agent’s limitations.
To mitigate potential risks, some sellers opt for designated agency, where different agents from the same brokerage represent the buyer and seller. This approach maintains the benefits of streamlined communication while minimizing conflicts.
Required Seller Disclosures
Virginia is known as a ‘Caveat emptor’ state, which is Latin for ‘buyer beware’. It is the principle that the buyer alone is responsible for checking the quality and condition of the house. The Seller is not required to disclose any defects and the first line of the disclosure states:
“The owner(s) of the residential real property makes no representations or warranties as to the condition of the real property or any improvements thereon…”
Now, real estate agents have a higher duty of disclosure and must disclose any known adverse material facts. Each one of those words is an important qualifier. Known — if an agent doesn’t know about a defect, you can’t expect them to disclose it. The exception is if they should have known (i.e. they can’t turn a blind eye to something). Adverse — it is something unfavorable to the average buyer. Material — it is limited to the four corners of the property or the transaction — not what is happening down the street. Fact — it has to be more than just the neighbor saying he thought the basement flooded last year.
For both buyers and sellers, it is important to know what is required for each side. Knowledge is power and should be used wisely.
Mastering the Art of Pricing Strategy
Setting the right price for your condo is a critical factor in attracting potential buyers and achieving a successful sale. An effective pricing strategy balances market demand with the unique features of your property. Overpricing can deter buyers, while underpricing might leave money on the table. To strike the perfect balance, consider conducting a comparative market analysis (CMA) to evaluate similar properties in Arlington.
A CMA involves assessing recent sales and current listings of condos with comparable features in your area. This analysis provides insights into market trends and helps you determine a competitive price point. Additionally, factors such as location, amenities, and recent upgrades play a role in shaping your pricing strategy. Collaborating with a knowledgeable real estate agent can provide valuable guidance and expertise throughout this process.
It’s important to remain flexible and open to adjustments based on market feedback. If your condo isn’t receiving the expected level of interest, it might be time to revisit your pricing strategy. By staying attuned to the market and being willing to adapt, you position yourself for a successful sale.
Do Sellers Have to Accept a Full Price Offer?
To read more savvy seller tips, visit What Savvy Sellers Know.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
