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Flash-Sales Hit Vienna Real Estate

By Doug Francis

707 MacArthur Drive Vienna VA 22180

Home in Vienna VA  (Photo credit: DougFrancis)

With all the media regurgitating the stale news that “real estate inventory is low”, it’s time everyone understands what it is like being a home buyer these days.

It can suck!

For example, yesterday a new listing popped up in Vienna Woods that seemed too good to be true. So, after they finished work, I met some clients at the house for a little look-see.

Understand that yesterday was Wednesday (not a weekend day) and there were  already six business cards on the dining room table at 5:30 from well trained agents. I say that because some real estate agents don’t leave cards behind in an effort to be stealthy.

I had read about them on the Internet… and this resembled a flash-sale.

Anyway, after taking a look and considering the house a good prospect, I gave the seller’s agent a call. (yes, a real conversation) She had been fielding calls from agents all afternoon and quickly delivered her spiel.

She indicated that they planned to keep it available until Saturday night when they would review any offers. (part of strategery)

I conveyed that information to my clients, but, after careful consideration, they decided not to pursue the home.

March Madness x Bidding Wars = Flash-Sales

At 1:00 today the seller’s agent calls me to tell me an unbelievable offer had been presented and her clients were planning to accept it tonight. And, do my client want to make a competitive bid? There was a sense of urgency in her tone…

Yes, flash-sales have hit Vienna Virginia as home buyers frustrated with getting out-bid on homes get super aggressive.

Multiple offers seem so… so, January.

It’s March Madness for goodness sakes and it’s winner takes all!

Multiple offers seem so… so, January

These events really have been giving me flashbacks to 2006 when the market was hot too. The biggest difference that I see today is that lenders are not approving every loan, appraisers are not rubber stamping appraisals, and the builders have far less product to sell.

This time around I don’t feel that it is Realtor hype because the wounds lessons of 2009, 2010, and 2011 are still very fresh.

But even Warren Buffett thinks owning a home is worth your time and money… really.

On CNBC recently, Buffett said “If I knew where I was going to want to live the next five or 10 years I would buy a home and I’d finance it with a 30-year mortgage… It’s a terrific deal.”

In my opinion, home buyers need to recognize value quickly and be willing to set a top limit when putting together an offer, especially when a flash sale mentality takes over the market. There are values out there and not every home will get a stellar offer in 20 hours.

Let’s be careful out there.

Filed Under: Blog, Home Buyer Tips Tagged With: Flash Sale, Northern Virginia, Real Estate Market, Vienna Real Estate

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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