Doug Francis Real Estate

  • About Doug
  • How I Sell Your Home
  • Case Studies
  • Let’s Connect

Preparing for the Bidding Wars

By Doug Francis

Bidding on Real Estate - iStock Photo by Oli Scarff

Bidding on Real Estate

After reading today’s authoritative article “Bidding wars a legacy of housing bubble” in The Washington Post, you may think that many sellers are using a strategy of under-pricing their home to spark a bidding frenzy.

Want to know what it is really like? Then ask any home buyer in Northern Virginia about finding a below-market priced home.

The truth is… today’s home sellers are pricing their homes to squeeze every nickel out of them.

Buyers decide based on more than price

What causes a home to appeal to many people simultaneously is influenced not by a clever pricing strategy, but by the uniqueness of the location, available supply of comparable homes, interest rates, investor demand, and condition of the home.

For example, I recently put a townhouse on the market that was located in the center of Vienna VA. It is located a short walk/distance to the Community Center, the W&OD Trail (a 42 mile converted rail line), Whole Foods, a weekend Farmers’ Market, a public library, the Town Green, playing fields and Vienna Elementary School.

When it went on the market, there were no other (meaning = 0) town homes near that location for sale.

Interest rates for thirty year mortgages had just dropped to a six month low.

Investors know this particular location rents well. In fact, the last sale in the neighborhood was to an investor who rented out the property quickly.

This forty year-old home was in very good condition. That means, excellent move in condition with plenty of updates but nothing brand-spankin’ new.

The sellers opted to price it on the high side… just so they had room to negotiate if only one offer came in.

The results: Six offers arrived within the first five days.

So… was it a bidding war, you ask? No, not really.

That’s because real estate offers are elaborate contracts, and certain favorable “terms” can trump the price.

That’s because real estate offers are elaborate contracts, and certain favorable “terms” can trump the price.

If you read the Post article, the impression that William Strange and Lu Han, economists at the University of Toronto’s Rotman School of Management, is that pricing a home intentionally low is a commonly used way to sell homes.

In my experience actually helping sellers and buyers, real estate will sell at the price of the moment. And setting an asking or list price must be within a carefully calculated range that will appeal to the market of the moment. Pricing is “opaque” because each property is uniquely influenced by that specific moment in real-estate-time.

Too high and the house may never sell. No bids, no offers, and no sale.

And today’s smart home buyers aren’t willing to go into “bubble” territory. If they sense they are getting unsure about the price or a bad vibe, then they will pull their offers ~ ask any local real estate agent about clients getting “cold feet“.

Although I can easily ramble on about poorly written offers, missing information, home inspection and other typical real estate contingencies, you should understand that the bidding war strategy is not happening in 30 percent of the Northern Virginia real estate market.

Filed Under: Blog, Home Buyer Tips, Home Seller Tips Tagged With: Home Buyer Tips, Vienna Virginia, W&OD bike trail

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!

Considering selling your home?

https://youtu.be/0ZSodCtsfkY

Just Sold!

Plum Street home with swimming pool

Looking for a house with a pool in Vienna, VA?

Sold!

https://vimeo.com/1003798838?loop=0

Planning to sell your home?

Case Studies

Continue Reading

Have a question?

Homeowners: Add a level of privacy

name withheld by request

Privacy: Hiding your name

Looking for testimonials?

Read through a collection of client comments originally posted on Zillow, Google and Trulia. See what my clients say...

Looking for a Custom Home?

Insights into New Homes in Vienna VA
Staged kitchen for real estate marketing

Here’s my home seller checklist… imagine you’re Getting Ready to Sell

Getting started is the hardest part for many clients. My Vienna home seller checklist will help you get the ball rolling today.

“Doug nailed it! Within days, we had three offers, one of which not only met, but far exceeded all of our goals.”
– R. Pollard

“He truly was a partner integrating us unto the community and made it easy for us to take advantage of all Vienna has to offer.”
– A. D’Eredita

“We are so thankful we found Doug to guide us through the complex home selling and buying processes!”
– Scott and Jennie

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!

Search for a subject

Contact

Doug: (703) 304-6827

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

Office: 703-319-3344
Why do people hire me?

Search for homes in Vienna

Vienna Real Estate Guide

This material can only be used with written permission.

Equal Housing Opportunity

 

Copyright © 2025 Doug Francis · Minimum Pro Theme on Genesis Framework · WordPress · Log in