Doug Francis | Realtor

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Negotiation in Residential Real Estate

Anticipating an Offer that any home buyer will make is virtually impossible.

So, understanding how today’s home buyer’s negotiate is critical.

Understanding Today’s Home Buyers:

Today’s buyers come better prepared with far greater knowledge and access to information about your house than ever before.

They understand financing better, and can be fairly certain of the final transaction costs of buying, for example, your four bedroom colonial in Vienna.

Home for sale Vienna VirginiaResources that they rely on include Zillow estimates, their “buyer agent”, the mortgage company, publicly available County tax records, and any recent experience making offers on other homes.

That recent experience may include being outbid on a home or having a friend in the neighborhood.

People still relocate to Northern Virginia all the time, and these buyers are often working on tight schedules. These home buyers don’t have the luxury of waiting for another nice house to pop up but need to make decisions today. (This one example of why digital signatures are strategically important.)

In most residential sales, buyers will include contingencies:

  • Home Inspection
  • Radon Inspection
  • Appraisal

Many of today’s home buyers have high expectations and factor in the condition of your home when determining value, such as:

  • Windows
  • HVAC Systems
  • Kitchen
  • Kitchen Appliances
  • Wall paper and paint
  • Hardwood Floors
  • Carpet
  • Bathrooms

Sometimes emotions influence negotiations

Not everyone is emotionally tied to their house, but I see it happen… primarily with sellers.

My recommendation is to shift your thinking from an owner to a professional seller.

You may have plans for a bigger house, retiring to a place near a beach, the kids are married, or you might be downsizing to a hip urban setting where you can walk everywhere. A massive paradigm shift may need to happen, but that is how you are going to move on to the next phase in life.

Responding to Offers & Counter Offers

A reasonable time frame for responding back to a home buyer is within 24 hours, but I recommend as soon as possible because it is always the best strategy.

A really great deal can get withdrawn when a buyer feels they aren’t being treated well. I have seen home buyers get cold feet especially when another house pops up on the market and their Zillow App sends them an alert. “Ding!”

You don’t want your buyer to get distracted!

Responding to Counter-Offers or a Home Inspection Addendum quickly typically yields a positive outcome, leaving all parties knowing they negotiated professionally rather than emotionally.

In Summary

Any real estate negotiation involves some compromise. The process a seller goes through is far different than the journey most home buyers undertake.

Understand the buyer, understand the offer, and understand that there are many hurdles ahead before your property is finally sold.


 

Let’s Get More In Depth:

  • Digital Signatures

  • MRIS

  • Zillow Value Estimate vs. RPR Value Estimate

  • Home Inspections & Radon Inspections

  • Mobile Apps from Zillow, Redfin, Realtor.com

  • Sotheby’s Lifestyle Websites

  • What is My Home Worth?

  • Facebook

  • Open Houses

  • 3D Tours & Floor Plans

Helping my clients add value to their home has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more then invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and 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.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

https://youtu.be/ClqEIV1zoQg
Viva Vienna Vienna Idol event on the Town Green sponsored by Caffe Amouri

The Vienna Town Green

The Town Green in Vienna, Virginia is located where Maple Avenue intersects the W&OD Bike Trail and Mill Street. The Town

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Maybe it was the gray hair, the years of experience, or just being in my late 50’s that helped introduce me to clients who are transitioning into retirement and are downsizing. The baby-boomer retirement plan was accelerated by “Covid-19” as long time owners found the old house was just too big. The retirement dream became […]

“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 have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2022 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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Contact

Doug: (703) 304-6827

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

Office: 703-319-3344
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Doug Francis Vienna Real Estate 2021
This material can only be used with written permission.

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