Doug Francis Real Estate

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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A really great deal can get withdrawn when a buyer feels they aren’t being treated well.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

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?

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Plum Street home with swimming pool

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Case Studies

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Homeowners: Add a level of privacy

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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
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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!

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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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