Question: I’m getting ready to purchase a home and have been watching the market over the last few months. I find that most homes I like go under contract quickly. How long are most homes on the market in Arlington and do you have guidance regarding offer price based on how long a home has been on the market?
Answer: Good properties move quickly in Arlington, so if you’re in the market you need to prepare to act fast when the right home hits the market. I pulled some helpful data to highlight how quickly most homes go under contract and how much they sell for relative to the asking price.
Description Of Data
The following data represents all 15,200+ home sales in Arlington since January 1, 2012, broken out by the percentage of homes that sell within a range of days on the market (number of days from listing to going under contract). Within each range, I provide the average net sold price as a percentage of the original asking price (100 percent means the seller got the full ask). Not included are homes sold with zero days on market (6-7 percent of total sales) because most of those are off-market deals.
Key Findings
- About 20 percent of homes in Arlington sell in the first five days
- About 50 percent of homes in Arlington sell in the first 30 days
- Be prepared to pay full price if you’re making an offer in the first 10 days of a listing
- There is a consistent, direct correlation between days on the market and how much of a discount buyers negotiate from the original asking price
- Q1 is generally the slowest time for real estate but Q1 2017 shows a high percentage of homes being sold in the first five and 10 days. Expect these percentages to increase as the year continues.
- Not shown: about 60 percent of homes sold in the first five days are sold on the fourth or fifth day
- Most homes are listed on Thursday, so odds are that even a hot home will make it through the weekend
In a hot market, preparation is the most important thing buyers can do to position themselves to land a contract on the home they want. If you’re considering a purchase and would like to discuss the best ways to prepare, feel free to reach out to set up a meeting with me. You can reach me directly at [email protected] or (703) 539-2529.
