Some markets move slowly and some move a little faster. In many parts of Northern Virginia, especially during spring months, homes sell much faster than in other areas of the country. The average number of days on the market in September of 2022 was 25. Even with higher interest rates, some homes are selling during the first weekend on the market. What does this mean if you are thinking of buying in Northern Virginia?
You will have a smoother experience purchasing a home if you are fully prepared. This means being pre-approved for a mortgage before looking at homes in person. This way, you have a really good handle on what your closing costs, down payment, and monthly carrying costs could be before falling in love with a house. Having a good understanding of how the contract and contingencies function in this market, will also help prepare you for the entire process. We are entering a market where buyers will likely be able to negotiate contingencies. Contingencies protect your interest and your earnest money deposit and it is important to know how and when you can void a contract before settlement without exposing yourself to default.
