In June of this year, I got the pleasure of meeting a wonderful family through a past client of mine. They lived in a small apartment in Arlington with their two children for a long time now and craved more space desperately. They decided to start searching for a new home, potentially a townhome or Detached property in the areas of Springfield, Burke, or Arlington. Like with every new client, part of the process when getting to know your buyers is to set up a meeting where we discuss their needs and desires for the property in question and provide my advice on where, depending on their goals and pre-approval letter, they can find a home that best suits them.
After setting up the automatic search, we went out there to see as many homes as possible; they were eager to find more space for their kids as soon as possible. We started seeing 3-5 properties per weekend, and after only two weeks, they found one place they loved, and we proceeded with the offer’s preparation.
Unfortunately, we did not win this offer and continued with the search. After three other offers were not accepted, I decided to recommend my clients to stop the search for a while. After some of the restrictions of the pandemic lifted in June, it was incredible to see the movement of buyers there were in the market. The demand was at an all-time high, and properties were being sold for over $50,000 of the asking price and with offers including no contingencies in a price range of $450,000 to $500,000.
The Northern Virginia market had become one of the most popular in the DMV. This could have resulted from the new Amazon Headquarters scheduled to be built in the area, which was announced in early 2019, with the incentive of providing over 10,000 opportunities for jobs. Also, there was clearly a shift in new homeowners’ interest; the pandemic truly emphasized the benefits of having extra space in your home. Moreover, at the time, many companies had closed their offices, and schools had shut down to prevent the spread of COVID-19; some organizations even confirmed that the office buildings would be closed until Spring 2021. Now entire families needed to stay at home, and space had become a luxury.
Like my clients, many other families needed that extra space, and therefore, the demand for townhomes and houses skyrocketed. After a couple of weeks of stopping the search, my clients saw a listing for a townhome that met all the characteristics they were looking for in their new home. They decided to go to the open house first, and they fell in love with it as soon as they walked in. They had a long conversation with the listing agent, explaining all the offers we presented and why in most of them, we ended up in second place; in all the cases, the issue was the down payment, the winner offers were putting more than 10 %. The listing agent and my clients had a great connexion, so the listing agent promised them not to consider the down payment in the offers, only the contingencies, and the escalation, and He kept his word. On Wednesday of that following week, my clients called me in at noon, saying they had loved the property and did want to proceed with the offer. There was a deadline for that same afternoon, meaning we only had a couple of hours to get everything ready. We were expecting there to be competition, so we decided to include an escalation clause. After many hours of waiting, we finally received that email that we had waiting for the last four months, our offer was accepted, and we went on to ratification.
This entire process was a rollercoaster of emotions; falling involve with a property and then losing it in such a demanding market can genuinely impact you emotionally. We tried our best during a time where the market was behaving like never seen before. After many tries and a thorough analysis of the market, we showed that anything could be accomplished with perseverance.
I am incredibly grateful to my clients for remaining so loyal to my team and me during this search, and I am glad to know that they are enjoying their home and taking advantage of all the space this excellent end unit townhome has to offer.
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