Jeff Grana - GPS Realty

The answer here is that every time a house is listed for sale, the market speaks. The market is telling us right now that we've started to reach the upper limit of what a home is worth, based on the amount of demand there is for it. The days of sellers looking at what's happening down the street, sticking their finger in the wind and tacking an extra $50-100k onto the price just for fun are over -- now it's really time to get with a professional who can tell you what's actually happening. Because we're back to what I call the "brilliant basics" -- every property has a 2-3 week window where it gets the most interest, and that interest dies off precipitously after that. So the house needs to priced right and launched correctly, or it'll get stale. Call me with questions -- 703.996.9734 :)

I'm a biiig data guy -- what good is it if we don't use it, after all? None of the data says that we are headed toward a housing crash of any kind. I know that prices are crazy high, and appreciation is right up there with inflation, but 42% of the people who own homes in the United States have 100% equity in their property (read: no mortgage). Even if they all lost their jobs at exactly the same time, their only responsibility is to pay real estate taxes each year because they own 100% of the house. Additionally, the number of people who have mortgages with credit scores below 650 is something like 20% of what it was leading up to 2008. A majority of the people who went out and got mortgages have every qualification to have gotten them. This market is straight supply and demand -- not enough houses for the amount of well-qualified people who want them. I know it's frustrating, but keep your chin up!

This is suuuuch an important question. Cash buyers will be required to prove they actually have the cash to buy the property -- they'll do this through a bank account verification, and potentially might need to provide W-2s as well. Financed buyers are required to submit a lender preapproval letter (in order to prove that they've spoken to a lender and have actually begun the process of getting a loan), and their lender will be contacted to verify their claims. Financed buyers who think they might win by offering over asking price are required to verify proof of funds if there is a significant gap in sales price vs expected appraisal price. Finally, on offers that are slightly questionable or risky, we can accept an offer (which removes the property from Active status in the MLS) but still be taking backup offers in case that one falls through. We do everything we can to minimize the risk for our clients!

Think about the way you use your space. Why did you choose that place when you bought it? Let's say you own a 3 bed, 2 bath single family home which has served you well as a place to start a family, and you're planning to sell because you have 3 kids and they're getting to the age where sharing a bedroom is no longer feasible. You need more space. In that case, you're more likely to come across families as interested buyers than, say, single professionals who are just out of college. The same applies to a 1 bed, 1 bath condo near a Metro station: A unit like that is unlikely to draw the attention of a family with young kids. The answer to this question commonly turns out to be "someone similar to you."

This is called Dual Representation, and whether it is legal or not depends on the state you live in. Here in Virginia, dual representation is fully legal as long as both sides are aware of it, and both sides have signed an addendum agreeing to this arrangement. Personally, I choose not to represent both sides because when I do, I cannot negotiate properly on my client's behalf. (It is fully illegal for a Realtor to go to the other side and say "hey, I'm working with them and I know they'll take x.") If you want more information or need clarification, reach out in whatever way makes you most comfortable (call/text/email). Cheers!

Zillow's Zestimate tool is generally best used as a guide, but should not be taken as gospel. The Z algorithm only knows what data it sees, which means it ignores abnormal situations (such as when an acrimonious divorce takes place, one of the owners wants the property gone yesterday and intentionally prices it lower than market value). It's also a lagging indicator -- it only knows what has already happened -- and cannot detect the "mood" inside a neighborhood the way an experienced local Realtor can. If you're wondering what your home is worth, DM me in whatever way makes you most comfortable :)

As of September 2021, the average sales price of a property in Falls Church was $872,173. Broken down by property type: The average price of condos were $522,178, Averages price of townhomes were $994,975, Averages price of detached single family homes were $1,194,879. Head over to GPSRealtyDC.com to browse our listings, as well as hundreds of other homes for sale. Thanks for reading!

Nearly half of the homes in the United States have 100% equity (read: DO NOT HAVE A MORTGAGE0. All of the data that we're looking at -- leading market indicators like 10-year treasury bonds, foreclosures, and overall economic health -- points to a simple supply/demand situation causing prices to spike. The Northern Virginia area has been dealing with a housing shortage for at least the last decade, and it's only getting worse each year. We are predicting at least 2023-2024 before new construction is able to ease buyer demand...but nobody who actually follows what is going on is predicting a crash.

Hands down, the State Theater on Rt 29. 220 N Washington St, Falls Church, VA 22046. We saw one of our favorite bands, Eve 6, here, and it was a great experience because even though it was a packed house, there weren't 5,000 other people to deal with getting drink sand out of the parking lot.

Yes. The thing is, the lease stays with the property, and must be honored. This means that the new buyers are inheriting tenants, and a lot of folks shopping for homes aren't into becoming landlords -- which drastically reduces your potential buyer pool. You can try to induce your tenants to agree to leave early (usually this involves some extra $$$ from you to them -- they do not have to leave, after all), which may or may not work. Check out my video on this exact topic at my YouTube channel -- the handle is GPSRealtyDC. Thanks!

There are two schools of thought on this: 1) no way because of the seasonal dip in buyer traffic, or 2) yes, because the folks who DO come out to see your property are generally VERY motivated to buy. The truth is, a lot of the circumstances will be property-specific: as a basic example, if you are thinking of selling a 4bed, 3bath single family home, you might have a tougher time finding folks (often families with kids) who need a property like yours because families' move schedule often revolves around the school year. Trends change year-to-year, as well as hyper locally, by neighborhood. If you are wondering whether it will be advantageous to sell your property during this period, reach out for a free Competitive Market Analysis to find out what your home is worth. We will give you all of the information you need to make the right decision for you!