Northern Virginia is one of the hottest real estate markets in the country. While many areas are experiencing slowdowns and home price declines, Northern Virginia is still on the rise. In fact, statewide median sales prices are up $15,000 from the year prior.
This is contrary to what is supposed to happen given the U.S. Federal Reserve’s aggressive anti-inflationary measures. Rising mortgage rates were supposed to lower demand and bring down home prices.
A good realtor can navigate this tricky market. Read on for a comprehensive guide on how to hire a real estate agent. Explore three tips that will help you hire the best Northern Virginia real estate agent has to offer.
1. Adaptability
In spite of Northern Virginia’s resilience, the national real estate market is in flux. There are widely held concerns about a housing recession. You need to hire a realtor that is ready to adapt.
The conventional wisdom says you should hire an agent with experience in the current economic climate. However, many of today’s agents have only worked in an environment with low interest rates.
In June, the Fed executed the largest rate hike since 1994. Inflation is at a level not seen since the late 1970s.
With experience navigating these conditions in short supply, you want to hire an agent who has the skill set to navigate it. They have a plan for selling in a market with less demand and are having success executing this plan.
2. Do Your Research
With the market possibly tightening, you cannot afford to hire an ineffective agent. You need to make sure your realtor is ready to move on day one.
The best way to accomplish this is by doing your research. There are so many different resources available to both sellers and buyers.
Social media and Google are valuable resources to check. Join a community group on Facebook and see if other locals had a good experience with your realtor. Also, check with friends and family for a positive referral.
Ask for professional references and make sure to check with them. Lastly, interview multiple different agents to find the one most suitable for your needs.
3. Negotiation
Negotiation is one of the key aspects of the real estate process. A year ago today, sellers had all the leverage in negotiations. Sellers were receiving multiple offers and typically for more than the asking price.
The market has cooled off to a degree and sellers do not have as much leverage. Now, you need a realtor that is dialed into the local market. Your realtor understands supply vs. demand and is going to land a house for the best value.
Three Tips for Hiring a Real Estate Agent
You are now ready to hire a realtor in Northern Virginia. These are volatile times in the housing market and you need an agent with the right experience and credentials. Negotiation skills and adaptability are just two characteristics to look for.
If you are looking to hire a real estate agent in Northern Virginia, contact us today to schedule an appointment.
