8002 Falstaff Road Sells for $1,375,000

First sale of 2021 closes in the McLean Hamlet.

The sale of 8002 Falstaff Road, listed for $1,350,000, on January 7, 2021, closed on February 6. The 4 bedroom, 4 bedroom home is the first sale of the year in the McLean Hamlet. Currently there are no homes active for sale in the neighborhood. There are three homes under contract with sales pending.

Reasons Why Buyers Must Be Prepared Before Seeing Any Properties

Today is Wednesday, February 3. I’m writing this post to advise prospective buyers that they must be completely prepared to purchase a home before they visit any properties. The market today completely favors sellers to the disadvantage of buyers and their buyer agent representatives.

I’ll share a few anecdotes of the market conditions. The irrationality that buyers face is a daunting challenge.

Exhibit 1:

Last Friday a client was reviewing listings I sent to their email and asked me to arrange a showing at a property in Springfield. The property had been listed that day, Friday, January 29. I pulled up the property listing and clicked on the “schedule showing” icon. The first available showing was 4:45 pm the following day, which was the second day on the market. I arrived at the property early and parked my car. I saw a text message arrived while driving. It stated, “SHOWING CANCELLED: Seller accepted conditional offer”. My clients had been driving to Springfield from Annapolis for an hour already by the time I received this automated text, and I was determined for them to see the property.

I called the listing agent and she told me a story about how the seller’s daughter had been rejected on several properties that had multiple buyers submit offers (which has nothing to do with their selling the house!) and that they accepted the first offer received. The listing agent didn’t check to see if other buyers were interested, and she didn’t call the agents who were bringing their clients to see the property. She simply told me, “Go ahead and show the property, the sellers may take a back up contract”.

Keep in mind that after seeing the property my clients were more baffled because they wanted to submit an offer. The sellers easily could have received multiples offers, called each agent and asked for their buyers best and final offers. The sellers would have their home with under contract on the first weekend available with few contingencies, if any, and at a price well above list. Instead, the sellers took the first offer.

I discussed the pros and cons of submitting a back up contract in case the first buyer voided. It happens often. I sold two listings in 2020 to buyers who were back up contracts. In both cases the over-eager first buyer got cold feet and voided the contract within a week of ratification. My clients asked me to draft a back up offer. We submitted it on Sunday morning, and did not hear back from the listing agent until Monday afternoon. She called and asked me for my clients “Best and Final” offer. I was astonished! The agent representing a seller that accepted the first offer in their hands was now asking two agents to have their clients increase their offers to be back up contract. I told the agent I would discuss the request with my clients, and noted that it was more than a bit ironic that this was being asked of buyers to finish in second place.

I can report that my clients also found it appalling given the circumstances and declined to increase their offer.

Exhibit 2

Each day I check the multiple listing service for a home that may fit the needs of one of my buyer clients. I found a really interesting contemporary home today in Falls Church, near Gallows Road in the Sleepy Hollow area. The home is listed as “Coming Soon”, and not available to be shown until it is active. The target date is February 12, which is 9 days from today.

Check out the calendar with blocks showing the booked showings already. There are already several showings booked for February 12.

In both of the cases discussed above my clients were pre-approved by lenders, have their funds available for down payments and earnest money deposits, yet there are vast numbers of buyers competing with my clients for the limited properties available for sale. A buyer who is not prepared is wasting their own time and effort, and faces insurmountable obstacles in their effort to purchase a home.

If you are considering a purchase in the near future you must be prepared. A starting point would be a buyer consultation with an accredited buyer representative, a real estate agent trained to assist buyers. Contact me for more details.

Contract Activity in the Hamlet

The past few weeks saw homes in the Mclean Hamlet receive contracts and go through status changes. Below is a quick summary.

8002 Falstaff Road was listed for sale on January 7, and received a contract on January 11. The list price was $1,350,000.

7725 Desdemona Court received a contract on January 26. This home was on the market for 208 days since being listed on June 22 by Fass Results. It was also listed by Irvin Realty, and then listed by Keller Williams Realty on November 4.

7731 Falstaff Road is back under contract for the fourth time. This home was under contract from December 3 through January 26, but went back on the market on January 26 with a price increase from $1,194,000 to $1,220,000. It was on the market for 7 days before going under contract again on February 1. The total days on market for the property since December 18, 2019 was 284 days.

Holiday Shopping in the Hamlet

Two homes are for sale in the McLean Hamlet this holiday season. Is one right for you?

If you are looking for a last minute holiday gift this season there may yet be a property available for you. The home at 1348 Macbeth Street, originally listed in September for $1,299,000 is now listed for $1,120,000. In a neighborhood where homes typically sell quickly, this home has been on the market for almost two months.

Another option is the home at 7725 Desdemona Court. This home has been on the market even longer. Originally listed for $1,199,000 on June 24, this home is now listed with a new broker and is currently price at $1,185,000.

The McLean Hamlet is a sought after neighborhood near Tysons. The streets have sidewalks and there are two parks in the neigborhood, along with the Hamlet Swim & Tennis Club. It is a welcoming place, as can be seen in these holiday photos and video.

The holidays are a festive time in the McLean Hamlet. Check out this video of the most popular light display.

Buyers who contact me directly have been successful in purchasing homes before they are on the market. In 2019, I helped a buyer purchase 8007 Birnam Wood Drive before it was on the market. In 2020, I represented a buyer who purchased 7722 Desdemona Court for $1,130,000. In both of these instances the buyers did not have to compete with other buyers and obtained the homes at fair prices that were not escalated by competition. If you are in the market to purchase a home in McLean, contact me at tomreillyrealtor@gmail.com.