For those of you just joining us, this is the second post in a two part blog series analyzing recent market activity in the Gates of Fair Lakes condos. To read the first part in this series, click here.
Currently Listed Gates of Fair Lakes Condos for Sale
The condo in the Gates of Fair Lakes that my client liked has had a lot of interest from buyers, but hasn’t gone under contract yet. The seller recently dropped its price by about $5,000 (it was originally listed for $329,900). It’s been on the market for 23 days, which is a few days above average for this area, according to the most recent December market data. The seller of this condo in the Gates of Fair Lakes is probably pretty motivated and wants a fairly quick sale. The low inventory in the Gates of Fair Lakes condo community, along with the high demand for housing in this area, explains the high level of interest that the condo has had. It’s probably worth somewhere between $320,000 and $325,000, and I would expect it to be under contract fairly soon.
As a buyer shopping for Gates of Fair Lakes condos, there are some important things to consider with regard to your strategy. 12848 Fair Briar was one of the most recent comparable sales in the Gates of Fair Lakes condo community, and it only took 3 days to sell back in July, but that was during a more active time in the market. We’re in the middle of winter now, so properties generally take a little longer to sell. It’s good to keep in mind that when a property is priced well, has lots of activity around it, and hasn’t been on the market long, a listing agent will use whatever offer they get to try to generate more offers and create a bidding war. In a scenario like this, sometimes if you come in close to asking price, the seller will take a “bird in hand” and ratify the contract right away, allowing you to make an end run around the competition. That said, depending on your needs as a buyer in this situation, it could be advantageous to come in lower with an offer and see what the seller counters with. Either way, one thing I like to do for my buyer clients in situations where there is a lot of interest around a property is to add an expiration date to an offer, forcing the seller to make a quick decision.
If you're in the market for a Gates of Fair Lakes condo, call me at 703-462-0700 so I can help you in your search. I'm an experienced buyer agent who grew up in Northern Virginia and knows this condo community and other Fairfax area condo communities very well.
If you're considering selling your Gates of Fair Lakes condo, call me so I can give you a hassle free, over-the-phone market analysis. This will give you a good idea of how much your condo in the Gates of Fair Lakes is worth.