Ann and Chris Dolin are excited about their opportunity to right size. They’ve been spending more and more time in Vero Beach, Florida and they no longer need their big, Oakton, VA home. They have their eyes set on the luxury condo market in Old Town Alexandria.
Ann (founder of Educational Connections – a popular tutor and test prep company) and Chris (a sales manager at Dell) found a perfect condo at Robinson Landing. It is new construction, with great amenities, water views, and in a walkable location.
However, the current stock market woes have caused them – and many other buyers – to pause. This is typical. A meaningful drop in the stock market can cause a drop in consumer confidence. The possibility of another recession has also caused many potential buyers to hedge on what they are willing to spend.
Do Ann and Chris still want to buy the condo? Yes. However, six months ago they would have bought the condo first, moved in, then sold their home afterwards. In fact, that would have been a great strategy as both homes would be going up in value, so why not own two?
That strategy is no longer as attractive today. Based on everything Ann and Chris are reading about the market, now the prudent move is to sell their home first, then buy the condo. The risk now is “what if we can’t sell our existing home quickly or for as much as we wanted”.
So Ann and Chris did something clever. They made their offer on the Robinson Landing condo contingent on them selling their suburban home first. And guess what, the seller accepted!
Then, very unexpectedly, things got even better. Their Oakton VA home sold for way over the list price.
It just goes to show that despite uncertainty in the market, there are still great opportunities. Buyers can benefit as sellers are more aware of the need to negotiate, especially since the most recent interest rate hikes. Sellers can remain confident as there are still not enough homes for sale.
As for Ann and Chris, we are so happy Good Things Happened. Now they get to enjoy two homes with water views.
