What Homebuyers Need To Know About “Shadow Inventory” in Northern VA

Shadow Inventory in Northern VA

Have you ever heard the term “shadow inventory“?

Shadow inventory is normally a term that refers to a supply of homes that has not yet been put on the market, but is “lurking” in the background – usually real estate properties that are in foreclosure (REO or bank owned properties) or close to foreclosure.

But there really is another type of “shadow inventory” here in Northern Virginia; and if you’re a Buyer, you need to pay attention to this!

As you know, inventory around Northern Virginia is scarce. Homes are selling quickly and there is not a glut of homes on the market the way there was five years ago. Homes that are priced well, in a good location and in good condition are getting snapped up – and sometimes getting multiple, competing contracts and selling over list price. Places like Vienna, VA for example, only have 2.5 months of housing inventory.

In the meantime, prices are rising and so are interest rates. So what is a Buyer to do?

Find the shadow inventory! Not the REO homes, but the “other” shadow inventory.

Successful, experienced Realtors often have their own “shadow inventory”. When you’ve been in the real estate business for an extended period of time and are tops in your field, you build up a very loyal clientele & following. And this means that past clients (and new ones) often contact you well in advance of going on the market. They list their home with you and then have you consult with them on how they can maximize the return on their home. Only then do they go about preparing the home – doing repairs, improvements, painting, staging, etc. And the home does not go on the market until everything is ready.

Therefore, there is a period of time between when the home is listed and when it actually hits the market. THIS creates a small amount of “shadow inventory” and THIS is why Buyers should work with TOP Realtors. It maximizes their chances of finding their dream home. Not only do TOP Realtors often have their onw shadow inventory, they zre wired in with other TOP agents as well. (This is one reason our team is affiliated with Keller Williams in McLean. Some of the best Realtors in the country are also in our office. It’s a BIG advantage for our clients.)

As an example, The Belt Team has signed listings for properties in the following areas that are not on the market yet: Great Falls, VA and Vienna, VA.

In addition to this, top agents also have vast networks of contacts and can reach out to them on your behalf. Sometimes, people are not actively ready to sell their home, but when we reach out to them on behalf of a buyer who has targeted their neighborhood and who is already approved for a loan, it’s enough to make them consider a sale. And sometimes they actually sell – without putting their home on the market. We have sold a number of homes that way. And it’s a win-win for both buyer and seller.

If you would like to work with a real estate team who is creative, proactive and who thinks outside the box, contact The Belt Team at (703) 242-3975. That’s what it takes to make your real estate dreams come true in today’s market.

Our mission is “Changing Lives For The Better, One Family At A Time.” Is it time to change YOURS?

New Listings & Open Houses – Vienna, Oakton, Leesburg & Falls Church

$575,000 – 10393 Adel Road in Oakton – JUST LISTED & OPEN SUNDAY 1-3PM

Oakton Real Estate

This charming brick rambler sits on private .46 acre lot in the center of Oakton. Enjoy the natural setting on the large back deck that looks out on the beautifully landscaped back yard. Features include 4 bedrooms, 2 baths, wood floors, an updated kitchen with stainless steel appliances, Silestone counters & a sunny breakfast nook, delightful sunroom & a large lower level rec room with masonry fireplace.

Directions: From Vienna: South on Rt 123 to Hunter Mill. Right on Hunter Mill. Left on Hunter Ridge. Left on Adel to #10393. From Toll Rd: S on Hunter Mill to right on Hunter Ridge. From Rt 66 N on 123 to left on Hunter Mill Rd, etc..

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$1,200,000 – 204 Cottage Street SW in Vienna – OPEN SUNDAY 2PM – 4PM

New Home For Sale Vienna VA Cottage St

Enjoy a new design and excellent quality construction from one of Vienna’s oldest and finest builders, in the heart of “Downtown Vienna”. This delightful elevation includes Hardiplank, stone, and a charming porch feature. First floor guest bedroom/den with full bath. Six bedrooms & five full baths total. 9′ ceilings on all 3 levels. Designer kitchen opens to a fabulous expansive great room with gas fireplace & wall of windows. Coffered ceiling master bedroom with extra large walk-in closet & luxurious master bath. Basement will be finished to include 6th bedroom, 5th full bath & rec room. Madison HS Pyramid.

Directions: From Vienna Metro:  I-66 to Nutley Street; Right on Tapawingo; Left on Cottage. Or from Tysons: Maple Avenue to Left on Center Street S, Right on Locust Street, Left on Cottage St to #204.

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$585,000 – 801 Parker Avenue in Falls Church – JUST LISTED!

City of Falls Church Real Estate

LOCATION, LOCATION, LOCATION! So close to it all….downtown Falls Church City, Farmers Market, Metro & Parks. Walk to TJ Elementary. Beautiful lot. Light & bright &  recently painted. Features include 2 masonry fireplaces, a cozy second living room/family room, updated insulated windows, a private rear patio, an oversized separate garage (can be a 2 car garage) and extra storage. You can beat the Falls Church city lifestyle!

Call (703) 242-3975 for more info!

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$1,199,000 – 18511 Barton CReek Place in River Creek (Leesburg) – JUST LISTED!

Leesburg Real Estate River Creek

Beautiful Grand Botticelli model in sought after River Creek! Located on a rare private, wooded lot. Features include 6 bedrooms, 4.5 baths, refinished hardwood floors floors, curved oak staircase, custom molding & built-ins, gourmet kitchen with upgraded appliances, luxurious master suite, lower level rec room, custom window blinds/coverings throughout. Plus a 3 car garage, custom deck, porch and a patio with built-in grill & cooler!

Call (703) 242-3975 for more info!

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