Falls Church, Virginia - Selling Fast and with Multiple Offers!

This weekend when I was out with some new buyers in Falls Church looking at homes, we had to opportunity to see a brand new listing, 1 day old, on a great house. The listing agent had under priced the property by about $30-$40k in order to sell the house quickly...and that he did.
The house, sold "as-is" by the current owners, had 6 contracts in 2 days (1 on the first day).

This inspired me to look at some of the neighborhood numbers for Falls Church:

Of the 187 Sold listings since January 1st:
25 (13%) sold in 7 days or less62 (33%) sold in 30 days or less

Of the 252 listings currently under contract:
44 (18%) sold in 7 days or less98 (39%) sold in 30 days or less

Those are HIGH! I heard a great analogy for this market, and since I didn't come up with it - I can't take credit for it. Selling in this market is like:

"A price war in a beauty market"

What does your house have to offer a buyer? How much value does that give them over the competition? How quickly do you need or want to sell your house? Those are all important questions when getting ready to sell...