Several recent news reports have said that more and more homes are receiving Multiple Offers.

In fact in an article in USA Today says that 1 in 10 homes have Multiple Offers.  These multiple offers are happening in the first few days of being placed on the market.

Now it is true that home prices are down - however a sure sign of the bottom of the market is when buyers are competing for listings.  In fact 2 of the buyers I am working with right now (and 1 last month) were all working with multiple offers.  Another buyer finally got an offer stick; after losing out on 4 offers by being out-bid (and he was offering over full price each time).

Nationally; most of the Multiple Offers are on Foreclosed properties.  Although in some areas, like a few popular DC neighborhoods, are seeing multiple offers on "normal" sales.  (I have had 2 buyers buying 'non-foreclosures' this spring that were multiple offers).

In Washington DC's, farther-out suburb city of Woodbridge, (and neighboring Prince William County); there is a huge number of foreclosed homes.  Prince William County is now seeing a huge spike in home sales.

The Virginia Association of Realtors says home sales are up 75% for the 1st quarter over last year.  READ THE NEWS STORY

Buyers: If you see a great deal - you will lose if you wait !

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016