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What? Multiple Contracts?

By Margaret Woda

Real Estate Agent with Long & Foster Real Estate, Inc.

June 18, 2009 03:52 PM

sold This is a lousy real estate market, right? That's what the statistics say... what the media says... what many consumers and agents say.

If that's the case, how come there were four contracts on one home that my clients wanted to buy on Tuesday? It was a beautiful townhome located in Piney Orchard, a planned community in Odenton, MD.

No, I don't think the market has turned around. I DO think the same qualities which always made some homes sell more quickly than others are still doing just that, even today:

PRICE & CONDITION

The home was in awesome condition and priced "right" - an unbeatable combination in any market. Gosh, I wish the owners of my listings would try it!

My buyer clients, who didn't get that popular townhome, are going to make an offer on another one tomorrow morning. Let's hope they have better luck this time.

_____________________________________________________

I love MD

Margaret Woda is a licensed Associate Broker in Crofton Maryland. She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County.

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Terry Chenier

Homelife Glenayre Realty - Mission, BC

Marharet,

Good for you; I'm getting reports from all over on multiples...maybe?

Jun 18, 2009 05:11 PM

Vickie Nagy

Coldwell Banker Residential Real Estate - Palm Springs, CA

Vickie Jean the Palm Springs Condo Queen

Margaret we're in a strong seller's market in many price bands in our local market. Multiple offers are the norm on well-priced properties here as well.

Jun 18, 2009 05:17 PM

Hannah Williams

HomeStarr Realty - Philadelphia, PA

Expertise NE Philadelphia & Bucks 215-820-3376

Margaret ..I have noticed that here also..thinks are looking up! thanks

Jun 18, 2009 05:43 PM

Mike Jones

SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ

Mike Jones NMLS 223495

Margaret,

It's wonderful to read good news. With interest rates bumping up again, we're seeing much stronger sales activity.

Mike in Tucson

Jun 18, 2009 05:52 PM

Ralph Gorgoglione

Metro Life Homes - Palm Springs, CA

California and Hawaii Real Estate (310) 497-9407

It's very diffucult for some buyers to make the transition now, that the market is not like shooting fish out of a barrel any more like it has been the prior 3 years.

Jun 18, 2009 06:42 PM

Cameron Novak

The Homefinding Center - 1000 Palms, CA

Real Estate Broker since 2008

Who told you this is a lousy real estate market? LOL

Cameron Novak
Corona Realtor
The Homefinding Center^TM
Corona, California

Jun 18, 2009 07:52 PM

Brian Block

RE/MAX Allegiance, Managing Broker/Branch Vice President - McLean, VA

Northern Virginia & D.C. Real Estate

Margaret, every offer I've written in the past 2 months has been involved with multiple contracts on the same property! This is especially true on REO properties, but not limited to there.

Jun 18, 2009 10:15 PM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Margaret-our current low inventory is forcing buyers to jump on anything decent. I think the price point is important as we are seeing loads of first time buyers in the lower price range who are being forced into bidding wars. Does this sound familiar to 2001-2004?

Jun 18, 2009 11:13 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Price and condition will always be the most imprtant factors with selling a property. I will throw in having a great Realtor for good measure as well.

Jun 18, 2009 11:30 PM

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

Price and condition, can we stress this too much? Nope. Don't think so.

I have not seen that here yet. I don't enjoy that at all, on either side of the coin.

Jun 19, 2009 12:03 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Margaret, me, too! Mine lost out because the seller was skittish about taking an FHA offer! Good luck today!

Jun 19, 2009 01:23 AM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Margaret: That is just great news to hear. Four offers on a new listing. Sounds more like a time-warp to me. It also sounds like you might be starting to have some fun being a Realtor again. How cool is that !

Jun 19, 2009 01:25 AM

Terry & Bonnie Westbrook

Westbrook Realty Broker-Owner - Grand Rapids, MI

Westbrook Realty - Grand Rapids Forest Hills MI Re

They say all Real Estate is local and check your market. One thing that is consistent get it priced right and have it in great condition goes across all markets.

Jun 19, 2009 02:40 AM

John Cannata

214-728-0449 http://TexasLoanGuy.com - Frisco, TX

Texas Home Mortgage - Purchase or Refinance

That's awesome Margaret that the market in your area is doing well. It makes a huge difference when the house is priced right and in great condition. Good luck on the next offer.

Jun 19, 2009 02:46 AM

Margaret Woda

Long & Foster Real Estate, Inc. - Crofton, MD

Maryland Real Estate & Military Relocation

Thanks for your comments, folks. We're starting to see this occur more and more in the Greater Crofton area, but it's the first time one of my buyers has encountered it in about 3 years. Homes that generate this much interest all have the same thing in common: great price and condition.

As a buyer-broker, I'm not convinced things have turned around just because of these isolated cases of multiple offers. For that reason, I'm still not ready to recommend making an offer over comps unless the buyer is well informed about market statistics. If they do make a decision to buy after reviewing all the data, it's their call and I'll help them do it.

Jun 19, 2009 03:17 AM

Gabrielle Kamahele Rhind

KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ

Broker/Owner

GOOD MORNING MARGARET! It happens here in Tucson as well - my Buyers are struggling with the multiple offer situations and I have only recommended once that they go over ask price -- and that was because the price was beyond "low". So you are so right - price and condition will always be the answer to selling a home! -- Gabrielle

Jun 20, 2009 12:22 AM

Jen Anderson

Exit By the Bay Realty - Chesapeake Beach, MD

Margaret, we are seeing it here in Southern Maryland as well! I hope your buyers find something this weekend.

Jun 20, 2009 01:09 AM

Connie Harvey

Pilkerton Realtors - Brentwood, TN

Realtor - Nashville TN Real Estate

Mornin' Margaret!

I was out with out-of-town buyers all day yesterday and we were discussing just that. Sales may be down, but those that are happening are the best as far as "PRICE & CONDITION".
Some things don't need to change. :)

Jun 20, 2009 03:53 AM

James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes

Real Living | At Home - Washington, DC

When Looking to Buy or Sell - Make the Right Move

I have run into a multiple offer situation about every 2 weeks since March. The good places really do attract buyers!

Jun 21, 2009 02:54 PM

Margaret Woda

Long & Foster Real Estate, Inc. - Crofton, MD

Maryland Real Estate & Military Relocation

James - You're right, they sure do! But try and convince a buyer that THIS property cannot be stolen at 80% of list price.

Connie - 'Good that you're having that conversation. I failed to do that.

Jen - Unfortunately, they're discouraged and have disappeared - I hope temporarily.

Gabrielle - That property was definately the best price/condition combination we saw, but it was still a surprise that there were four offers. I would not have been surprised at two... but four!

Jun 21, 2009 11:14 PM