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Multiple Offers are everywhere - at least in the DC Metro Area

One of my buyers; frustrated at the lack of inventory this summer; was excited to see several new listings hit the market over the weekend.

So we headed out early Saturday morning to start looking at properties.

She found a couple she REALLY liked. We talked about it - and she picked the best one. The home went on the market Friday afternoon.

I called the agent and she said; there were going to be multiple offers!

Well we made our best offer; as did several other people and the sellers picked another offer! Shoot! My buyer says; I saw something that came on Sunday - let's make an offer on that instead!

So I call the agent and guess what? They already had a contract. This property was on the market 48 hours.

48 Hours?! Pretty crazy!

It looks like in DC - if you have the right property at the right price -- it just may NOT be a buyers market anymore!

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

Posted by James Downing - REALTOR®,GRI, ABR - DC Real Estate on 09/23/2009 08:34 AM

Comments (3)

dc market

Originally posted at: DC Real Estate News: Multiple Offers are everywhere - at least in the DC Metro Area

This post has been included in District of Columbia Information

3 Comments on Multiple Offers are everywhere - at least in the DC Metro Area

SEP

What price range? I think things are brisk here in the $300K, maybe $350K price range and under. But you are right, multiple contracts, up to 10 and 15, has been the experience in my office in Northern Virginia.

Wow fabulous, sounds like back in 2006/2007 when buyers had to decide right then and we had everything ready and waiting for signatures still knowing we would have to compete against multiple offers by the end of the day. I'm starting to see inventory moving here, there have been a few homes that have multiple offers, but they are short sales. Best wishes to you in your competitive market.

Multiple Offers on almost every home in our western area of Prince William County, VA. A recent buyer finally, after 5+ contracts in multiple offers and not getting any of them, ratified a contract because the seller was a "real" seller and the agent had an open house as her entrance on the MLS. We were there 10 minutes before the open house started, met the listing agent and had a good strong purchase offer to her before the end of the open house. The listing agent told us she would present the offers as she received them and we were ratified the next day. My client was thrilled (and so was I) to finally to get a contract! After that, the listing agent told me she was being harrassed by other agents who said she "didn't leave it on long enough to receive multiple offers" and one agent sent over another offer and demanded she send it to the seller (after ours was ratified). The house was priced where the market would bear and our offer was strong. So if priced right in our market, a seller can sell very quickly and I agree, it just may NOT ONLY be a buyers market.

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