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Home Buyers Face Multiple Contract Competition

By
Industry Observer with Retired

Home Buyers Face Multiple Contract Competition

Home buyers read about the bargains to be found in the national real estate market and are then shocked when they discover that they face multiple contract competition for the home they prefer.  This is the case with some properties in Montgomery County, Maryland. 

All prospective home buyers need to try to understand the local market as they enter the home purchase process.  An exclusive buyer agent that really knows the local market is a very important resource for a successful effort.  And, home buyers need to be prepared with a pre-approval letter in hand when they plan to use mortgage financing.

Stunned Home Buyers Find the Bidding Wars Are Back is the title of an article in today's issue of The Wall Street Journal.  It is good reading for home buyers and their agents.

Spring flowers are blooming.  Be sure to have your camera in hand to capture the special moments when you are out and about.

Kentlands Spring Blossoms IMG_7818

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Show All Comments
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Roy -

I agree I'm dealing with several bidding wars myself.  Times are changing or already have should I say.  If one hasn't bought a home NOW is the time before looking back and saying what if. 

Thanks for the re-post of our exploding lighter.  Good to get the word out there how dangerous lighters are when left in the hot sun or near a hot grill or stove!

Have a great day in all you do my friend.

John

Apr 27, 2012 01:38 AM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Roy, isn't it amazing how quickly our real estate market turned.  The inventory is SO low and, with the current interest rates being the lowest in history, it's no surprise - it just happened really fast.  

Apr 27, 2012 01:51 AM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Roy,

I saw the Journal Article this morning and I really don't mind asying to Buyers "I told yopu so"!!! Thanks for the update and if buyers are in the Gaithersburg area they need to see Roy Kelley immediately before prices go through the sky.

Apr 27, 2012 02:41 AM
Roy Kelley
Retired - Gaithersburg, MD

Good afternoon to all.  I appreciate your feedback.  Home buyers certainly need high quality advice in the current market.

Kentlands Spring Flowers IMG_7837

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Apr 27, 2012 02:51 AM
Diane Daley
Caron's Gateway Real Estate - Northumberland, NH

Multiple offers are never much fun,  not many have come out with all parties being really happy...

Apr 27, 2012 05:46 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

I rather have one bird in my hand instead of 3 up in the air...

Roy, have a nice weekend.

Apr 27, 2012 06:05 AM
Roy Kelley
Retired - Gaithersburg, MD

Home buyers and their agents need to be prepared for multiple contract competition.

Have a great weekend.

McCrillis Gardens IMG_5623

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Apr 27, 2012 11:11 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Roy -- as I have been telling my buyers -- generally speaking, real estate is all local and not national.   Multiple offers and often overasking price is definitely back in many parts of our market.    

Apr 29, 2012 01:10 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks, Michael, for your comments.  In Montgomery County, Maryland, home buyers need to be well prepared for multiple contract competition.  Cash purchasers with no conditions definitely have the advantage.

Azaleas, National Arboretum, Spring Flowers IMG_8970

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Apr 29, 2012 01:21 AM
Roy Kelley
Retired - Gaithersburg, MD

We are having another rainy day in Maryland. I hope you are enjoying a most productive week.

May 10, 2016 01:35 AM
Roy Kelley
Retired - Gaithersburg, MD

We have a sunny day in Maryland after an early dusting of snow. Have a great day and an outstanding weekend.

Mar 03, 2017 06:42 AM
Roy Kelley
Retired - Gaithersburg, MD

We have a chilly morning in Kentlands. This afternoon should be a good time to do some clean up work in our home garden.

May 10, 2017 06:08 AM
Roy Kelley
Retired - Gaithersburg, MD

It is sometimes a good practice to revisit old blogs and reblogs. We might even find some good ideas for new posts.

Aug 22, 2018 01:25 PM
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