My name is Victoria Ray Henderson and I am an Exclusve Buyer Agent with Buyer’s Edge in Bethesda Maryland. I work in the Greater Metropolitan Washington DC area. The housing stock in my area includes urban/suburban/rural properties. As of August 2013, the median price for a single family home in Montgomery County Maryland is $465,000. In the District of Columbia, the median price for a condominium is $410,000.
Here is an update on the housing market in the Greater Washington DC area during the month of August 2013.
In the period between August 1st and September 1st the single family market has been in a seller’s market mixed market because of high demand and low supply. Prices are generally going up. Sales volume is going up at a slower pace than this time last year. In this market, the challenges my clients and I work with are multiple contracts for a single home or condo. The advice I frequently give out is to have a strong contract with a solid earnest money deposit.
Condo sales market has been in a seller’s market because of high demand and low supply. Prices are generally going up. Sales volume is generally going up. There is not much difference between the condo and single family markets since there is high demand and low volume in both markets. So, with my condo buyers, I am advising them to have strong pre-approval letters and even adding personal letters to show their interest in the home.
Overall, my clients have experienced success in this market by having solid pre approval letters, well-written contracts and strong earnest money deposit checks. An earnest money deposit check shows the home owner a buyer is serious about purchasing their home. At times, my clients have won favor with a home owner by writing a personal note. One client couple loved an elderly couples garden and backyard. My clients are bird lovers and said they would enjoy caring for the garden. The home owners appreciated their intentions. We feel the letter motivated the owners to choose our contract over the other seven contract offers.
One more client success story; my clients toured a house prior to a scheduled Open House. We immediately contacted the listing agent expressing our interest in the home. Within the day, we submitted our pre approval letter and contract offer for the home. The home owners appreciated the prompt offer. They decided not to have the open house and began working with us. Fast and efficient work was the key factor in this success story.
How can I help you? I am an advocate for home buyers. No conflicts no confusion. If you are moving or relocating to the Greater Washington DC area, use my expertise to your advantage.
Exclusive Buyer Agent with Buyer's Edge in Bethesda Maryland
301.922.1677cell or 301.657.1475 office
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