Home > Blogs > David & Lisa Webber > David & Lisa 's Blog

Multiple Offers in this Market? YES!

By David & Lisa Webber

Real Estate Agent with RE/MAX Executive

June 01, 2008 08:55 AM

I know the market is supposed to be bad but there are actually still multiple offers coming in on well-priced homes. We were showing a family a beautiful home over in the Manors Of Crofton neighborhood in Crofton last week. It had been listed at $569,000 and they decided it was time to sell so they made a dramatic price drop to $499,900. This was during a weekend when they held an open house and they had a ton of interest, several disclosure requests, and 2 written offers with ESCALATION CLAUSES. Our clients decided to move on to another home as some people don't want to fight over houses in this market.

The same week I had another client out, ready to write an offer on either of her two favorites and by the time the weekend was over, both had contracts on them! Good news for serious home sellers is the selling market is here in full force. And home buyers, if you are ready to buy, learn the prices in the neighborhoods where you are looking because when a home gets into that magic prce range, it WILL get an offer quickly. Don't forget, many sellers in this market are expecting to negotiate so even if the price is higher than you planned on spending, don't be too shy to make an offer. Or go see it in person and keep an eye on it because the seller may get motivated and do a big price drop so you'll want to be ready to POUNCE!

Happy House Hunting!

*************************************************************************************

To list your property for sale or to purchase a property in Maryland, call Lisa & David Webber, ABR, Licensed Realtors®. For more information on our services, please visit our profile or our website.

To view all the Maryland Homes For Sale Click here and then click on Property Search on the left hand side. We know Anne Arundel, Howard, Calvert, Charles, Baltimore, and Prince George's Counties and look forward to the opportunity to serve you.

Comments(4)

Comment

Show All Comments

Sort:

Margaret Woda

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

Maryland Real Estate & Military Relocation

Another good sign - I couldn't get an appointment with a home inspector for a week, after I sold a home last week... 'Called two different home inspectors, and they both were booked solid. I was thrilled, because that means a lot of homes sold recently.

Jun 02, 2008 08:05 AM

David & Lisa Webber

RE/MAX Executive - Crofton, MD

www.webberteam.com

That's wonderful to have busy home inspectors! I showed another one in Crofton to a first time buyer and they already had 2 contracts in hand when I called for disclosures. Sigh. We may be looking for awhile longer!

Jun 07, 2008 01:49 AM

Lewis Poretz

Apex Home Loans - Annapolis, MD

Business Development Manager

Ok guys let's keep everything in perspective here.

Yes - The last 3 purchase transactions i have worked on all had multiple bids. Let's look a bit ddeper. These 3 transactions involved houses that were priced extremely aggressive. Two of the deals, even though they had multiple offers, involved offers that were all under the listing price. Home inspectors and appraisers are backlogged because many of their counterparts have left the business.

I think this shows us that we see the bottom. We are not there, but we see what the market will bear. I still believe that the next 6 - 12 months will be more difficult than we have ever seen before. I just read in the Washington Post that houses in this area could be worth 50% of their 2007 value. 50% !!! That to me is a devastating figure....

Jun 21, 2008 08:07 AM

Yes, I agree with you to a point.

Home prices got crazy for awhile, 2006 seems to be the high in most neighborhoods around this area. 2007 prices started sliding. The homes that are selling are ones that belong to sellers who have had their homes for longer than 2 or 3 years - these sellers have equity in their homes and are able to sell and get a check at settlement. The only ones that are in trouble are those who bought or refinanced in the past 3 years or so. Yes, that is a large number and yes, those short sales and foreclosures are adding to the inventory.

In both of the two cases I was referring to, the sellers had owned their homes approximately 10 years and priced at todays market value, got multiple offers and are making a ton of money on their house sales. Sellers that can't get over the fact that they did not choose to sell in 2006 and have their houses listed at 2006 prices are the ones that are not happy and feel that they "lost money", when in reality, they did not. UNLESS they bought in 2006 and have to sell now, then they will lose money. The only way that was real money is if you happened to sell in 2006 - just as if you invested in the stock market. Stock values go up and down - if you sell when they are up, great, if you sell when they are lower, well, that is the chance you take. Unfortunately the housing market is going through a correction in a similar way.

Listing price doesn't necessarily reflect market value so just because the offers came in "below list" doesn't mean that they should have been listed at that price to begin with.

You gotta love the media - still trying to scare people into believing that real estate values are going to "plummet". One thing I do know is this is the best market in YEARS for buyers. I was able to get a single mom into a great home here in Crofton, a bank-owned foreclosure, when she has not been able to purchase the last few years.

Anyone buying now that is planning on living in their home for awhile should look at home values historically and they will notice that they have gone up substantially over time. Homes are not something that should be "flipped" or speculated in by inexperienced buyers or they may get burned. All that "speculation" is what screwed up the housing market, but it will come back around once excess inventory is sold off. Good thing for us in this area, BRAC is around the corner and that will help absorb some of the excess throughout the next couple years.

It's a great time to be a buyer!

Jun 23, 2008 11:49 AM

Multiple Offers in this Market? YES!

Comments(4)

David & Lisa Webber

Service Areas

Recent Posts

Additional Information