We're all aware of the sellers market that we're currently experiencing and we've watched its meteoric rise for the past 2 years. Inventory, at least in the DC Metro area, is at an all time low. Why, you might ask. By now homeowners should be relaxing a bit more about allowing potential buyers to tour their homes, but I'm sure there are still plenty of them that are skeptical. Sellers can clearly see that their chances of getting the most for their home comes in a market like this, but the inventory just hasn't rebounded yet.
That leaves us with a screaming-hot sellers market and you'd need a crystal ball to determine how much longer this will last. In the meantime, here's a piece of advice to all buyers who are trying to buy now (and, trust me, my heart goes out to you). Be very, very careful about placing an offer that's not contingent (conditional) on financing, home inspections, appraisal, etc. I recently heard about a buyer who lost a VERY healthy deposit because they backed out of a non-contingent contract and the seller was not amused, to say the least.
In other words, don't let this market tempt you to do crazy things. I always remind my buyers about the risk that they're taking and make absolutely certain that's what they want to do. Call me at 240-234-1000 or email me at jamie@gotagent.com. I'm more than happy to answer your questions about buying in this very challenging seller market.
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