Buyer's Market? More like Bank's Market!

By
Real Estate Agent with RE/MAX Executives VA0225060364, MD638478

For the past 3-4 weeks, I've been driving my buyer clients around, searching for homes in the $300,000 price range and below.

Time after time, what I am encountering is this: "multiple contracts" or "multiple offers", "highest and best", "no more showings". And most of these properties with these remarks are showing as "Active" listings.

For example, a simple search (3PM Eastern) for Detached homes in Springfield, VA priced $260,000 and below yields 11 properties. Six of them are short sales. The rest are bank owned. Two of the short sale listings indicated there were contracts either being reviewed or that they were only accepting back-up offers. One of the bank-owned property's remarks indicated final signatures on their contract was forthcoming.

Of the listing agents that I was able to reach, all indicated that they in fact had already received at least one offer on their property. I suspect that the rest will indicate the same. So effectively, there are no fully  available properties in this price range in Springfield. The only difference between this market and that of 2001-2003 is the status of the owner.

This is no longer a Buyer's Market. Its a Seller's Market, or more accurately, its the Bank's Market!

The keys to success are this:

  • Be diligent in your search for a home. Get a Buyer's Agreement so that your agent can search FSBO homes for you also.
  • Be prepared to act quickly. This means have your pre-approval from the bank already completed.As soon as a property comes on the market, go see it. And be prepared to write a contract on the spot.
  • Have the necessary cash for your downpayment. Or if you're doing 100% financing such as with VA, be sure you have enough cash to close.
  • Have patience. You may have to write several contracts before you finally get the house you want.
  • Be prepared to compromise. Bank addendums can be a deal killer if you don't go with what is contained in them. Banks want to relieve themselves of all liability. Be prepared for a one-sided deal. Banks in a short sale are giving some concessions, but be prepared for none.
  • Choose a REALTOR that has experience in this market and knows how to write winning contracts.
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Cathy Valdiviez Baumbusch, REALTOR. Licensed in VA, MD, and DC. 

Red Dress Realty at RE/MAX Executives

DIRECT: 202-630-2MOV 

8442 Old Keene Mill Rd., Springfield, VA, 22152

2704 Richmond Highway, Alexandria, VA 22301

Cathy has lived in the DC Metro area since 1996. She currently lives in West Springfield, VA. Licensed since 2001 and serves clients in Virginia, Maryland and the District of Columbia.

Cathy's service area includes Fairfax County, Alexandria, Arlington, Falls Church in Virginia and Prince George's, and Montgomery County in Maryland., and of course. 

Cathy has an excellent track record getting short sales approved and closed. Cathy can also facilitate buying and selling real estate anywhere in the world. 

Cathy is a VHDA Certified Trainer and she has taught classes on buying short sales, HUD homes, and foreclosures and social media marketing classes through Fairfax County Public Schools Adult and Continuing Education Program. 

Cathy is a retired Army Reserve Major and an accomplished singer with a rock band. She resides in Springfield, VA with her dog and cat.

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Comments (1)

Anonymous
Marcia Burgos ReMax Allegiance

Rock on Cathy!  Thanks for putting it all out there!

Apr 17, 2009 08:41 AM
#1