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Who Said the Market is Dead?

By
Real Estate Agent with Coldwell Banker Residential Brokerage

Still think the market is dead and no one is buying a home? Think again!

 I sat on an open house this past Sunday in Chevy Chase, Md. near the DC line. The home belonged to an agent in my office so she asked me to sit for her. The home had been nicely renovated about 12 years ago and the landscaping was beautiful.

They listed the home just slighly below what they thought it was worth in a effort to get alot of feet in the door. Oh did I mention it was over $1M?

I opened the home at 1pm on Sunday and the feeding frenzy began. I could not even keep track of the number of people/parties that came into the home, stayed for hours in some cases and wanted to buy this house.

There was so much interest prior to the open that the owner/agent decided not to take offers until the Tuesday following the first and only open. I personally had the opportunity to write 2 offers for this home from open house guests that did not have agents and fell in love.

There were 17 offers in all and each one escalated well beyond the $1M list price. Offers came in all shapes and sizes. From conventional financing, to free rent back, to buyer paid closing costs to all cash and no contingencies! I had the highest offer but the contingencies became the deal breaker.

I guess it is safe to say, in the Washington area anyway, that great houses  - priced right are still very much in demand!

 

 

 

Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Judy last check this country is one big land mass. Lots of markets within markets and no two the same. Small rural markets are moving tons of land, and the homes are so low cost, the quality of life is high, crime low. Many brokers like Maine are having the best year ever. And when someone starts whining about how bad it is where they peddle property..sorry but please don't make buyers nervous giving the impression like the media that it is this way everywhere. It is not. Good post.

Oct 28, 2010 11:21 AM
John Howard
Century 21 LeMac Realty - Mountain Home, AR
GRI, Mountain Home, Arkansas 870-404-3614

Judy,  Sounds like fun to me!  Glad to see your market is heating up.  Setting....standing actually, an open house Saturday...Hope mine is as good as yours was!

Oct 28, 2010 11:21 AM
Vito Boscaino
Parker Realty Associates - Dublin, OH

As the Government grows (out-of-control) so do the housing needs in the same locale.  Now if only private sector jobs that actually create value were increasing.  Better enjoy the market dynamics while you can.  My guess is you just might see a reversal starting on November 2nd.

Oct 28, 2010 11:36 AM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I have seen a great surge the past month as well!   Last week I got 2 offers written and accepted...and 2 of my short sales bank accepted!   I think that there are plenty of buyers out there...but we have to coax them out of the woodwork!   how exciting for the agent owner to have so much activity!!1

Oct 28, 2010 11:57 AM
Cindy Westfall
Premiere Property Group,LLC Portland Metro & Suburbs Oregon - Tualatin, OR
ABR,GRI Your Tualatin & Portland Metro Real Estate

Hi Judy, now that was certainly not a wasted day doing an open house! Love it that you were able to write up two offers for this home. It sounds like they didn't get accepted but hopefully they will continue to use you to find the right homes for them. From the Sellers side, because their listing agent asked you to hold an open house, one would think of the 17 offers they now have accepted one. Good job! and great to hear. 

Oct 28, 2010 03:14 PM