This March and April, there has been a big increase in the number of multiple contract sales in NW Washington, close-in Bethesda and Chevy Chase, and Arlington and Alexandria in Virginia. This means that when a new listing hits the real estate market, there is so much demand that more than one buyer is stepping forward with an offer. It's not unusual to get two to three offers on a new listing, and if the property is priced very reasonably and in a great location, there could be anywhere from six to12 offers. No kidding!
The increase in the occurrence of multiple offers shows how strong this developing market is becoming. Charting the recession and recovery in our market shows that we hit bottom in late 2009 and have been improving ever since, with 11 out of the past 12 months showing an increase in prices. So, buyers, if you have been waiting for the "bottom", it's already past us. We will most likely see more price increases, especially between now and July. So, the waiting game is over. Get out there while there are still some good buys... and while you won't be in competition with other buyers for every single property that is desirable.
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