Home > Blogs > Steve and Jan Bachman > Northern Virginia Realtors

Bidding Wars Return to Real Estate. Who Would Have Thought?

By Steve and Jan Bachman

Real Estate Agent with RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax

April 24, 2012 10:46 PM

Scrolling through the Active Rain real estate posts this morning, it seems like bidding wars have returned.

Robert Nichols agent in Massachusetts describes exactly what is happening in the Northern Virginia market place.

Local buyers who are slow to decide or offer below market prices on the good homes are not only losing...they are getting BLOWN OUT.

Homes are going to contract in days if not hours. (Just the good ones now...the ugly, poorly prepared homes still sit...lonely and ignored)

Yesterday one of our buyers offered signicantly above market price and above the comps on a beautiful property (he had previously lost 3 other offers)

We LOST. Again.

There were 7 offers on the property with 2 coming in with no home inspection, no financing and no appraisal contingencies! YO!

We haven't seen that since 2005 the peak year of real estate insanity.

Sellers are enjoying themselves and buyers are writing many offers that fail. The main reason? A five year low in available inventory.

Check out the drop in days on market in this one zip code for townhouses in the $300k-400k price range. The April/May numbers will be even less I predict.

Wherever you are in the country, make sure that you get the current local real estate story.

Good real estate agents can show you detailed market analysis down to the neighborhood level

Do not buy or sell in the dark. Get the facts.

Re-Blog

Comments(10)

Comment

Show All Comments

Sort:

Winston Heverly

Coldwell Banker Access Realty - South Macon, GA

GRI, ABR, SFR, CDPE, CIAS, PA

It is certain price points down here in S. Florida mainly under 250k, but especially under 80k.

Apr 24, 2012 10:34 PM

Roger D. Mucci

Shaken...with a Twist 216.633.2092 - Euclid, OH

Lets shake things up at your home today!

Wow, 7 offers on the property, almost unheard of today. Glad things are taking an upswing but sorry you lost the bid on this one too.

Apr 24, 2012 10:39 PM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

When a property is priced where BUYERS perceive value then and only then do we see multiple offers

John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Hi Steve and Jan-

Bidding Wars Return to Real Estate. Who Would Have Thought? Well it's real and it's happening as you and I both are experiencing!

Hope you both have a great day in all you do.

John

Apr 24, 2012 10:40 PM

Todd Hays

Exit Real Estate Professionals - Spokane, WA

The bidding wars aside, the increase in market activity is sure nice to see.

Apr 24, 2012 10:42 PM

Chuck Beaumont

Royal Lepage Binder Real Estate - Windsor, ON

Going The Extra Mile...

What an encouraging article considering the doom and gloom that was so prevalent just a few short years ago. Thanks for sharing. Cheers!

Apr 24, 2012 10:51 PM

Lisa Hicks

Hoang Realty - Augusta, ME

Serving Central and Southern Maine

Good news for your real estate market. Things are picking up here in Maine, too.

Apr 24, 2012 11:15 PM

Steve and Jan Bachman

RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA

Realtors - Northern Virginia

Winston, we have to show the same night a good home comes on. If not it will be too late. Crazy.

Roger, the under $350k range here is smokin' hot. Almost nothing for sale anywhere that's good.

Doug, the $500k and up homes further from the city are not flying off the shelf BUT their days on market are dropping too. Steady demand with so little inventory is making sellers smile.

Apr 24, 2012 11:26 PM

John, folks who bought 2004-2006 still cannot sell without going short. That is one reason for the low inventory. So many folks bought at the market peak here that it will be years befor than can sell and not lose money.

Todd, it's great for sellers who took a beating from 2006-2009. Market bottomed then and has recovered nicely.

Apr 24, 2012 11:29 PM

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

Steve...The last 3 offers last week were multiple and 2 of my clients were abovelist, 8% and 10% and we did not get the bid. The 10% was CASH and NO contingencies!

Bidding Wars Return to Real Estate. Who Would Have Thought?

Comments(10)

Hi Steve and Jan-

Bidding Wars Return to Real Estate. Who Would Have Thought? Well it's real and it's happening as you and I both are experiencing!

Hope you both have a great day in all you do.

John

Steve and Jan Bachman

Service Areas

Real Estate Resources

Recent Posts

Additional Information