2005 Redux: Multiple Offers

by Will Smith

Multiple offers on a home have become quite common in recent months as the housing market shows signs of stabilization and homebuyers cash in on the $8,000 tax credit. Stories abound of disappointed buyers that believe the market is soft enough that they should be able to get their property of choice without much competition.

image
This Eckington rowhouse listed for $328K.
Six offers later, it went for over $350K.

A couple weeks ago, a friend of UrbanTurf put in an offer on a two-bedroom condo in Shaw (listed for $349,000) just a few days after it hit the market. The property received multiple offers, and our friend lost out to a buyer who put up a larger down payment.

Local agent Jen Angotti posted on her blog last week about losing out on a 4-bedroom foreclosure in Eckington. Jen writes, “I was one of the 6 offers on the house because it was listed for a mere $327,750. That’s correct. 6 OFFERS.”

To put some statistics behind these anecdotes, online agency Redfin reports that last month half of the offers its agents made were on properties that received multiple offers. “We’re seeing a lot of multiple offer situations whenever sellers are competitively pricing their homes,” Redfin agent Taylor Connolly said. “Quality homes that are priced right are getting a lot of offers, especially in Montgomery County, Northern Virginia and Northwest DC.”

Is this 2005 all over again? Hardly, but the market has clearly tightened up for nice properties at good prices.

See other articles related to: northern virginia condos, maryland condos, dclofts, dc condos

This article originally published at http://dc.urbanturf.com/articles/blog/2005_redux_multiple_offers/1175

7 Comments

  1. Lauren said at 10:11 pm on Monday July 27, 2009:

    Oddly this agent doesn’t seem to be listening to her own message that competitively priced properties will go fast. I looked at her blog, and it seems like all of her listings are way over-priced (like a couple of 2br condos on Harvard St. in Columbia Heights for $575k and $625 ... originally listed for $700k and $750k! http://concretejungledc.blogspot.com/2008/10/new-listings-open-tomorrow-from-130-4pm.html

  1. Peter said at 9:11 am on Tuesday July 28, 2009:

    This is dead on. I have put in offers on three places in the last two months and each time have come up the loser. All were in the $400 to $500,000 range.

  1. anonymous said at 9:18 am on Tuesday July 28, 2009:

    We were in 11 multiple-offer situations (the Hill, Del Ray, Old Town).  In the first 10, we were outbid, and we bid the highest on our house.  We came in around $20,000 above asking price with an escalation to go higher.  We competed against two other bids, and there were eight others who offered to put in backup offers.

  1. Don said at 11:33 am on Tuesday July 28, 2009:

    Your last sentence says it perfectly.  The reason we’re seeing multiple offers on certain places is because the supply of WELL-PRICED units is so fantastically low.  A dimwitted buyer who wants to pay 50% more than a place is worth can choose from a billion places; those of us who want something that’s appropriately priced have to fight over just a handful of units.

  1. Mel said at 2:00 pm on Tuesday July 28, 2009:

    I too can vouch for the multiple offer scenario. I’ve been looking in Brookland. I competed with 2 other bids on a house (and lost). I now have another house under contract, but had to fend off two other offers.

    This all gives me some hope that prices won’t continue to crash after purchase!

  1. Jen said at 4:33 pm on Wednesday July 29, 2009:

    In response to Lauren’s comments about my listings:  Unfortunately, sellers don’t always listen to agents about the listing price.  I happen to agree with your assessment that the Harvard St. condos were listed too high at 750K and 700K.  It took time, a lot of effort and no offers to convince the sellers those prices didn’t work.  Welcome to the life of a real estate agent.

  1. Lauren said at 8:34 pm on Thursday July 30, 2009:

    Jen: Fair point that seller, not the agent, gets to set the price. I would be so frustrated to work with someone who had a complete inability to use data (comps) to make a decision on setting an asking price, so I tip my hat to you for your persistence.

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