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.
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.
This article originally published at http://dc.urbanturf.com/articles/blog/2005_redux_multiple_offers/1175
Most Popular... This Week • Last 30 Days • Ever
The Somerset House, an 84-unit building at 16th and S Street NW, is converting from... read »
One of UrbanTurf's most popular features is Pipeline, our database of multifamily... read »
Political consultants Mary Matalin and James Carville purchased a 5,000 square-foot... read »
The trouble with open-concept kitchens; the elusive million-dollar home; and a NoMa... read »
Real estate investor and Washington Post contributor Justin Pierce says flipping... read »
Eataly has signed a letter of intent for somewhere in the vicinity of 30,000 to... read »
Small living is about to take on a whole new meaning on one of the city's hippest... read »
An oversupply of apartments and an undersupply of condos can't be fixed by... read »
A new Zillow study examined affordability by zip code in the country's top metros.... read »
How much does a deeded parking spot run you in the District? And what about renting?... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting... read »
President Obama travels to Denver this morning to sign the stimulus bill that has... read »
At Wednesday night's ANC 2F Design Review Committee meeting, developers presented... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We’ve collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!