Home | Newsletter | Advertise
loading...

2005 Redux: Multiple Offers

  • July 27th 2009

by Will Smith

✉️ Want to forward this article? Click here.

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.

2005 Redux: Multiple Offers: Figure 1
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: dc condos, dclofts, maryland condos, northern virginia condos

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

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. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse