Pause To Catch Our Breath
It's national news at this point that The Market Is Back, and local news that some neighborhoods are seeing record prices, bidding wars, etc. This last week or so seems to have been a tiny bit slower (holiday? buyer fatigue?) so while we catch our breath, it's a good time to sort out a bit of what's happening.
- Some markets are way, WAY up. We are seeing bidding wars of epic proportions. Five, ten, even fifteen offers on good houses and prices skyrocketing. I was involved in one a few weeks ago where our client bid $175,000 over the asking price and was not even the second highest offer.
- Not ALL markets are on crazy white hot fire. A number of DC neighborhoods, notably Chevy Chase and Mount Pleasant, are so strong you'd see multiple offers on a dog house, but others, particularly outside the beltway, are taking more time to catch up. Walkability seems to be a key (to see yours check out www.WalkScore.com) as does price point: it's the market under a million that is driving the bus.
- Be careful with pricing. Anything that is overpriced is getting passed right over and long days on market are a real detriment in this youth driven, do it yesterday environment.
- Strong activity "in town" does and will have a ripple effect - expect to see prices rising in the outer suburbs later this year.
- Private sales are everywhere. I'm not talking about agents just selling their own listings, but many houses are going under contract with two agents, one representing the seller and another representing a buyer, prior to entry into the Multiple Listing System. While this practice is generally frowned on as rarely in the seller's best interest (open market forces tend to bring the best price) sometimes word gets out early about a house that's "coming on" and agents representing desperate buyers who have been repeatedly out bid call asking "what would it take?" Unfortunately, this means even lower inventory in an already slim market. Who you know - or your agent knows - really does make a difference
- In the very strongest markets, buyers are once again pre-inspecting, paying cash and waiving all contingencies. It's hard, but not impossible, for less well qualified buyers to win the bid in these situations. We know how to help you put your very best foot forward, don't be shy to give us a call if you're thinking of a move - we really can help you make it happen. We're happy to report that we've carried the day more often than not this spring!
- It's slowed down a bit but by no means is it over. The traditional Memorial Day cut off of our "Spring Market" seems to be a thing of the past. Just as last year, we expect to bounce through the summer months with some brief lulls followed by peaks of enthusiastic bidding and market appreciation. The good news: much less pressure to have your house ready for a short window of opportunity - there's still plenty of time to make a move.
Enjoy the summer!
Barbara, Tom, Marc and Susan
Nalls Home Partners
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