2005 Redux: Multiple Offers

• July 27th 2009

by Will Smith

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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.

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.production.logicbrush.com/articles/blog/2005_redux_multiple_offers/1175.