Almost half of the homes our metro Washington, DC clients bid on in June had multiple offers. Our Washington, DC area agents presented 76 offers to listing agents and 37 of those, or 49%, were on homes with multiple offers, down from 61% in May.
“We’re seeing a lot of multiple offer situations whenever sellers are competitively pricing their homes,” says Taylor Connolly, one of our all-star DC-area agents. “Quality homes that are priced right are getting a lot of offers, especially in Montgomery County, Northern Virginia and Northwest DC.”
When bidding on a home with multiple offers, it’s critical to put your best foot forward. “Buyers need to make their first offer a strong one to show they’re serious from the start,” advises Taylor. “You might not get a chance to counter if you start too low – sellers will just ignore your bid.”
Marshall Park recently helped clients buy a home in Loudon County with multiple bids. The clients had bid and lost on a few homes with multiple offers prior to finding a home they loved. To make sure the seller knew they were serious buyers, they increased the earnest money, shortened the timelines, didn’t ask for closing costs and got the home.
For more numbers, download the spreadsheet with the data on what happened in June.
Where are you seeing homes for sale with multiple listings?