In August, our agents presented 63 bids on homes for sales and 29 of them, or 46%, were on homes with at least one other offer.
Marshall Park, the #2 ranked buyers’ agent in metro DC, is seeing a lot of multiple offer situations especially Falls Church and Fairfax:
Right now, homes in the $250,000 – $350,000 range that are priced well and show well are getting a lot of attention from buyers and going under contract quickly. Anything that is still on the market in this price range over 30 days is either overpriced or it doesn’t show well.
In previous years, the real estate market has cooled as the summer winds down and school starts. We’re not seeing that in the DC region this year and Marshall believes there are three reasons for this:
- A lot of first-time buyers in the market hoping to buy before November 30th so they qualify for the federal tax credit
- Sellers have a better understanding of the market and are pricing their homes closer to market value
- Buyers have seen pretty much everything that’s for sale in their price bands and target neighborhoods, so when something nice gets listed it’s going to get a multiple bids
3 Tips For Buyers
Marshall has three pieces of advice for you anyone trying to buy a home in Northern Virginia:
- Know what’s for sale: so you’re ready to pounce when you see something you like.
- Bring your strongest offer: so sellers know you’re serious from the start. If you start too low, they might not even counter your offer.
- Expect to bid on more than one home. Right now, it’s taking most buyers 1 -2 failed offers before they win one.
For more numbers, download the spreadsheet with the data on what happened in August.
Where else are you seeing multiple offer situations?