This is a lousy real estate market, right? That's what the statistics say... what the media says... what many consumers and agents say.
If that's the case, how come there were four contracts on one home that my clients wanted to buy on Tuesday? It was a beautiful townhome located in Piney Orchard, a planned community in Odenton, MD.
No, I don't think the market has turned around. I DO think the same qualities which always made some homes sell more quickly than others are still doing just that, even today:
PRICE & CONDITION
The home was in awesome condition and priced "right" - an unbeatable combination in any market. Gosh, I wish the owners of my listings would try it!
My buyer clients, who didn't get that popular townhome, are going to make an offer on another one tomorrow morning. Let's hope they have better luck this time.
_____________________________________________________
Margaret Woda is a licensed Associate Broker in Crofton Maryland. She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County.
Copyright 2006-12. All rights reserved.
DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
________________________________________________________________________________________
Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
FREE home search online (No registration required)
FREE home search APP for your iPhone/iPad (demo)
Check my references on Zillow
Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
Yep I'm reading about and seeing multiple offers all across the country - some forecast here are predicting another boom of sorts in the fall!
We're at that point in the market where realism has set in and some sellers are able to make it (multiple offers) happen with the right combo of price and condition. I'm seeing it too.
I wish your clients luck with their second offer. But you are right, attractive home with attractive price attracts multiple buyers.
Do your buyers know how fortunate they are to have you? Must have been a special property and well priced to have brought out 4 contracts. I had two contracts on one of my properties last week....a listing that has been on the market for 9 months...go figure. Good luck tomorrow morning.
Margaret - You just hit the nail on the head. This doesn't mean that the market is necessarily changing - price and condition ALWAYS rule the day.
Margaret - You are so right! Price sells homes! Nothing else! Used to be Location, Location, Location ... now it's Price , Price, Price!
Margaret - this so called 'terrible market' - it seems like every time this year that I have written an offer on an old listing - I hear 'great, there is another offer coming in today, too'.
Marharet,
Good for you; I'm getting reports from all over on multiples...maybe?
Margaret we're in a strong seller's market in many price bands in our local market. Multiple offers are the norm on well-priced properties here as well.
Margaret ..I have noticed that here also..thinks are loo
king up! thanks
Margaret,
It's wonderful to read good news. With interest rates bumping up again, we're seeing much stronger sales activity.
Mike in Tucson
It's very diffucult for some buyers to make the transition now, that the market is not like shooting fish out of a barrel any more like it has been the prior 3 years.
Who told you this is a lousy real estate market? LOL
Cameron Novak
Corona Realtor
The Homefinding CenterTM
Corona, California
Margaret, every offer I've written in the past 2 months has been involved with multiple contracts on the same property! This is especially true on REO properties, but not limited to there.
Margaret-our current low inventory is forcing buyers to jump on anything decent. I think the price point is important as we are seeing loads of first time buyers in the lower price range who are being forced into bidding wars. Does this sound familiar to 2001-2004?
Price and condition will always be the most imprtant factors with selling a property. I will throw in having a great Realtor for good measure as well.
Price and condition, can we stress this too much? Nope. Don't think so.
I have not seen that here yet. I don't enjoy that at all, on either side of the coin.
Margaret, me, too! Mine lost out because the seller was skittish about taking an FHA offer! Good luck today!
Margaret: That is just great news to hear. Four offers on a new listing. Sounds more like a time-warp to me. It also sounds like you might be starting to have some fun being a Realtor again. How cool is that !
They say all Real Estate is local and check your market. One thing that is consistent get it priced right and have it in great condition goes across all markets.
Thanks for your comments, folks. We're starting to see this occur more and more in the Greater Crofton area, but it's the first time one of my buyers has encountered it in about 3 years. Homes that generate this much interest all have the same thing in common: great price and condition.
As a buyer-broker, I'm not convinced things have turned around just because of these isolated cases of multiple offers. For that reason, I'm still not ready to recommend making an offer over comps unless the buyer is well informed about market statistics. If they do make a decision to buy after reviewing all the data, it's their call and I'll help them do it.
GOOD MORNING MARGARET! It happens here in Tucson as well - my Buyers are struggling with the multiple offer situations and I have only recommended once that they go over ask price -- and that was because the price was beyond "low". So you are so right - price and condition will always be the answer to selling a home! -- Gabrielle
Margaret, we are seeing it here in Southern Maryland as well! I hope your buyers find something this weekend.
Mornin' Margaret!
I was out with out-of-town buyers all day yesterday and we were discussing just that. Sales may be down, but those that are happening are the best as far as "PRICE & CONDITION".
Some things don't need to change. :)
I have run into a multiple offer situation about every 2 weeks since March. The good places really do attract buyers!
James - You're right, they sure do! But try and convince a buyer that THIS property cannot be stolen at 80% of list price.
Connie - 'Good that you're having that conversation. I failed to do that.
Jen - Unfortunately, they're discouraged and have disappeared - I hope temporarily.
Gabrielle - That property was definately the best price/condition combination we saw, but it was still a surprise that there were four offers. I would not have been surprised at two... but four!