With all the bad news about the housing market, it may come to as a surprise that the Washington DC areas home buyers may run into a bidding war. It has been happening more frequently lately. I wrote an offer on a property in Germantown, MD and there were 10 other offers on this property. The properties that are price slightly lower than market and is in good condition is likely to get more than one offer. One of things I've also noticed is there is a shortage of properties, good properties, priced right.
I actually had a buyer say to me today, "I thought it was a buyer's market". I explained there's a shortage of good properties at good prices. She mentioned she was on the computer a long time last night looking for properties and couldn't find anything that she was looking for.
Today’s bidding is not the same as it was a few years ago. It was easy to get a loan then. With today's strict lending guidelines, buyers have to be sure they are able to get a loan if are going to bid over the sale price.
So yes, it's great news to see multiple offers on properties. The Real Estate market will help move things in a positive direction for our economy.
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