We all agree in my office the real estate market has seen a noticeable bump in activity and a slight bump in price in the last 45 days.  Perhaps it is spring, or perhaps it is low interest rates, but who cares – we’ll take it!  Not all segments of the market are moving unfortunately.  It seems the “hot” activity is concentrated in the lower price point of each market category.  There are multiple mini markets in every market and all the buyers are on the trail of only a handful of very well priced homes.  Buyers would be wise to make offers on homes – even if they don’t feel they are well priced – before the seller drops the price and the buyer has to then compete with three other buyers.

Multiple offers are common place for foreclosures and short sales throughout the area.  A recent client of ours bid on a short sale with twelve other buyers in Centreville, VA (we won) – and another had a similar experience in DC.

It is too soon to call the end of the real estate recession, yet I suspect we will soon look back and determine the lowest point in the DC Metro market was October and November of 2008.

Tags: Foreclosures, home buyers, home sellers, multiple offers, Real estate market, short sales
Posted on Tuesday, April 14th, 2009 at 8:00 am. Follow responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.