Multiple Offers, The new normal?

Posted by Vlad Dallenbach on Tuesday, February 19th, 2019 at 5:22pm.

We are working with a low listing supply. The Washington DC Metropolitan real estate market is moving extremely fast. In some neighborhoods, cities or zip codes some listings do not last more than a week.

DC Row-Houses for Sale

 All-cash, over list price, no contingencies offers are more and more common in our current real estate market. It is not a pleasant experience for home-buyers nowadays. Multiple offers situation, Highest and Best Offers, Escalation Clause, Bulletproof Contracts are some of the terms buyers are getting used to. Some searches are looking more and more like the movie " Mission Impossible"  these are some of these home-searches: 

Washington DC one bedroom condo in the price range of $ 300,000 to $ 450,000.
 
North Arlington condo 1 bedroom from $ 300,000 to $ 400,000.
 
Old Town Alexandria VA 1 bedroom condo $ 300,000 to $ 450,000.
 
Washington DC condo  2 bedrooms - 2 bathrooms from $ 400,000 to $ 600,000.
 
North Arlington condo 2 bedrooms - 2 bathrooms from $ 400,000 to $ 600,000.
 
Old Town Alexandria VA condo 2 bedrooms - 2 bathrooms $ 400,000 to $ 600,000.
 

 

Multiple offer situations in the Washington DC Metropolitan housing market are more present over the last couple of years. This is basically fueled by 2 factors :

*.- Low inventory of homes for sale.

*.- High level of buyer demand. 

 
 
 
 
DC Condos for Sale
 
It does not get any easier when it comes to row-houses or townhouses in DC, Arlington and Old Town Alexandria. The market has a very low supply of listings and some price ranges seem to have a big concentration of buyers for specific listings. Experts claim that we are working with a  1.7 month supply of homes on the market.To work in a healthy market we should be at a 6 moth supply of homes.  Some home-buyers like to search by themselves others rely on Buyer's agents to help them find the right home.  Patience is definitively needed to find the right home.  
 
Above Asking with No Contingencies is the norm of the DC Housing Market. Most offers have  zero contingencies; even the ones that were getting financing, remove the contingency. This heated competition in the market has made new construction an solid option for buyers, as the ability to select a home often six months prior to delivery, with more patience and a nicer pace.

 

Price, High to Low
62 Properties Found. Page 1 of 11

607 Oronoco St

ALEXANDRIA, VA
$6,250,000

MLS#: VAAX227794
6 Bed, 5 Bath
8145 Sqft, 0.49 Acres
Residential

Photo of Listing #VAAX233488

217 S Fairfax St

ALEXANDRIA, VA
$5,499,000

MLS#: VAAX233488
6 Bed, 6½ Bath
8030 Sqft, 0.23 Acres
Residential

300 South Union St #residence 1-303

ALEXANDRIA, VA
$4,495,000

MLS#: 1007521894
3 Bed, 2½ Bath
2885 Sqft
Residential

214 Royal St N

ALEXANDRIA, VA
$3,995,000

MLS#: 1000082347
4 Bed, 4½ Bath
6030 Sqft, 0.09 Acres
Residential

300 South Union St #residence 1-302

ALEXANDRIA, VA
$3,995,000

MLS#: 1007521920
3 Bed, 2½ Bath
2885 Sqft
Residential

301 S Saint Asaph St

ALEXANDRIA, VA
$3,950,000

MLS#: VAAX235654
6 Bed, 3½ Bath
6182 Sqft, 0.15 Acres
Residential

Price, High to Low
1 Properties Found.

1111 Oronoco St #127

ALEXANDRIA, VA
$399,000

MLS#: VAAX235900
1 Bed, 1 Bath
736 Sqft
Residential

 
 
 

 

Vlad Dallenbach | Associate Broker | TTR Sotheby's International Realty  |  C: 703.906.3236 | O: 202.871.8822

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