Well summer is halfway over….somewhat. Ever since the first time home buyer credit expired in April the market has been VERY slow. It has definitely picked up a bit and I am anxious to see numbers for this summer compared to last summer but I still think we are down and things are still fragile.
My biggest concern at this point is lack of inventory which definitely seems to be driving price up due to the principles of supply and demand. Inventory has been stale for a while now but it seems to have really hit bottom recently. Yes new properties come up all the time but in my opinion not enough to meet the current demand. This ends up causing a very difficult situation where if a property is priced right it could cause a bidding war and thus go above its original list price. We are seeing this a lot! So lesson to be learned: If you love a house and its only been on the market for a few days, don’t hesitate. Write an offer quickly and submit it quickly! Also offer list price or risk losing the property in a bidding war. Don’t get pissed at your agent if you miss out on the property. There are a ton of disappointed buyers out there because of the current market conditions. If you put your best foot forward on an off then it is what it is!
Then again…..if you have 9 million to spare and don’t mind moving outside of DC, the biggest house in Montgomery County just came on the market. It is being marketed as a palace and wow is it incredible. Over 200 windows alone in this house! Its insane. Check it out by clicking here.