Multiple Offers Are Back and Low-Ball Offers Are Out!

The Wethman Group is pleased to announce that Pamela Alcantara has joined our office staff as a Client Care Coordinator! Pamela joins us having over seven years of real estate experience and is licensed in VA and MD. She holds a degree in Economics and is a native of Lima, Peru. We at the Wethman Group are thrilled to have her on board, especially during this HOT Spring market!

In local market news, contracts are up, inventory is down, and there are multiple-offer situations in many neighborhoods and price points. I’ve even seen the return of “pre-offer” inspections and “as-is” offers! More than half of the new listings in Arlington last month sold in the first 30 days. Even the Wall Street Journal noted that home buyers are stunned that bidding wars are back, and, according to the Washington Post, low-ball offers are “counterproductive.”

What’s driving the surge? Buyers are feeling the panic of low inventory, rising rents, and low interest rates, with CNN/Money noting, “Buying a Home Won’t Get Much Cheaper.”

On a related note, this article in SmartMoney is an excellent one—Why US House Prices Won’t Recover argues that, in major markets, prices are back to 2002 levels, and over the long run the appreciation of houses is always zero after inflation. Instead of return, it states, buyers should focus on functional value, and right now there is enough of that to make buying a good deal. My long time readers know that this is an important point captured in my favorite rent vs. buy calculator, put out by the New York Times.

Our first “WE Give” charity fundraising dinner was held last week at Restaurant 3 in Clarendon, and benefited Operation Second Chance, a non-profit that works to help disabled soldiers. We are pleased and proud to have sponsored this event, where 40% of the bill was donated to the cause by sponsors. If you would like to dine out for a cause, our next event is Monday, June 18 at 7 pm. All you need to do is make a reservation with “WE Give” and 40% of your bill will go to a local non-profit.

If you know someone looking to move, please contact us. And if you’re thinking of selling, we’ll be happy to provide you with a free market analysis of your home and review of statistics in your local neighborhood.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *