I've been reading more of these stories every day, and just had to share. Brian Block of Northern VA & D.C. Real Estate works in the Arlington, VA area, but I've heard similar stories in markets across the US, and even right here in Raleigh.
In Raleigh NC, the price points most likely to have multiple offers are at $200K and under, but it's not unheard of for a higher price point in a prime location. And Johnston County's Parade of Homes has noted the highest attendance in the past 4 years!
Bottom line - offering 25%, 50%, or even 75% of asking price just isn't going to result in a sale. Most sellers have already adjusted their asking prices to reflect the differences in the market, and most homes are selling for at least 95% of these asking prices.
Have a great week...
It's 2009 or at least it is supposed to be. This week it seems like it could be 2004 at least in my little corner of the real estate world.
Here's a few signs of the changing market that I've experienced this week alone:
- 2 offers on my townhouse listing in Alexandria.
- 10 people taking my pre-licensing class -- they want to be REALTORS? (Don't they read the newspapers and listen to t.v. news? The real estate market is supposed to be horrible, remember...)
- Put a house on the market yesterday. Finished entering the listing into the MLS around 11 a.m. By 2 p.m., 3 agents had visited the property and one called me indicating she'd be writing an offer. Today I have another agent sending an offer as well. 2 offers in less than 24 hours on the market!
- In less than 12 hours after I announced it, 35 agents in my brokerage have signed up for a preview tour of an ultra-luxury condomium in Arlington.
- Yesterday, I attended an economic briefing by Dr. Stephen Fuller, Director for the Center of Regional Analysis at George Mason University. Following Ben Bernanke's lead, Dr. Fuller declared that the recession is officially over. He expects home sales and inventory numbers to come roaring back around March of next year.
The real estate market is dead. Business is slow.
I certainly don't think so.
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Brian is in a unique market area. When gasoline went to $3.50 a gallon, urban loving folks buying homes wanted METRO to commute to work in DC or the Pentagon. Arlington is well situated.
I am also in the metro-Washington DC area and real estate sales are booming, in the under $300K, under $350K and perhaps up to under $400K price ranges. The first time home buyer incentive plus the number of properties on the market as REOs or short sales from the boom here years earlier have driven this market. Unemployment is one of the lowest in the country since we are so driven by the government (I am a commercial Realtor and work with many many IT businesses who contract to the government). Homes here in these price ranges are selling over list price. WE are a unique market. Arlington, as Lenn notes above, is especially popular not only because of metro commute to DC but night life and restaurants.
Penny,
Yes, I see market activity, and good interest. I have held a couple of open houses on a listing over the last few weeks, and it feels good to see that all the attention is not from 1st timers.
The low end of the market out here -- which the experts define as under $500,00 -- has seen increasing sales for 13 consecutive months, and increasing or flat prices for 7 consecutive months. August figures seem to be late this month, but I expect them to increase those numbers to 14 and 8.