Urban Premises, LLC
R Scott Mattingly,
Long and Foster
In this climate, buyers have to submit their highest and best at the onset and unless the property is vastly overpriced, buyers will have to come in over asking and restrain from asking for closing help.
The above is true for most, but not all, areas in DC metro. Not sure how much longer things will be like this but I know that the market will calm down at some point.
In DC Metro area we do see multiple contracts on properties that are well priced in desired locations.
As to over bidding that is relative to the list price. If it is at the fair market value, the price is on average around the asking price, but the sellers end-up choosing the buyer that is best financially positioned and the one with least contingencies, if any.
The current trend is rally making it hard for the 1st time home buyer, or the purchasers usingVA, FHA or any 3-5% down payment programs. It seem that this trend is to continue for while longer unless more properties come to market.
BORIS MIRIC - Realtor Serving DCâ€“VAâ€“MD
Certified Investor Agent Specialist (CIAS)
Certified Distressed Properties Expert (CDPE)
Office: (202) 459-4700 | Fax: (202) 318-6520
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty