Happy Friday, everyone! If you've been in the DC area, you know it has been hot. We finally have a little bit of a break from the heat wave. Perfect weekend to go check out some open houses!
Here's what this week's data for my brokerage is showing.
Competition is surging. 61% of new contracts had multiple offers. That's up from 50% last week. Those competitive properties averaged 1.6 offers each compared to 0.9 the previous week.
Buyers want more protection though. Last week, half waived inspections. This week, only 21% are waiving. 35% want full inspections. Another 35% opted for pass/fail inspections.
Pricing outcomes tell an interesting story though. 61% of buyers paid above list, up from 50% last week. Yet 30% negotiated below list, up from just 10%. Only 9% paid at list.
The market is splitting. Well-priced homes in great condition can spark bidding wars, while properties that need work or are overpriced sit longer and sell for less. These patterns vary significantly by location and property type though, which is why I'll break it down in detail on Market Monday.
Got questions? Call 301-564-3058 and remember, I'm here to help you love where you live.
Have a spectacular weekend!
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