Has the market softened?
washingtonblade.comI have seen more than a few emails come to my inbox with the words “price drop” and “price improvement” in the past few weeks.
It seems that the days of a listing getting multiple offers are maybe not over, but less frequent. And while yes, the interest rates are higher right now, buyers are finding more opportunities to put an offer on a house with contingencies, at a lower than asking sales price, to ask for closing cost help, or help with buying down the interest rate.
Some homes are even being marketed with these types of credits already being offered. Why is this important? Well basically there is a rare opportunity here, because in “normal times” the D.C.
area market is competitive. For the past seven years I have been advising my buyer clients that in some situations they may have to compete to get the home, which means doing such things as not having a home inspection, doing the home inspection before putting in the offer, asking to do a home inspection for information purposes only, having to escalate up above the asking price for the house, or closing in a shorter period of time than the usual 30 days.
