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Old 03-19-2011, 06:19 PM
 
5,121 posts, read 5,534,783 times
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Ugh!

I found two houses I like and went to make bids on them. The first one was on the market 2 days... just 2 days! They wouldn't even hear my bid, they had multiple offers. The other one was on the market a week and is now contingent (also as of today). And to top it off, there is no spring/March volume of housing (at least not what I am looking for anyway). People need to sell there houses so I can buy one

Anyone else running into these problems when house hunting? Or am I just having bad/weird luck?
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Old 03-19-2011, 06:28 PM
 
427 posts, read 935,845 times
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I actually read an article earlier this week saying that a lot of buyers are running into the exact same situation. It said that the main reason being that people were not willing to sell their houses for losses, so the inventory was lower.
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Old 03-19-2011, 06:35 PM
 
Location: Chapel Hill, NC, formerly DC and Phila
8,555 posts, read 12,624,466 times
Reputation: 8315
I met a woman in line last weekend who told me the exact same thing. She said all of her friends told her it was a buyer's market. She said to me, "Yeah, right!" She said she looked at some old, needs-a lot-of-work-rambler that went for over asking price. They finally found a house by keeping on top of the listings, and finding it within minutes of it being put on the MLS. She said after they looked at it/bid on it, there were a bunch of other lookers/offers right after her.
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Old 03-19-2011, 06:42 PM
 
Location: Fairfax County
1,534 posts, read 3,316,397 times
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My friend sold his his house the day of the first open house (2nd day on MLS) -- and he had five offers, with the winning bid over asking price.
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Old 03-19-2011, 07:04 PM
 
Location: Alexandria, VA
11,371 posts, read 20,168,571 times
Reputation: 16349
We've tried telling people that it is NOT a buyer's market here (someone was trying to say buyer's need to hold the line or some such). Prices are lower than they were several yrs. ago but people are not going to give homes away and buyer's need to be aware of this.
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Old 03-19-2011, 07:15 PM
 
Location: VA soon to be NC
1,111 posts, read 2,048,331 times
Reputation: 587
This is good news to me.
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Old 03-19-2011, 08:25 PM
 
Location: MID ATLANTIC
7,724 posts, read 18,532,379 times
Reputation: 8382
By the time you hear about the market shift, it's old news....We've been in a tough market for buyers since the beginning of the year. With the increased FHA mortgage insurance staring us in the face, the race is on to find a home before April 18th! While it's not a buyer's market, it's not all a seller's market either. The homes that are selling are competitively priced and aren't short sales. We've seen some contracts even strike out the appraisal clause and home inspections for informational purposes only. The ones that aren't competitively priced are trying to squeeze out every nickel, they are so close to or are upside down. Of course, appraisals on those transactions are a joy (and low). Watch for the homes that come back on the market and find out why.

The OP has probably learned lesson #1: See a home you want? Get your agent to check comps and bid on it, now, Don't treat it like a short sale and try to get rock bottom price.
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Old 03-19-2011, 08:30 PM
 
Location: Virginia
8,106 posts, read 12,650,905 times
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This is what we experienced in the spring of '09. Our house in PW County had a contract for just under list price the day it went on the market. We were outbid on a house in Springfield. The house we ended up buying we put an offer in on the day it went on the market. We went 9k over asking and asked for the same amount in closing. The seller had two other full price offers the same day.
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Old 03-19-2011, 08:46 PM
 
1,592 posts, read 3,082,661 times
Reputation: 1152
This is really not surprising. Just look at all the daily threads people post in this forum saying they plan to move here. NoVa's in big demand. Thumbs up to all you posters who've encouraged people to choose Virginia over Maryland, lol.
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Old 03-19-2011, 10:18 PM
 
100 posts, read 187,795 times
Reputation: 90
I am not in the market (yet), but I look at listings every single day. What I'm seeing is that competitively priced, updated houses go very fast--almost always within 10 days, sometimes within just a few days. Houses that linger are usually overpriced--and it's not always because the buyer is underwater; sometimes the buyer has owned for ages. They're just unrealistic.

And I agree that there seems to be low stock of desirable properties. Of course, many properties could become desirable to someone very quickly if people would just lower their prices!
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