Bidding wars have been back in Fairfax County and in the Washington Metropolitan area for the last couple of years. Great job opportunities and an optimistic outlook for the region keeps well priced homes flying of the shelves!
Investors looking for rental properties are plentiful in the current market – likely discouraged by poor stock market performance and encouraged by rising rents and still great prices on low end condominiums.
We often have multiple offers and sometimes escalation clauses on homes we are selling. This is not the case in every neighborhood – the market is very local. In general, foreclosures have multiple offers on them – especially ones that can be renovated and ones without any major defects (leaks in basement, next to major highways etc.)
By being smart about price, marketing strategy and repairs/updates sellers can obtain multiple offers (and maybe even an escalation clause or two!) If you are thinking about selling or purchasing a home, please contact us and we’ll be happy to help!