Mount Pleasant Real Estate Market

[Anonymous]

Recently got our offer rejected to an all-cash buyer. There were 13 (!) offers total. Curious about a few things.

Sellers in Mount Pleasant/surrounding area:

-How many offers did you receive?
-Of those, how many were all-cash?
-How did you decide on which offer to accept?

Buyers in Mount Pleasant/surrounding area:
-How many offers did you put in until one got accepted?
-What do you think your winning strategy was to make the bid appealing?

[Anonymous]

If you’re not cash, and if you have any contingencies, you’ll need to be considerably higher than competing cash offers. This is a few years ago in Adams Morgan, but we passed on a $25k higher offer because of the financing contingency - we didn’t think the appraisal would come through. So we went with the lower, cash offer. There were twelve. That’s the nature of the beast for that market.

[Anonymous]

Sorry! We bought in Mt Pleasant 3 years ago, so this might be out of date. Offer was after school got out in June. There were only 3 offers, which realtor was shocked by. This was our first offer in Mt Pleasant, but at least our 3rd offer in NW.

Winning “strategy” was just timing luck. We waived inspection and loan qualification. Offer was not cash. We were about 10% over list, but the list price was pretty high for the recent comps.

[Anonymous]

you're realtor should know this, either from direct experience or calling contacts. ours would find out what happened on all the houses we saw, even if we didn't put in an offer. sometimes she couldn't get the exact sale price before it closed, but we learned pretty quickly what we needed to do. we were looking in another neighborhood, but I would imagine that Mt Pleasant is similar - if anything more competitive for the very nice properties

[Anonymous]

This would be a good example of a recent Mt Pleasant sale. https://redf.in/qZcAzL

Listed for $1.249, sold for $1.325, and it is on the smaller side compared to some other rowhomes on that block.

For Mt Pleasant I would be prepared to offer well over asking, waive contingencies and make sure you are using an agent who has experience winning successful offers in Mt Pleasant.

[Anonymous]

Anonymous wrote:This would be a good example of a recent Mt Pleasant sale. https://redf.in/qZcAzL

Listed for $1.249, sold for $1.325, and it is on the smaller side compared to some other rowhomes on that block.

For Mt Pleasant I would be prepared to offer well over asking, waive contingencies and make sure you are using an agent who has experience winning successful offers in Mt Pleasant.

And it was listed 1.5 weeks before Christmas which is usually not a great time to list…but it didn’t matter.

[Anonymous]

I'm surprised the market there is still hot given the potential school boundary changes.

[Anonymous]

OP here. Thanks for the replies! Our offer waived everything + had an aggressive escalation clause, but it just couldn't beat the cash offer!

[Anonymous]

Anonymous wrote:OP here. Thanks for the replies! Our offer waived everything + had an aggressive escalation clause, but it just couldn't beat the cash offer!

Some sellers care more about cash offers than others, so it’s not a lost cause.

You can get a house with your current strategy in Mount Pleasant but you will need to be willing to have a potentially long and flexible timeline where you keep at it until it works.

[Anonymous]

Anonymous wrote:I'm surprised the market there is still hot given the potential school boundary changes.

The potential school boundary change only affects Harvard, Hobart, and half of Irving. Bancroft will remain in the Deal-JR pyramid. DME isn’t currently considering any proposal that would remove it.

[Anonymous]

The non updated Mt Pleasant homes get less offers and are easier to win. The ones with the 1970s-1990s bathrooms and kitchens

[Anonymous]

OP again-- we ended up getting a Mount Pleasant house off market. Thanks for everyone who provided advice!

[Anonymous]

That's wonderful!!! Welcome neighbor!