Insane offer deadlines in the suburbs

[Anonymous]

This was the norm in Bethesda even pre-covid. Our realtor often encouraged us to make a bid prior and ask the sellers for a 24 hour answer. This actually worked for us. We bought very early on in COVID (in April). The house was listed on a Thursday evening, we toured it on zoom Friday, in person Saturday, wrote the offer saturday saying tell us by Sunday and we'll do inspection within 24 hours of contract (only right to void, not to negotiate). We were under contract by Sunday morning and did the inspection that afternoon-- other people wanted to write an offer that day we learned during the inspection but were too late.

[Anonymous]

We are in an exurb and houses are going 30K over in less than a week. It’s insane. Bubble.

[Anonymous]

Can also sort of second that this seems to be happening in further out as well.

My parents neighborhood in Howard County, typical development for the area built in the late 80s/early 90s, is similarly nuts right now. Unlike close-in MoCo, not common for their area though the housing market is typically pretty strong in that part of the county due to schools, etc.

Their neighbors house, which needs some updating, just went for 25k over list in just a few days. It’s pretty stunning. I talked to a childhood friend about it who is in real estate, and she told me there’s also a much better wave of couples moving up from DC then she’s ever seen.

[Anonymous]

I think they HAVE to do this now. My neighbors had appointments scheduled every fifteen minutes for the four days the house was on the market. It was insanity. They sold for $30k over with multiple offers.

[Anonymous]

Anonymous wrote:Can also sort of second that this seems to be happening in further out as well.

My parents neighborhood in Howard County, typical development for the area built in the late 80s/early 90s, is similarly nuts right now. Unlike close-in MoCo, not common for their area though the housing market is typically pretty strong in that part of the county due to schools, etc.

Their neighbors house, which needs some updating, just went for 25k over list in just a few days. It’s pretty stunning. I talked to a childhood friend about it who is in real estate, and she told me there’s also a much better wave of couples moving up from DC then she’s ever seen.

*Bigger wave, not better wave. I have no knowledge of the merits of the people moving, haha.

[Anonymous]

I don't think it's new, my suburban townhouse sold like that in 2019. Listed Thursday and we had 9 offers by Sunday.

[Anonymous]

Anonymous wrote:In NJ, CT and NY you usually make offer at open house even in a bad market. Of course verbal in those states and if agreed then go to contract. So easier to throw out.

But four days is not that wild. Remember seller can reject them all is not an auction selling without reserve.


It is a realtor scam

That’s interesting but your experience in the DC metro area may be different.

[Anonymous]

Anonymous wrote:Normal is a seller’s market.

+1. House in my neighborhood had offers due last Monday at 2 pm and was listed as pending no later than 4 pm Monday, and this was for a decent bit above $1M.

[Anonymous]

Houses we looked at online to get a feel for things are often going for 75K to 150K over listing. One went for 200k over.

[Anonymous]

I just lost out on a house in MoCo that was on market for four days, had multiple pre-inspections and ended up with 17 offers. It went for 100k over ask. It was bananas.

[Anonymous]

Neighbors just sold their house for 50k over list, no realtor, cash, no inspection. It’s wild. We’re loudoun county too

[Anonymous]

Totally normal. Move along.

[Anonymous]

We are closing (selling) our old house next week. We put an offer deadline on the house to make sure people had a chance to at least see the house before offers were due. We listed it on a Thursday and offers were due Tuesday, so it wasn't a long window but we had people making offers far above asking on the first day. (offer on first day was $60k above asking)

We ultimately received 26 offers and the offer accepted was $80k+ above our original asking. We honestly felt conflicted about accepting so much for the house, but the second best offer was only a couple thousand lower, and there were several offers right below that one.

The housing market is simply insane right now.

[Anonymous]

Maybe it’s just me, but I think there is a big difference between offers due Monday and offers due Tuesday. Because I would never make an offer (assuming you’re waiving the inspection contingency) without a preinspection, and Tuesday gives you a lot more of an opportunity to do that.

A Monday due date to me signals that they don’t want you to do that, which to me equals major issues.

[Anonymous]

The typical scenario is listing goes up on Thursday, private tours on Friday, open house Saturday & Sunday, pre-inspections on Monday, offers due at 5pm on Tuesday. Sellers review offers on Tuesday evening and usually the winner’s contract is accepted by midnight