Reply to SPRING MARKET!! What's the vibe?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We’ve been actively looking in Falls Church / N Arlington area and houses are being bid $100-200k over asking with a few places that have been bought sight unseen.

We’re wondering if we should renew our lease so that we can resume our search in a few months / next year.[/quote]

What’s your price range[/quote]

$1.3-1.5M. It's so bad in VA that we're actually looking at buying in D.C.[/quote]

Watch the 1.1 to 1.3 listings like a hawk (or have your agent doing this), see it immediately the day it goes live and your agent can take you, and bid way up with an escalation clause. [/quote]

Escalation clauses are foolish. You are incentivizing the sellers to sit around for more offers. Give a good offer with a 24 hour deadline. [/quote]

Tell me you don't know how things work without telling me you don't know how things work.

Many houses in the DMV right now are listed as "coming soon," then they hit the active MLS and there is less than a week (sometimes a mere 24 to 48 hours) to submit an offer. We recently sold a house and had 5 offers and 4/5 included escalation clauses. Given the short time frame we allowed for offers and the fact that we knew there was a lot of interest we would likely have told a "good offer with a 24 hour deadline" to go pound dirt. The house we were selling went for more than 100k over list with an escalation clause. And why on earth would you offer 100k over list when you could offer with an escalation clause that doesn't take you anywhere near that high if no one else is offering above list? [/quote]

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