Reply to This must be some sort of housing bubble again

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The OP should wait, but not for market-wide prices to come down (since they are unlikely to) but, OP should wait for just the right, otherwise overlooked house.  People pay a lot of money for well-presented and well-marketed homes.  Those are the ones with bidding wars.

What you need to watch for, and they are out there, is a house that has sat on the market a while and does not show well.  How a home is staged and marketed has everything to do with it getting top dollar.  The deals are in the slightly ugly ducklings and the solution could be as simple as a few gallons of paint.  [/quote]

And by "sitting for awhile," that really means "doesn't sell in the first weekend."

And start including escalation clauses, even small ones, OP--or set your target price a little lower so you can include an escalation clause.

We really didn't have much wiggle room in terms of price last spring, but we lucked out in finding a house overlooked the first weekend it was open (non-staged as-is estate sale with non-updated kitchen and bathrooms).  Even then, we put in an escalation clause, though it turned out we didn't need it.  It will take years and years to be able to do some renovations, but it has what we wanted, and we love the house.[/quote]

Realtor here:  I have made a lot of money over the years buying the homes in which others are not seeing the potential.  I would never bid on a house with a lot of competition.  That is not where the deals are.  Don't get caught up in the momentum and group think.  Find that little house in a great location that will look cute as a bug when you are done with it.

The DC area market is notorious for lack of vision and not seeing the potential.  People here are busy and need the vision spelled out for them- thus the well staged, freshly painted homes go first.  Those of us with more vision than money can do very well here if we study the market hard and look closely at the homes that have sat on the market a while.

Have you seen this house in Falls Church City?  It could be cute and is only blocks to a lot of redevelopment.  Get rid of the green carpet and awning.  Paint the door red and put window boxes on.  If the current owners had done that, it would have sold.
http://franklymls.com/FA8235916

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