The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.
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Across the country, first-time home buyers have been putting in offers on homes, but many of them keep losing out.
One working mother says she’s put in 30 offers on homes in the $100,000 range in the Atlanta area, bidding $2,500 to $3,000 above the asking price, but each time she’s been outbid. “We have to be on top of the game and be able to drop everything and check out a house or it will be gone,” says another couple in Alexandria, Va.
Tight housing inventories are playing a role. For example, in Boston home listings are down 57 percent and in Atlanta area home listings have dropped nearly 40 percent in the past year.
Also, “investors have been pushing home prices higher faster than expected,” Diana Olick reports for NBC. “But the higher prices get, the more investors may get out, because they won’t be able to find such great bargains any more. That in turn will let regular buyers back in, even if they do have to pay a little more to own.”
Julie Nesbitt
Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
With inventories at 13-year lows, real estate professionals are getting creative in trying to convince home owners to sell.
“There’s such little inventory that my joke is it’s like the last shrimp at the buffet at a cocktail party and everyone’s jumping on it to try and get to it,” Boston-area real estate pro Ken Snyder told American Public Media.
Snyder has been posting stories on his social networks about how he’s getting six or seven offers on properties from the high buyer demand, but then adds “Sellers, hello? Where are you?!” His messaging is working. Owners who had been renting a loft saw his Facebook post and decided to sell after all.
To try to get more listings, some real estate professionals are also holding first-time home-seller seminars. And real estate professional Gary Rogers says he’s been writing personal letters to sellers.
But real estate professionals say that many owners fear selling because they’re scared that once their home is sold they won’t then have any place to move to due to the low inventories.
Source: “Realtors Ask: ‘What can I do to get you OUT of that House?” American Public Media (March 20, 2013)
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