There was a house listed last Thursday on the MLS. I contacted my realtor immediately about going to see it. She said she called and they had to give 24hrs notice because it was a short sale. I said ok. She called back a few hours later and said there were already 2 offers on the property.... meaning they didn't even look at it before putting in offers..... Thats how crazy it is out here right now.
In DC, Montgomery county MD, and most of Fairfax (Comstocks main market), there are 10-15 offers on each house put up for sale. Log in to any real estate web site and try to find a house that isn't under contract and see for yourself. Sequester or no sequester, the market is on fire. There are 50,000 people looking for homes, and only 5000 homes available. Prices are moving up because of this supply and demand. Homebuilders aren't able to pump out enough to meet demand. That is what is going on right now.
Congress and the rest of their cronies in Washington cut everyone else's jobs and income, but never their own. So it's doubtful the sequestration will hurt government officials in Washington DC and the housing market will likely not feel any impact. You think these people really care about cutting deficit? Push comes to shove they want to buy property like everyone else so they'll make sure housing stays robust.
Sequestration isn’t affecting D.C.’s spring housing market — yet
Posted by Lisa A. Sturtevant on April 24, 2013 at 5:30 am
GMU’s Lisa A. Sturtevant writes an occasional column analyzing local housing data.
Compared with a year ago, March sales in the Washington metropolitan area increased 9.9 percent, while average prices rose 9.7 percent.
The year-over-year price appreciation in March is a continuation of a 16-month trend of price growth in the metropolitan area. Year-over-year average prices were up 12.7 percent for single-family detached houses, 9.8 percent for townhouses and 6.7 percent for condominiums. The March data can provide an early indication of the strength of the housing market going into the rest of the year.
Sales activity tends to be much brisker in March than in February, and this year is no exception, with the number of sales in the metropolitan area increasing by 33.4 percent between February and March, an increase that is in line with the 10-year average increase. (Home sales data are from MRIS, the region’s multiple listing service.) Sales were up in March over February in all 22 jurisdictions in the Washington metropolitan area.
I totally agree with this. I have friends in the area that are trying to buy a home and they're telling me prices are skyrocketing and everything is less than 1 month for inv. turnover. So if this is all true, why is this thing not going crazy? Is it really just profit taking?