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Multiple Offers Are Back

Some Crofton and Bowie home sellers are experiencing a flashback to the seller’s market of a few years ago with multiple offers on their homes.

Three bedroom Levitt-built rancherIt was déjà vu this past week in our local real estate market as some disappointed home buyers, eager to go under contract in time for the soon-to-expire tax credit, found themselves on the losing end of a bidding war for their dream home.  The combination of tax credit and customary Spring real estate market up-tick has created a surplus of home buyers competing for the best properties on the market.

64 Crofton homes are under contract and pending settlement right now.  In the Greater Crofton area (adding Odenton and Gambrills to Crofton) the total number of homes pending settlement is 169, including 45 listed as “potential short sales”.  Additional info:  47 of the homes under contract are detached; 23 homes were priced over $500,000.

59 homes are currently under contract and pending settlement in North Bowie (20715 – north of Rt. 50).  All but seven of these are detached homes.  In Greater Bowie there are 354 homes under contract. Unfortunately, 152 of these homes were listed as “potential short sales”.  Other numbers of interest:  Detached homes total 251; 22 of them were listed at $500,000+.

Multiple contract situations inevitably alter the negotiating strategy for home buyers and their agents.  Making a full-price offer may not be enough – a buyer must make their best offer up front as to a speedy settlement, forgoing frivolous inspections, and not asking for excessive seller concessions. 

It’s a good time for home sellers, right now, but don’t expect it to last.  I suspect we’ll see a lull in real estate activity in Crofton and across the country in May, after the tax credit deadline passes.

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FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area.  It’s my way of keeping current residents informed about their community and real estate matters while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton).  Please feel free to contact me any time for more information.

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