I just closed on this lovely house for long time buyers. They had been looking for over a year and had already lost out on 2 other houses. Our journey went from a slow buyer's market with limited inventory to a hot seller's market, with still limited inventory. North Arlington in the just around 1 million range is a very small micro market of limited houses from which to choose, in all markets.
When this one hit the market, we knew it would go fast and was priced very low for the marketplace. It's a spacious Cape Cod that's been transformed with contemporary accents, seated on an extaordinary lot with lush landscaping, just minutes from DC in the popular Cherrydale neighborhood Sure enough, after 2 days on the market, and right after they got back from a vacation, we had to bring our A game and beat out other offers. Thankfully our experience from losing out on other homes made our team (the buyers and me, how my clients referred to us) know how to get it done: High Earnest Money, Bold Escalation Clause, Strong lender letter, quick contingency timeframes, as well as a personal touch so the sellers got an idea of who my clients are as people.
In the middle of this negotiation, The Washington Post called and wanted me to give them some tips for buyers in this competitive seller's market. I could talk about this subject in my sleep, so it was a pleasure to contribute.
When you work with clients for nearly a year, and do indeed form a team, as an agent I will miss talking to them nearly every day. I told them to be sure I will come up with exuses to call them and hope they do the same!
Click here for this Saturday's Washington Post article on how to succeed as a buyer in this market.