The house goes on the market and within four hours an agent registers a contract. The calls continue and 36 hours later there are five contracts on the property allowing for a $25,000 escalation in price and the exact settlement date and rent back period the owners hoped to enjoy. Thinking it’s 2005? No, this scenario happened in mid-August 2012, normally one of the slowest months of the year in the area real estate market. It is specific to the price range from $300,000-600,000.
A number of factors have come together to make the Washington Metropolitan market one of the most active in the country and the most active in years.
First, interest rates are at an all-time low. Buyers are seeing rates at 3.4 percent –something I have never seen anything close to in 20 years of real estate.
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