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Buyers and Sellers at a Standoff?

I interviewed Donna Evers, president of the Evers & Co. brokerage in the District yesterday for a story coming up this weekend, and she had an interesting observation that didn't quite fit into the story but I thought I'd share here.

She said she's seeing more nervousness now among buyers and sellers. The less-expensive homes in popular neighborhoods are drawing multiple offers, upsetting people's notions that it's nothing but a raging buyer's market out there. "It's almost equal nervousness, and there are some standoffs on negotiations," Evers said. "Both sides feel like they've got some strength."

Who would've predicted that one?

By Elizabeth Razzi  |  June 11, 2009; 9:08 AM ET
Categories:  Buying , Selling , The market  
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Comments

That's what I'm seeing. My SIL is shopping now, and she's at an impasse: the people selling the homes that she wants to upgrade to are sticking at @ $50-100K more than she wants to pay -- and those homes are selling OK, so the sellers seem to have a reasonable basis for their prices. She doesn't want to sell her current place if she can't find the dream house in her price range; but she also doesn't want to carry two mortgages. I think they have just now decided to list and see what happens, but its nerve-wracking.

Posted by: laura33 | June 11, 2009 10:49 AM | Report abuse

Your observation fits my experience as a first-timer in the market to a tee. I recently lost a bidding war on a small condo in Dupont and have continued to see some studios, jr. one-bedrooms, and one-bedroom units in popular neighborhoods sell very close to, if not exactly for, asking price, with very little in the way of seller-paid subsidies.

I guess this trend may reflect the feeling that prices in DC proper will not decline further, or that investors are back in full force. The truth is, no one really knows, which is in itself the most unsettling part.

Posted by: kaprian | June 11, 2009 4:18 PM | Report abuse

I agree, I've had the same experience. I kept wondering why they called it a buyers market! I made an asking-price offer on a Mt Vernon Square condo which was rejected because I'll be using FHA loan and they got asking price offer from someone using conventional loan (they figured FHA takes longer and is more of a hassle). A second place I made an asking price offer on was rejected because they received multiple above-asking price offers! As a first-time buyer, this is waaay more difficult than I was led to believe it would be.

Posted by: BeenThere15 | June 11, 2009 4:58 PM | Report abuse

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