From the Headlines....The Bidding Wars

For anyone that we've been out looking at homes with or has a home on the market - one of the biggest stories in the metro area is the inventory levels. At the end of first quarter in 2012, the Washington area had 24.4% less inventory than at the end of the 2011 first quarter.

This lack of inventory combined with low interest rates and the Washington area's relatively stable job market that is attracting people has increased the number of buyers that are currently looking to purchase - thus the bidding wars.

We have seen this first hand as many of the offers we have worked on for buyers over the past few months we are in competition with 2,3 sometimes 4 other competing offers and for sellers that we represent we are negotiating through several offers.

For more insight on this both locally and on a national level, check out the  graph on the above and take a few minutes to read the Wall Street Journal article here.