DC area is among improving real estate markets starting to see multiple bids

May 2, 2012 — I’ve seen it first-hand already with several of my clients. Here now is some big-picture confirmation in this video by The Wall Street Journal.

In markets with tight inventories, up-to-date homes in good neighborhoods and locations that are priced right are drawing multiple contracts, sometimes within days of arriving on the market.

Wall Street Journal reporter Nick Timiraos spotlights Washington, DC homes for sale as ripe for multiple contracts IF the price is right and they are in good locations. CREDIT: The Wall Street Journal

The Journal spotlights the Washington, DC market as one of the metropolitan areas experiencing a big improvement from last year.

Because most banks take a skeptical view of appraisals, buyers with a lot of cash have the most buying power.

Historically low interest rates are influencing buyer psychology. That said, if rates rise significantly, the rush could speed up.

One analyst in the Journal’s video compared the market in some metro areas to “looking for your future wife in a bowling alley . . . there are very few eligible properties.”

Who says buying or selling a home isn’t entertaining!