DC Condo Market

Client Case Study: A Competitive Price Point in the DC Condo Market

February 21, 2017 | Client Case Study | By: The Goodhart Group

Client Case Study: A Competitive Price Point in the DC Condo Market

The Client

“J” is a single professional in his twenties. He was a first time buyer looking to purchase a home in the popular Northwest DC condo market. He sought a 2 bedroom / 2 bathroom unit within a $550,000 budget.

The Problem

J had many challenges in his househunt. Available housing inventory was very low in his target area, coupled with extremely high demand. He was looking for a unit with character that was not below grade. His price range was also a challenge, as it is a popular one with many house-hunters and first time buyers. As a result, every property he was interested in was receiving multiple offers.

How We Helped J Navigate the Competitive DC Condo Market

When J finally found ‘the one,’ of course, there was other interest in the home. The listing agent informed us that they were expecting another offer that evening. Sara, The Goodhart Group’s Director of Sales, worked with J to put together an offer and discussed the best strategy, including the terms of the deal and whether or not to include an escalation clause. We waited all evening for confirmation from the agent that the other offer did in fact come in. At 11pm, the agent still had not received the other offer. We decided to go ahead and submit a full price offer without an escalation clause.

The next morning, the agent let us know that the other offer came in overnight but was “very low.” After another call, we decided to keep our offer as is. We later learned that the seller had selected the other “lower” offer. Turns out, they came back with an escalation and the agent didn’t let us know that they had changed their offer, despite our request to be updated with any changes. J was very disappointed, as were we. Sara thanked the agent and, as is our practice, she asked her to let her know if anything fell through with the contract.

About a month later, Sara received a call from that agent letting her know that the current contract was going to fall apart. Our Buyer Team re-grouped and decided to submit J’s original offer again — this time, with success! J got the condo at list price. Perhaps even more importantly, he avoided any competition this time around and got the condo at a lower price than the original competing offer. By staying in touch (and leaving things on a positive note) with the listing agent, we were able to be the first to know about this opportunity. We were able to submit Jay’s offer after the original one fell through quickly, without any competing offers.

The End Result: Winning in a Competitive DC Condo Market

J closed on this condo in a MONTH, at a price lower than his original competition, and could not be happier.

“The entire Goodhart Group team was extremely helpful and useful throughout the home-buying process. They were attentive to my preferences and goals during the search and always ready to help on short-notice. They were especially helpful during a tricky negotiation process and I really valued their input and advice.”

If you are having trouble finding the home of your dreams, please reach out. Our team works tirelessly for our clients to help them love where they live. We take this mission seriously. Contact us today if we can help you too.

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