Wednesday, May 4, 2011

Holy shmoly deals..what happened to them?

Before my First Friday posts, there were Holy Shmoly! deals.  I last posted about these properties in February.
917 Kennedy St, NW
917 Kennedy St, NW was a 4 bedroom, 3.5 bath house listed for $339,700.  There was a price reduction to $329,700 and it sold in 26 days at $320,000.  The final result was about 5.5% off list price. 
1626 Oak St, NW
1626 Oak St, NW was a 3 bedroom, 2 bath house listed for initially for $475,000.  There was a price reduction to $469,000 and it sold in 22 days for $458,600.  The sold price was close to 3.5% off list.  

In general, DC buyers are able to negotiate 3-5% off the list price if the property has been on the market for over two weeks.  If the a property is hot (under contract in 0-7 days), the buyer's negotiating power is weaker. 

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