“What the heck? This is not supposed to happen!” Stephanie Oppenheimer had thought the slow real estate market would make it easier to buy a home. Instead, she and her husband, Peter, recently found themselves battling three competitors to buy a four-bedroom Cape Cod in Falls Church. The Oppenheimers prevailed, buying the house for its full asking price.
Their purchase had all the trappings of the boom years: escalation clauses, full-price offers with few contingencies, less than a week on market. Stephanie even wrote the sellers a letter explaining how happy they would be to live in that house, which is within walking distance of schools and public transport.
Such deals are rare these days, but they still crop up occasionally. And they raise two questions: What makes these homes sell so quickly while others languish? And is the quick sale a sign that the home was priced too low?
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