Dear Friends,

News outlets and social media are all abuzz with hot topics ranging from Meghan Markle, March Madness and, yes, housing market mania! As much as we would love to dish on The Royal Family (come talk to us!), it’s the real estate market we are here to discuss. Nationwide the housing market has boomed during the pandemic and shows no signs of slowing as we roar into the Spring market. We are here to attest that the local market is, to use the precise technical term … “bananas!”  Just last week we represented three separate buyers where there were 27, 18 and 11 offers! The key drivers to this frenzied market are continued low inventory and (still!) historically low interest rates. That said, perhaps the most important factor is that people are simply looking for a new set of four walls. The pandemic has forced us to spend most of our time at home, which for the past year has served as office, gym, and classroom. Given that, if you don’t love your house, you are probably looking for a change.  

All three of us here at LDT have recently leapt into the housing market — we’ve never been known to miss a party! — and the experience allowed us to put ourselves in our client’s shoes. From preparing a house to list – window cleaners, storage unit, handyman, vacating for showings, etc. — to being a buyer in a crazy market with multiple offers, pre-inspections, competitive terms and scarce inventory, it’s provided us with valuable perspective.

Here is a quick tip from each of us about what we learned:

Corrina: As hard as it is in this fast-paced market — believe me, this I know —be patient! My family of 5 is currently in a rental home trying to enter this unprecedented seller’s market. I find myself wanting to jump at every house that comes on the market. I know Meghan and Lauren would love for me to take my own advice as I harass them daily about finding our dream home.
Meghan: Don’t be afraid to put in the work and go the extra mile when prepping your house for the market. Investing a little to get your home show ready, vacating the premises for showings and open houses and then letting your agent run the process pays off in the end.
Lauren: Being a buyer in a multiple offer situation felt so daunting. It is important to have a plan, stick with it and realize that in the end you will end up where you are meant to be.

With these buying and selling experiences fresh in our minds, we are charging forward into the Spring market with more empathy and appreciation for the process on all sides and the mindset of creating the best outcomes for our clients.  

So, in short, we get it — even more so than before. Let us know how we can help you join the party!

Cheers, Lauren

It is no secret that this market can be stressful. You’ve heard the stories, buyers putting in offer after offer, only to come up empty handed. But that is not always the case. We recently worked with savvy buyers who got a house on their first try! Here’s how they navigated this tricky market:

• They were vigilant about researching every new “Active,” “Coming Soon,” and “Recently Sold" house.
•  By looking at these listings, sent through our search tool RealScout, they were able to see how high properties were escalating over asking and what to expect in “hot” neighborhoods.
• I previewed properties that they could not see in person; this helped narrow down what neighborhoods, layouts, bedroom count, yard size, etc, to focus on.
• When their dream listing hit the market, they were ready. They had already gone through the pre-approval process with a reputable, local lender.  We pre-inspected the day after the house hit the market and were able to submit an offer without contingencies.
• We communicated with the listing agent. One of my favorite parts of submitting an offer, is getting to know the agent on the other side. By fostering that relationship, we were able to determine what terms were most important to the sellers.
• My clients WENT for it! With interest rates at historic lows, they were willing to set their escalation that much higher. We only beat out the next offer by $2,500, but it was worth it!
• Most importantly, they stayed positive throughout the process.

This was a great win for our buyers! With each client we work with, we learn something from the process and use that knowledge to benefit our future clients.
 

We are putting the finishing touches on this extraordinary estate in Edgemoor.  This home offers a gourmet kitchen, library with custom built-ins, spacious living, dining and family rooms, 6 bedrooms, 6 full baths, 2 half baths, an elevator and three-car garage.

Saint Jean de Luz Bay
Biarritz, France

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