Capitol Hill State of the Market?

[Anonymous]

Starting to think about selling my close-in Capitol Hill house. Haven't looked much at the market these days, and Zillow shows only big-dollar places in my general area. Is it still a fairly hot market? I'm sure there's some 20003 watchers out there who have good insights.

I'll be taking to a realtor soon to get a feel for things, but I know this is really the place to be for the unvarnished truth!

[Anonymous]

Anonymous wrote:Starting to think about selling my close-in Capitol Hill house. Haven't looked much at the market these days, and Zillow shows only big-dollar places in my general area. Is it still a fairly hot market? I'm sure there's some 20003 watchers out there who have good insights.

I'll be taking to a realtor soon to get a feel for things, but I know this is really the place to be for the unvarnished truth!

Go to zillow and look at all sales from the last 6 months. Use filters to match your size house.

[Anonymous]

8 whole results! Okay, I'll ask another way. Anyone have any recent experiences trying to buy a house on the Hill?

[Anonymous]

Anonymous wrote:8 whole results! Okay, I'll ask another way. Anyone have any recent experiences trying to buy a house on the Hill?

170 homes have sold in the last 6 months in 20003. Certainly you can find some comps to your home. Not sure what you want, since you've told us nothing about the house you want to sell. Condo vs. SFH? 3 bed vs. 4 bed? Surely you can offer a little bit more.

[Anonymous]

There are great differences throughout 20003, and I searched in the area right around my historic SE townhouse, 3br, 1.5bath, in bounds for Brent, secure rear parking space. Very much move in ready.

But I was also looking for the feel of how the market is acting. Is it still a multiple offers situation, especially, say, west of 6th St. SE and north of the freeway? Houses moving quickly? I'm as interested in that as I am in possible sale price.

I don't have to move, so I'm interested in the easiest transaction possible while still maximizing sale price. Otherwise, meh.

[Anonymous]

Someone showed that prices fell everywhere other than Ward 3

[Anonymous]

It’s slower but the good houses that are priced under 1.5 mil are still going. The one house sitting in my area (Lincoln Park) is one of those huge ones at 2mil+. Gorgeous house but probably too much for people who want to live here!!

[Anonymous]

Anonymous wrote:It’s slower but the good houses that are priced under 1.5 mil are still going. The one house sitting in my area (Lincoln Park) is one of those huge ones at 2mil+. Gorgeous house but probably too much for people who want to live here!!

this is the one I mean: https://redf.in/Ovuv6X

[Anonymous]

I live on the Hill in a condo and watch the market pretty closely. It's still been slower recently with houses sitting for longer. But I think part of what is happening is that many sellers are like you -- they do not have to sell, they want top dollar, and they are not so inclined to build in that 'interest rate hike discount' that most buyers are looking for at the moment. I also think some sellers will list to test the market, decide it's too soft for their taste, and then take it back of the market. I know a bunch of people who decided to rent out their properties rather than sell now because they are locked in with low rates and can afford to sit on it. However, things do still move, especially if in good condition and inbound for a good elementary, as your house is.

I think people are struggling with pricing strategy because until the rate hike, the strategy on the Hill was to price as high as possible and you might just get it, then maybe one small discount and you'd be guaranteed offers. There are just fewer buyers who can afford a house in the 800k-1.5m range right now, because buyers in that range are generally still mortgage borrowers, and mortgages just cost more now. I don't know what the right strategy is.

But I do think if you are motivated to move, you'll find a buyer and you will make a profit of the sale. It just might not be *quite* as high as it would have been if you'd sold in 2021.

[Anonymous]

Anonymous wrote:I live on the Hill in a condo and watch the market pretty closely. It's still been slower recently with houses sitting for longer. But I think part of what is happening is that many sellers are like you -- they do not have to sell, they want top dollar, and they are not so inclined to build in that 'interest rate hike discount' that most buyers are looking for at the moment. I also think some sellers will list to test the market, decide it's too soft for their taste, and then take it back of the market. I know a bunch of people who decided to rent out their properties rather than sell now because they are locked in with low rates and can afford to sit on it. However, things do still move, especially if in good condition and inbound for a good elementary, as your house is.

I think people are struggling with pricing strategy because until the rate hike, the strategy on the Hill was to price as high as possible and you might just get it, then maybe one small discount and you'd be guaranteed offers. There are just fewer buyers who can afford a house in the 800k-1.5m range right now, because buyers in that range are generally still mortgage borrowers, and mortgages just cost more now. I don't know what the right strategy is.

But I do think if you are motivated to move, you'll find a buyer and you will make a profit of the sale. It just might not be *quite* as high as it would have been if you'd sold in 2021.

Another Cap Hill resident/casual market watcher and I agree with all of this.

[Anonymous]

We used to have a post devoted to Cap Hill properties and people would discuss/speculate on what they’d go for/report back from open houses. Maybe things just got too slow for that to continue but I really enjoyed it!

[Anonymous]

Anonymous wrote:I live on the Hill in a condo and watch the market pretty closely. It's still been slower recently with houses sitting for longer. But I think part of what is happening is that many sellers are like you -- they do not have to sell, they want top dollar, and they are not so inclined to build in that 'interest rate hike discount' that most buyers are looking for at the moment. I also think some sellers will list to test the market, decide it's too soft for their taste, and then take it back of the market. I know a bunch of people who decided to rent out their properties rather than sell now because they are locked in with low rates and can afford to sit on it. However, things do still move, especially if in good condition and inbound for a good elementary, as your house is.

I think people are struggling with pricing strategy because until the rate hike, the strategy on the Hill was to price as high as possible and you might just get it, then maybe one small discount and you'd be guaranteed offers. There are just fewer buyers who can afford a house in the 800k-1.5m range right now, because buyers in that range are generally still mortgage borrowers, and mortgages just cost more now. I don't know what the right strategy is.

But I do think if you are motivated to move, you'll find a buyer and you will make a profit of the sale. It just might not be *quite* as high as it would have been if you'd sold in 2021.

This is exactly the type of info I was looking for, thanks. I am also one of those longtime residents with a small mortgage refinanced to a very low interest rate, but I would not be buying another place (just moving into an apartment).

It's actually a not-great decision financially, but for many reasons I'm ready to go. I've thought about the rental thing, but would then lose the $250k primary home sale exemption when I do sell, and I would absolutely have to have a full-on management company handle it, which would eat into the rent.

I already own another house well away from DC, and spend half the year there, so I'm pretty tired of having to maintain two houses, especially one that's well over 100 years old.

I'm interested to hear what my realtor suggests as a pricing strategy. I do have a target number in mind, one that I don't think is out of step with the current market.

[Anonymous]

https://www.redfin.com/zipcode/20003/housing-market

[Anonymous]

https://www.redfin.com/neighborhood/18449/DC/Washington-DC/Capitol-Hill/housing-market

[Anonymous]

Thanks for the Redfin links, though both 20003 and "Capitol Hill" encompass a lot of mini-markets. ie, buying a house at 15th and D SE is a whole lot different than one at, say, 3rd and C. The Zillow sales history for an area I can draw helps a bit more.