For upper NW, how much over asking does one have to go these days?
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Anonymous
| Looking at houses in upper NW, how much over asking are people’s escalations/bids getting accepted for? |
Anonymous
| It really varies based on how the house was initially priced. In the past couple of months I have seen plenty that sell for hundreds more, and plenty of others that go for less than the list price. |
Anonymous
| It depends on how the house was priced. |
Anonymous
|
It's really a house by house basis. In addition to how the price was originally priced, a house with imperfections you can't work around isn't going to escalate as high as others. For example in one neighborhood where many houses were going 200k over, there was a house that only went 25K over, which had a lot of problems: windows painted shut, everything super old, a bathroom in the kitchen (??????).
You can't really make a blanket statement about how much over asking houses are going over. It can be anywhere from 25k to 200k to more. |
Anonymous
| It obviously depends but we are looking in upper NW as well and our agent said to plan for 10% over |
Anonymous
| There is so much variance in upper NW. Like an isolated house in Palisades or upper CC is generally not going to escalate much, unless it's pricey to sell (which some realtors advise). Some AU Park listings have been priced high lately and sitting - typically the crappy flips. But close to Tenleytown/ North CP etc are generally escalating for over 100K. |
Anonymous
| Also, you can look at Redfin to figure this out for the particular neighborhood you're targeting |
Anonymous
|
This house in Friendship Heights just sold for $250k over list, somewhat shockingly: https://www.redfin.com/DC/Washington/5015-44th-St-NW-20016/home/9957162
Really do not understand the home prices in this neighborhood anymore (and I own a home here, so it's only good news for me, but it's still mind-boggling). |
Anonymous
|
It's all about where they set the list price, so you can't make a blanket call. You have to look at the comps and make a judgement about where you'll be happy.
Like look at this one, the list price was wrong so it's just sitting there with reductions even though it's in CCDC. https://www.redfin.com/DC/Washington/3211-Worthington-St-NW-20015/home/9995702 |
Anonymous
That seems very high for this house. |
Anonymous
Yeah, but in a few years when these are going to $2 million, they are going to be glad they bought when they did. |
Anonymous
I wouldn’t say very high, but more than I’d expect given the square footage and the kitchen. Location is good. It must have escalated with multiple bidders. |
Anonymous
| 300,000 minimum. |
Anonymous
I live in this neighborhood and it’s ok - yes close to FH metro but it’s pretty dead retail/restaurant wise. This particular street is really close to western which gets backed up all the time and it’s a pain getting out of the neighborhood. FT Bayard park is dead most of the time. I have not enjoyed living here as a parent of young children and plan to move somewhere more urban. But at least my house is much nicer on the inside and I can look forward to it selling well, based on this crazy price. Hope the new owners love this house and stay in it for a while. It will probably pay off in that case, esp if FH ever manages to be a desirable retail center. Otherwise it will be a sad story of overpaying due to a bidding war. It’s not common but I’ve seen houses being sold way over asking in CCDC /CCMD and back on the market in a year or two and not being able to recoup what buyers originally paid after transaction fees. |