My slow to sell neighborhood is selling fast…

[Anonymous]

Just after coming soon sign.
In the past house here sale after 30 to 60 days.
I am surprised because this are the fastest sales with the highest prices and interest rates I witnessed in the past twenty years.
This is in not so close MD suburb.

[Anonymous]

Practically nothing moving in my neck of the woods close to downtown Bethesda.

It's been a very subdued spring season.

[Anonymous]

My townhouse neighborhood of new builds are selling after 40 days on the market roughly. Still finding their price it seems

[Anonymous]

Depends on the price range. Anything under 1.5 in a W cluster is going quickly.

[Anonymous]

Anonymous wrote:Depends on the price range. Anything under 1.5 in a W cluster is going quickly.

Ha. Don't think there are any of those left in my neighborhood. The few that were left were snapped up during the pandemic crazy year.
We're at 2-3M now. Insane.

[Anonymous]

Lowe inventory is keeping prices high.

[Anonymous]

*Low

[Anonymous]

Anonymous wrote:

Practically nothing moving in my neck of the woods close to downtown Bethesda.

It's been a very subdued spring season.

To what do you account this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Practically nothing moving in my neck of the woods close to downtown Bethesda.

It's been a very subdued spring season.

To what do you account this?

DP
I think it’s a joke.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Practically nothing moving in my neck of the woods close to downtown Bethesda.

It's been a very subdued spring season.

To what do you account this?

PP you responded to. Not a joke. Inventory has always been very tight in recent years, with a boomlet when people were stuck at home during Covid. All the starter homes were bought long ago and added to, or razed and rebuilt as huge houses, so there's no starter market anymore.

Right now:
1. People don't want to leave their low-interest rates
2. The neighborhood is so expensive, houses in that luxury price range just take longer to sell anyway.

[Anonymous]

I am in the Baltimore suburbs. We apparently have among the tightest inventories in the country. Anything decent sells in days with multiple offers. Houses that linger are clearly overpriced or have issues.

No one is selling unless they really have or want to due to the interest rates, which makes it difficult for people who want to trade up. Knock down effect. And that's why prices are still going up despite rates nearly tripling. It really makes no sense to me that people are paying 7.5% for a 800k house that would have sold for 650k at 2.75% three years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Practically nothing moving in my neck of the woods close to downtown Bethesda.

It's been a very subdued spring season.

To what do you account this?

PP you responded to. Not a joke. Inventory has always been very tight in recent years, with a boomlet when people were stuck at home during Covid. All the starter homes were bought long ago and added to, or razed and rebuilt as huge houses, so there's no starter market anymore.

Right now:
1. People don't want to leave their low-interest rates
2. The neighborhood is so expensive, houses in that luxury price range just take longer to sell anyway.

That's interesting PP. We are buying a luxury house and I counseled my spouse to not expect to not consider it an investment, but something we buy to enjoy (ie, a luxury). I imagine it will not measurably appreciate in the near future and could be hard to offload, whereas our current solid middle class family house is the real investment that has appreciated. Maybe I'm looking at it wrong, but that's my take. Even so, we are very excited about the house we are buying and looking forward to enjoying the space and amenities. Guessing every now and then there are similar buyers , and that's what these houses sit on the market waiting for?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Practically nothing moving in my neck of the woods close to downtown Bethesda.

It's been a very subdued spring season.

To what do you account this?

Every house is 4 million and no one wants to pay that