Does the market really dry up in May

[Anonymous]

Our agent and other agents that we've talked to (friends, neighbors, etc.) keep telling us that the housing market dries up in May, that we need to buy before May (and definitely get our house on the market before May), or else we are SOL. Is this true? Especially given the lack of houses on the market right now?

[Anonymous]

Anonymous wrote:Our agent and other agents that we've talked to (friends, neighbors, etc.) keep telling us that the housing market dries up in May, that we need to buy before May (and definitely get our house on the market before May), or else we are SOL. Is this true? Especially given the lack of houses on the market right now?

It might be true this year. Usually there are houses through July.

[Anonymous]

I don't think any of them can predict the market this year. It's anyone's guess what will sell, for how much, in how long and all the rest.

We sold a house in January for WAY over asking and now it looks like the local (Bethesda) market is kind of tanked when it should be booming.

[Anonymous]

I know in my market, there is less inventory today than there was this time last year. So for people who waited for the dam of inventory to burst, they may be out of luck.

[Anonymous]

In our area in NOVA, this is true. Folks want to get their kids settled into the neighborhood before school starts.

[Anonymous]

It's definitely likely there will be less inventory starting in May. But we also found the market to be less insane in the summer. I would not recommend bidding on a house out of pure desperation. If you like it, bid on it. if not do not.

[Anonymous]

I think if rates continue to drop, this April and may will be busier than past years. If rates dip into the high 5’s, prepare to be busy.

[Anonymous]

In my experience, in the past anyway, in NoVA, houses that haven’t sold by end of May tend to sit and eventually go for less than their asking price. Those houses usually started out overpriced or with some fatal flaw like being on a main road or lot problems.

If you price it properly, you could still put it on the market the first couple of weeks of May and do okay. But things do quiet down a lot a week or two before Memorial Day.

[Anonymous]

Anonymous wrote:I don't think any of them can predict the market this year. It's anyone's guess what will sell, for how much, in how long and all the rest.

We sold a house in January for WAY over asking and now it looks like the local (Bethesda) market is kind of tanked when it should be booming.

A house on our neighborhood just sold 10% above asking price in Bethesda. There three or four houses sold during the past six months in our neighborhood, each one of them were sold 10-15% above asking.
Which part of Bethesda has tanked?

[Anonymous]

Anonymous wrote:I think if rates continue to drop, this April and may will be busier than past years. If rates dip into the high 5’s, prepare to be busy.

Rates won’t dip.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think if rates continue to drop, this April and may will be busier than past years. If rates dip into the high 5’s, prepare to be busy.

Rates won’t dip.

??? They’ve already been dipping the last few weeks. Pay attention and stop spreading misinformation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think if rates continue to drop, this April and may will be busier than past years. If rates dip into the high 5’s, prepare to be busy.

Rates won’t dip.

??? They’ve already been dipping the last few weeks. Pay attention and stop spreading misinformation.

I automatically roll my eyes whenever I hear someone shrieking stop spreading misinformation!

Rates have dipped recently but remain volatile. But it doesn't seem to affect housing affordability at the moment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't think any of them can predict the market this year. It's anyone's guess what will sell, for how much, in how long and all the rest.

We sold a house in January for WAY over asking and now it looks like the local (Bethesda) market is kind of tanked when it should be booming.

A house on our neighborhood just sold 10% above asking price in Bethesda. There three or four houses sold during the past six months in our neighborhood, each one of them were sold 10-15% above asking.
Which part of Bethesda has tanked?

+1 I was hoping the Bethesda market would tank. It hasn’t. Stuff may last past the open house and you have fewer bidding wars and no-contingency bids, but asking prices are still high and houses are selling quickly unless they have a fatal flaw.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think if rates continue to drop, this April and may will be busier than past years. If rates dip into the high 5’s, prepare to be busy.

Rates won’t dip.

??? They’ve already been dipping the last few weeks. Pay attention and stop spreading misinformation.

I automatically roll my eyes whenever I hear someone shrieking stop spreading misinformation!

Rates have dipped recently but remain volatile. But it doesn't seem to affect housing affordability at the moment.

Or you can admit that you were just flat out wrong. A small dip in rates can make or break someone looking to buy a house.

[Anonymous]

last year I got my job offer I think the first friday in may and by the end of the next week there was nothing left on the market. now, that had a lot to do with the crazy interest rate situation but it wasn't THAT big of a jump (compared with rest of the year). there just wasn't anything left!