I think the bubble is popping.
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
If you look at the data, price reduction is happening for highly priced homes +1million. For homes within 500K or less, you will not see price reduction as many buyers fall in that range. Higher the range, lesser the buyers. |
Anonymous
They do suck. I literally bought condo board was thieves. A few very very old ladies in charge who were more concerned about flowers, snow removal, gossip, tour stuff and 20 percent of building not paying common charges and we had a net of negative 200k in bank due to a loan. I sued everyone not paying. Put Liens on properties and towed cars out of lot. My favorite we slapped liens on one persons furniture, we even went after tenants cars and such. Everyone paid up or sold. What a hot mess. But building is now great. Sadly I am the bad guy. People pay as they know “I quote” will kick them down the steps and crush their necks of late. Running gag. It is as shocking. Was a learning experience. I spent t maybe 1,000 hours on it. Like I said never again. But I learned a lot. |
Anonymous
I AM a realtor...and this is direct from MRIS. what’s not to believe?? |
Anonymous
You guys are hilarious. First you say that a Million doesn’t buy you anything these days...and then I show you ACTUAL data...and you wanna dismiss that using a fallacious argument? Wow... |
Anonymous
But, but but...everyone was just saying that houses up to $1.5-2 million are selling for a huge markup over ask!!!! |
Anonymous
|
Ok but what did that screenshot look like in say, February? Even when the market is very hot, a high percentage of houses on the market any given time will be the ones that have been on the market longer. The volume of houses that sell immediately may be high but the time that they spend on the MLS is much lower.
Like, from a quick back of the envelope, even if 50% of houses go off the market within 1 week, and 50% stay on the market for one month, then actually 80% of the houses on the market at any given time will be the "one month" types, and 40% of the homes on the market will have been on the market for two weeks or more. |
Anonymous
Welcome to DCUM 2021. It's a lot of trolls. On the topic at hand, the MRIS data is interesting because it is a more up to date picture than the Redfin market trends. What it shows is that Arlington had a HUGE price runup in from Jan. to July 2020. and is looking to surpass the prior season peak. So it would be easy to have an impression looking at that parabolic curve to come to a different conclusion. https://www.redfin.com/city/21282/VA/Arlington/housing-market Washington, DC is looking very close to Arlington, except the high end neighborhoods look sluggish. https://www.redfin.com/city/12839/DC/Washington-DC/housing-market https://www.redfin.com/neighborhood/1029/DC/Washington-DC/Foxhall-Palisades-Spring-Valley-Wesley-Heights/housing-market Fairfax County on the other hand just kept going, although the curve is now flattening. https://www.redfin.com/county/2965/VA/Fairfax-County/housing-market Montgomery County, by contrast, saw no price growth in 2020 and only now seems to be catching up a little bit. But it is still far behind neighbors. https://www.redfin.com/county/1324/MD/Montgomery-County/housing-market |
Anonymous
The question wasn't "What was happening in Feb...". The question was "Is the bubble popping...", I showed you data, interpret that how you will. The way "I" am interpreting it is...it is definitely slowing down, prices are being reduced "across the board", and houses are staying longer on the market. |
Anonymous
| Our neighbors are selling but we won’t be ready to sell for a few years. If this is a unique situation or a bubble, how do neighborhood price comps work then? |
Anonymous
That "market" doesn't care about comps. What it cares about is what someone is willing to pay. A "bubble" by definition means, more buyers than sellers, hence the frenzy. If and when you decide to sell, the buyer/seller ration will dictate what someone's willing to pay in your neighborhood. p.s. Wait till all these "new" buyers get property tax assessments, once they close. The shock and awe will be hilarious to watch. "OMG!!! my property taxes went up by...the previous tax bill was only...I can't afford to pay that much....what should I do...." |
Anonymous
| What’s the going interest rate for a 30-year mortgage now? My sister got 2.75 back in March. |
Anonymous
Freddie Mac says still trending down. But that is nationally and mortgage rates have regional variation. http://www.freddiemac.com/pmms/ |
Anonymous
You find the prospect of someone being unable to afford their recently purchased house "hilarious"? You must be fun at parties... |
Anonymous
|
The home is OVERPRICED and AFFORDABLE at same time.
Right now for average first time buyer given economy and super low mortgage rates homes are Most affordable since 1984. But someone like me looking to sell and pay cash as near retirement I think it is widely overpriced. If borrowing a primary the super low rates are great!!! If like me looking to buy a place in Florida or beach area to retire second home prices are sky high! I am not borrowing so I just get High price. I used to have arbitrage of sorts sell my desirable close in to city home top dollar and buy a cheap place to retire. Plus the low mortgages are not much help old people. My fathers in-laws just retired to Florida at 78. House became too much. A low low mortgage won’t have any where near the payback of a 38 year old. Bottom line the 5 percent down starter home crowd may be overpaying by month to month lowest cost since 1984. |
Anonymous
I am. I'm usually the person most people at a party gravitate to, because I make the most sense. Oh, and I make great jokes as well. |