Housing prices dropping

[Anonymous]

Looking at Redfin in the Fairfax county area. In the month of April, lots of homes were pending within a few days of hitting the market. Has anyone noticed the new trend of people dropping the prices of their home, instead of pending? Are people getting a little too greedy and over pricing their homes? Are people not looking to buy right now? The month of May is not looking as good as April was! Has anyone noticed this? Again, I am only looking at homes in Fairfax county.

[Anonymous]

I’m seeing more price drops and fewer escalations in NW DC than I was seeing a few months ago.

[Anonymous]

I'm seeing houses sitting longer. Not much in way of price drops. Some houses go pending immediately. But the urgency is gone. Does look like spring market is over.

[Anonymous]

It's summer. This happens.

[Anonymous]

Seems like anything over 1.8 is sitting. Should buyers attempt low ball offers or just sit tight?

[Anonymous]

Close in MD, think sellers are being too bullish on price. Lots of houses sitting Drummond, Somerset

[Anonymous]

The best houses are gone quick. The ok houses sit for a while. Escalation beyond asking has gone away or is limited.

[Anonymous]

The houses that are overpriced sit. Correctly priced homes are still going briskly.

[Anonymous]

More will come to market in July bc of the realtors fee suit.

[Anonymous]

Anonymous wrote:The best houses are gone quick. The ok houses sit for a while. Escalation beyond asking has gone away or is limited.

Not everywhere. Olney is still crazy. Houses 5-10% over asking with escalation and no contingencies.

[Anonymous]

"I'm not seeing as many escalations" is a meaningless statement unless list prices are stagnant.

[Anonymous]

Anonymous wrote:Looking at Redfin in the Fairfax county area. In the month of April, lots of homes were pending within a few days of hitting the market. Has anyone noticed the new trend of people dropping the prices of their home, instead of pending? Are people getting a little too greedy and over pricing their homes? Are people not looking to buy right now? The month of May is not looking as good as April was! Has anyone noticed this? Again, I am only looking at homes in Fairfax county.

This game is mostly realtor and buyer driven, sellers have little control.

[Anonymous]

The number of houses in Bethesda with asking prices of $3 million or more really ballooned since last summer. I'm talking about houses that in 2021 would have been $2.5 million and in 2018 would have been $1.8 million-$2 million.

It looks like the pandemic price escalator has stalled, because many of these $3 million+ houses are not selling, at least not quickly.

[Anonymous]

Homes are now sitting for longer… sellers market is slowing down!

[Anonymous]

Nothing in Olney is dropping right now in MoCo. There was a slight drop last year from the insane prices of 2022 and 2021; now, there is nothing on the market, and prices are all the same as in 2023.