Why aren't DC homes selling???
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Anonymous
| Is it just DC? I have had my home on the market for 3 months. A few showings but no contracts. Row house - $875,000, then dropped to $850,000. Considering dropping to $825,000. Price isn't always a factor - it just seems like no one is buying. My agent told me to wait after the election, now wait after the new year. Wait until Spring? Is anyone else just waiting in DC???? |
Anonymous
| This is not a great time to list. But, that said, the problem is your price. |
Anonymous
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So many ?????s OP. Are you 12?
The answer is that the price is too high for the current market in your micromarket. |
Anonymous
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Anonymous
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Love how all DC houses aren’t selling…just because OP’s house isn’t selling.
Just received the local market report today n CC DC homes selling in 10 days in October. That doesn’t mean much to one down the street that is overpriced by a good $200k because it needs a bunch of work. |
Anonymous
| It's always price, but yes it's a bad time to sell. Winter / school year / holidays is not when people want to buy, plus people are guessing interest rates will come down, plus few want to move into DC given the politics right now (and those who might, probably bet there will be more available houses soon). |
Anonymous
No the problem is DC crime. Who wants to live in that?! |
Anonymous
| Must be a bad location. |
Anonymous
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Is it one of these? All $850k, all started at or around $875k, all on the market for 60+ days.
https://www.redfin.com/DC/Washington/73-P-St-NW-20001/home/9888364 https://www.redfin.com/DC/Washington/2841-Chancellors-Way-NE-20017/home/52329937 https://www.redfin.com/DC/Washington/1716-M-St-NE-20002/home/10109847 In any case, the days of people overpaying for a shared-walls house that's inbounds for an underperforming DCPS school in an area with elevated crime and in an amenities-lacking neighborhood are long over, and your realtor should have told you that. Northeast, in particular, is a really tough place to sell right now: https://x.com/AdvisorJohn/status/1852490924590247976 |
Anonymous
Is it bad on the Hill too? Selling a rowhouse in the price range in the spring and a bit worried. At least the elementary school is solid. |
Anonymous
| Our realtor, who's been in the DC market for 30 years, said the only area where SFHs are constantly selling for asking or getting bidding wars right now are in Upper NW. Maybe a few well-priced unicorns elsewhere, but not a lot. |
Anonymous
| This is a slow time of the market. List in January. |
Anonymous
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It's been the worst 6-7 months to sell. The market significantly slows down by late April or early May. Then we had the election uncertainty. Now we're heading into the holidays.
If possible, then wait to list in the Spring. |
Anonymous
| Obviously Trump has scared everyone away |
Anonymous
| Trump uncertainty, plus rates have been rising (people had unrealistic expectations that fed short-rate cuts would bring mortgage rates down). And perhaps just having reached the max of what the market can bear with respect to how houses are priced relative to incomes and rents. Doesn't mean prices will drop, but I think the multi-year runup we've had is, at a minimum, on pause. Perhaps it picks up in the spring as more certainty is resolved wrt Trump, the potential gutting (or not) of fed agencies, etc. |