Are sellers cutting prices in your area?

[Anonymous]

Are sellers cutting prices in your area?

[Anonymous]

Nope! We've been having bidding wars still and prices going 40k over for 60 year old houses that need work.

[Anonymous]

I'm looking in Rockland county, particularly in Orangeburg/Tappan. Folks are cutting prices and supply is increasing as well.

From what I gather here in the DMV, budding wars don't have an expiration date regardless of market conditions and the economy. So buyers in that area are not going to have relief any time soon.

[Anonymous]

Yup!

[Anonymous]

Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

[Anonymous]

Anonymous wrote:Nope! We've been having bidding wars still and prices going 40k over for 60 year old houses that need work.

That just means that the house was priced attractively, not that prices have come down..

[Anonymous]

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

+1

[Anonymous]

Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

These are older homes in the 800K-1.2M range (a few over that).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nope! We've been having bidding wars still and prices going 40k over for 60 year old houses that need work.

That just means that the house was priced attractively, not that prices have come down..

+1 Have you looked at actual real estate reports with data OP? Median DC house prices are down 2% relative to last year at this time, but you can look for data in the area where you're most interested.

[Anonymous]

Anonymous wrote:Nope! We've been having bidding wars still and prices going 40k over for 60 year old houses that need work.

Sure, you have. OK. Name the ZIP Code, we will take a look for ourselves.

[Anonymous]

Anonymous wrote:

Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

These are older homes in the 800K-1.2M range (a few over that).

We are just inside the beltway in this range. Very little inventory still, but the last sale took more than a week to go under contract, which is a shift.

[Anonymous]

It's hard to know what is priced aggressively vs. what is not.

In 20015 and 20016, some houses are sold within days above asking, while others have languished. Yeah, it generally correlates to houses at $2MM+ taking longer vs. houses below $2MM.

I was shocked that a complete teardown sold for $1.2MM in like a week...I have no idea what the builder expects to do with the place and how much they think they can relist.

[Anonymous]

Anonymous wrote:

Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

These are older homes in the 800K-1.2M range (a few over that).

Also just outside the beltway, same range, and they’re still going under contract in a week.

[Anonymous]

Yes, price cuts are normal in Bethesda.

[Anonymous]

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

same in desirable MoCo locations

3 examples in North Potomac that have sat for a month or more and have dropped prices a few times
https://www.redfin.com/MD/North-Potomac/11531-Paramus-Dr-20878/home/10621967
https://www.redfin.com/MD/North-Potomac/11449-Frances-Green-Dr-20878/home/10619787
https://www.redfin.com/MD/Gaithersburg/14009-Kip-Ter-20878/home/184666852