How is the spring close-in DMV housing market looking like?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am in Rosemont. Things are selling in one day.

I wish some decent 4br+ houses would hit the market. Other than this stupid house, for which the builders deserve to go out of business.

https://www.redfin.com/VA/Alexandria/3113-Circle-Hill-Rd-22305/home/11849126

This house is an abomination

It absolutely is. Especially in the context of the neighborhood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am in Rosemont. Things are selling in one day.

I wish some decent 4br+ houses would hit the market. Other than this stupid house, for which the builders deserve to go out of business.

https://www.redfin.com/VA/Alexandria/3113-Circle-Hill-Rd-22305/home/11849126

This house is an abomination

It absolutely is. Especially in the context of the neighborhood.

It looks horrifying yes, but there are far worse monstrosities out there in the inner suburbs and DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Getting it out to put where? A smaller house at a high interest rate? A plunging stock market? A back to get eaten up by inflation?

The point is, this whole concept of i'm an older homeowner with a lot of illiquid home equity and would be open to moving but can't because I am "stuck" is so silly

It is cheaper to stay put in uncertain times. When you are in a lovely home with established gardens you've tended for 30+ years, the idea of spending most of the cost of your current home value on a high rise apartment in an elder community is not at all appealing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am in Rosemont. Things are selling in one day.

I wish some decent 4br+ houses would hit the market. Other than this stupid house, for which the builders deserve to go out of business.

https://www.redfin.com/VA/Alexandria/3113-Circle-Hill-Rd-22305/home/11849126

This house is an abomination

It absolutely is. Especially in the context of the neighborhood.

It looks horrifying yes, but there are far worse monstrosities out there in the inner suburbs and DC.

Very true, but not really in this neighborhood. It stands out like a sore thumb.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Getting it out to put where? A smaller house at a high interest rate? A plunging stock market? A back to get eaten up by inflation?

The point is, this whole concept of i'm an older homeowner with a lot of illiquid home equity and would be open to moving but can't because I am "stuck" is so silly

It is cheaper to stay put in uncertain times. When you are in a lovely home with established gardens you've tended for 30+ years, the idea of spending most of the cost of your current home value on a high rise apartment in an elder community is not at all appealing.

We have a relative in her late 60s who has been injured walking up her front steps and has had to stay in the living room on the first floor of her home during periods of injury due to how steep her stairs are. We also have a different relative who has fallen multiple times on stairs (not steep) in the his home in his late 70s/80s. He is moving into an apartment that is one level and I think life will be a lot easier. Most multi-level hones present challenges for seniors for obvious reasons. There are also lots of maintenance costs associated with larger homes and taxes will always be higher if you’re in a large home. It’s a win-win for the relative who is moving into an apartment that is 1/3 of the cost of the house being sold and where taxes and HOA fees together are considerably less than the taxes on the house they lived in and then there are additional savings with maintenance and lawn care.

[Anonymous]

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.


This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market


Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.


You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Getting it out to put where? A smaller house at a high interest rate? A plunging stock market? A back to get eaten up by inflation?


The point is, this whole concept of i'm an older homeowner with a lot of illiquid home equity and would be open to moving but can't because I am "stuck" is so silly


It is cheaper to stay put in uncertain times. When you are in a lovely home with established gardens you've tended for 30+ years, the idea of spending most of the cost of your current home value on a high rise apartment in an elder community is not at all appealing.


We have a relative in her late 60s who has been injured walking up her front steps and has had to stay in the living room on the first floor of her home during periods of injury due to how steep her stairs are. We also have a different relative who has fallen multiple times on stairs (not steep) in the his home in his late 70s/80s. He is moving into an apartment that is one level and I think life will be a lot easier. Most multi-level hones present challenges for seniors for obvious reasons. There are also lots of maintenance costs associated with larger homes and taxes will always be higher if you’re in a large home. It’s a win-win for the relative who is moving into an apartment that is 1/3 of the cost of the house being sold and where taxes and HOA fees together are considerably less than the taxes on the house they lived in and then there are additional savings with maintenance and lawn care.

Everyone makes their own decisions on this stuff. Moving is not easy and maybe someone does not have steep steps and has a support system of friends or relatives nearby. That is a powerful motivator to stay where you are.

[Anonymous]

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.


This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market


Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.


You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Getting it out to put where? A smaller house at a high interest rate? A plunging stock market? A back to get eaten up by inflation?


The point is, this whole concept of i'm an older homeowner with a lot of illiquid home equity and would be open to moving but can't because I am "stuck" is so silly


It is cheaper to stay put in uncertain times. When you are in a lovely home with established gardens you've tended for 30+ years, the idea of spending most of the cost of your current home value on a high rise apartment in an elder community is not at all appealing.


We have a relative in her late 60s who has been injured walking up her front steps and has had to stay in the living room on the first floor of her home during periods of injury due to how steep her stairs are. We also have a different relative who has fallen multiple times on stairs (not steep) in the his home in his late 70s/80s. He is moving into an apartment that is one level and I think life will be a lot easier. Most multi-level hones present challenges for seniors for obvious reasons. There are also lots of maintenance costs associated with larger homes and taxes will always be higher if you’re in a large home. It’s a win-win for the relative who is moving into an apartment that is 1/3 of the cost of the house being sold and where taxes and HOA fees together are considerably less than the taxes on the house they lived in and then there are additional savings with maintenance and lawn care.

Where I live the "apartment" would cost at least 2/3 of the price of my house (I live in an 800K house, not a 1.2 million one). I don't have steps so that is not a concern. Even if I had steps I would stay in my house as I could get a stair lift for a lot cheaper than moving (if I had to do that). I bought below my means years ago and so the house is pretty right sized even after my kid is gone. I have hobbies that take up a lot of space now in retirement (sewing quilts). I have repurposed my dining room and one bedroom in order to do this hobby. I enjoy it and don't plan to move to a small apartment. I don't need to free up money thankfully in order to stay here where I am happy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.


This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market


Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.


You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Getting it out to put where? A smaller house at a high interest rate? A plunging stock market? A back to get eaten up by inflation?


The point is, this whole concept of i'm an older homeowner with a lot of illiquid home equity and would be open to moving but can't because I am "stuck" is so silly


It is cheaper to stay put in uncertain times. When you are in a lovely home with established gardens you've tended for 30+ years, the idea of spending most of the cost of your current home value on a high rise apartment in an elder community is not at all appealing.


We have a relative in her late 60s who has been injured walking up her front steps and has had to stay in the living room on the first floor of her home during periods of injury due to how steep her stairs are. We also have a different relative who has fallen multiple times on stairs (not steep) in the his home in his late 70s/80s. He is moving into an apartment that is one level and I think life will be a lot easier. Most multi-level hones present challenges for seniors for obvious reasons. There are also lots of maintenance costs associated with larger homes and taxes will always be higher if you’re in a large home. It’s a win-win for the relative who is moving into an apartment that is 1/3 of the cost of the house being sold and where taxes and HOA fees together are considerably less than the taxes on the house they lived in and then there are additional savings with maintenance and lawn care.

Where I live the "apartment" would cost at least 2/3 of the price of my house (I live in an 800K house, not a 1.2 million one). I don't have steps so that is not a concern. Even if I had steps I would stay in my house as I could get a stair lift for a lot cheaper than moving (if I had to do that). I bought below my means years ago and so the house is pretty right sized even after my kid is gone. I have hobbies that take up a lot of space now in retirement (sewing quilts). I have repurposed my dining room and one bedroom in order to do this hobby. I enjoy it and don't plan to move to a small apartment. I don't need to free up money thankfully in order to stay here where I am happy.

The PP you’re responding makes it seem like moving to a one level living is a necessity as one ages. In most of the world people of all ages live in multiple level houses and walk apartments without any issue. I have admit, however, those folks tend to live more active lifestyles than most Americans, who generally live sedentary lives and therefore need, elevators, stairlifts, wheelchairs, first floors bedrooms to get around. That’s not the norm elsewhere.