Housing prices dropping

[Anonymous]

Why do you keep bringing up Olney? It’s like discussing the Hagerstown real estate market.

[Anonymous]

I believe so too in DC proper. Take this house as an example. Sold in 2018 for $1,085,000 listed in April for $1,045,000 now at $990,000.


https://www.zillow.com/homedetails/3742-9th-St-NW-Washington-DC-20010/474907_zpid/

[Anonymous]

Anonymous wrote:Why do you keep bringing up Olney? It’s like discussing the Hagerstown real estate market.

Prob same person posting over and over.

[Anonymous]

It’s important to sell/buy at the right time although some things may get in the way. I guess these owners tried but took it off the market. Homes are sitting and if folks must move, I’m guessing they will become rentals. I think all the folks who bought in 2021-2023 will be underwater.

https://www.zillow.com/homedetails/2900-Carlton-Ave-NE-Washington-DC-20018/504830_zpid/

[Anonymous]

Anonymous wrote:I believe so too in DC proper. Take this house as an example. Sold in 2018 for $1,085,000 listed in April for $1,045,000 now at $990,000.


https://www.zillow.com/homedetails/3742-9th-St-NW-Washington-DC-20010/474907_zpid/

That’s pretty! But is it overpriced for the neighborhood? I don’t know.

[Anonymous]

Anonymous wrote:It’s important to sell/buy at the right time although some things may get in the way. I guess these owners tried but took it off the market. Homes are sitting and if folks must move, I’m guessing they will become rentals. I think all the folks who bought in 2021-2023 will be underwater.

https://www.zillow.com/homedetails/2900-Carlton-Ave-NE-Washington-DC-20018/504830_zpid/

Why do you think those people will be underwater??

[Anonymous]

Anonymous wrote:I believe so too in DC proper. Take this house as an example. Sold in 2018 for $1,085,000 listed in April for $1,045,000 now at $990,000.


https://www.zillow.com/homedetails/3742-9th-St-NW-Washington-DC-20010/474907_zpid/

I’m not a crime fear-monger but in 2018 Petworth was on the rise/improving and it took a reverse turn over the past few years. Pair that factor with high interest rates and people with $1 million + to spend and hybrid work arrangements are far less interested in neighborhoods like this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s important to sell/buy at the right time although some things may get in the way. I guess these owners tried but took it off the market. Homes are sitting and if folks must move, I’m guessing they will become rentals. I think all the folks who bought in 2021-2023 will be underwater.

https://www.zillow.com/homedetails/2900-Carlton-Ave-NE-Washington-DC-20018/504830_zpid/

Why do you think those people will be underwater??

Bought in 2021 for $842,552 latest price before they took it off the market after two months was at $825k. Is that not underwater when you sell a house for less than what you paid for it?

[Anonymous]

I bought a house recently expecting a bidding war but there was surprisingly none and I got it at asking. Made me wonder if it was overpriced and i fell for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s important to sell/buy at the right time although some things may get in the way. I guess these owners tried but took it off the market. Homes are sitting and if folks must move, I’m guessing they will become rentals. I think all the folks who bought in 2021-2023 will be underwater.

https://www.zillow.com/homedetails/2900-Carlton-Ave-NE-Washington-DC-20018/504830_zpid/

Why do you think those people will be underwater??

Bought in 2021 for $842,552 latest price before they took it off the market after two months was at $825k. Is that not underwater when you sell a house for less than what you paid for it?

No. Underwater means that your house is worth less than you owe on it.

[Anonymous]

I recently bought a home and the comps and the appraisals were what the home was listed as. And now a few weeks later, homes are on the market in the same neighborhood for over $150k less. I also feel like I over paid and fell for a trap.

[Anonymous]

Anonymous wrote:I recently bought a home and the comps and the appraisals were what the home was listed as. And now a few weeks later, homes are on the market in the same neighborhood for over $150k less. I also feel like I over paid and fell for a trap.

I’m the PP who also bought a home! Yeah it felt like we bought right as the market shifted a little. The bidding wars died down and houses we went to look at that we thought would get bought hey someone are still sitting. But we wanted a house ASAP, so we got what we needed.

[Anonymous]

But also the market tends to slow down around this time right? Because summer is slower than spring? I’m assuming it’s not some kind of long awaited correction where housing prices will actually come down.

[Anonymous]

Anonymous wrote:But also the market tends to slow down around this time right? Because summer is slower than spring? I’m assuming it’s not some kind of long awaited correction where housing prices will actually come down.

Yes, in theory, market slows down in summer. But in this area, June is still a pretty solid month in terms of sales. In recent years, in NOVA, there have been more sales in June than in May.
I’m about to put my home on the market and now that I also noticed the price of homes lowering and dropping it’s getting me nervous that it will sit for a bit. Typically homes in my neighborhood go pretty quickly within 24-48hours. Just feeling anxious. It’s all normal right??? 😂

[Anonymous]

Nothing is sitting in 20171, however there are fewer homes on the market than last year. My realtor neighbor is speculating that this is because sellers are waiting until July so that they don't have to pay buyer's agents.