Why aren't DC homes selling???

[Anonymous]

Mortgage rates too high and stock market doing great. Why would anyone take money from the market. They should jump in.
I'm not buying because I can't imagine taking the $60k+ out that should be $160k with 12 months. I'm invested aggressively.

[Anonymous]

Anonymous wrote:Mortgage rates too high and stock market doing great. Why would anyone take money from the market. They should jump in.
I'm not buying because I can't imagine taking the $60k+ out that should be $160k with 12 months. I'm invested aggressively.

lol good luck with that

[Anonymous]

Anonymous wrote: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????

Yes, the 450+ rowhouse/townhouses in DC that are pending on Redfin paint this picture.

[Anonymous]

Drop the price to $800K. If no one bites after one more month, take it off the market and re-list in March at $800K again.

[Anonymous]

1. Interest rates still high and rising again

2. Very few buyers at this time of year.

3. Uncertainty about DC's trajectory (because of Trump-related reasons and other reasons, many of them self-inflicted by the people in charge of DC)

4. I'm going to guess that if it's an $850k rowhouse, it's in a neighborhood that many buyers simply won't even consider. So your market -- already thinned because of the calendar -- is significantly smaller.

[Anonymous]

Anonymous wrote: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

You need to get out of your mommy bubble. Most people in DC who buy houses don’t care about the schools. In fact, most people who live in DC don’t have children.

[Anonymous]

Anonymous wrote:Mortgage rates too high and stock market doing great. Why would anyone take money from the market. They should jump in.
I'm not buying because I can't imagine taking the $60k+ out that should be $160k with 12 months. I'm invested aggressively.

I was waiting for my signal that the market has reached its peak so I could start selling some stocks. Your post is probably a sign that we're there. I'll have to see if my barber starts talking about his stock portfolio when I get my next haircut.

[Anonymous]

How’s the rental market going? Perhaps rent for a year and sell later?

What happened to the days of multiple offers and escalation clauses?? How did the DC market turn so quickly?

[Anonymous]

I know numerous houses in highly desirable areas of Bethesda that are not selling at asking price. Sellers want the prices that were going in the spring market but the market slowed dramatically in August. It’s the slowest it’s been since 2008. Buyers aren’t biting until prices come down.

[Anonymous]

Things are selling quickly in my NW DC neighborhood and at full price.

[Anonymous]

price

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is not a great time to list. But, that said, the problem is your price.

No the problem is DC crime.
Who wants to live in that?!

This. DC has been on the decline due to the progressive city council.

We saw the writing on the wall and moved in 2022 Our former home is now worth less than it was when we sold. My only regret is not moving the Summer of 2020.

The suburbs with good schools will probably hold their value. This DC-specific decline has nothing to do with Trump.

[Anonymous]

If federal employees have to RTO to a much larger extent, DC real estate will bounce back. Commuting in this area is more horrific than ever before, and if people have to do it more than a couple times per week from their far-flung suburbs, many will move back to the city.

[Anonymous]

Threat of no more home rule is making people cautious.

[Anonymous]

I think it was election, now it’s the bad news about DC home rule changes and loss of jobs looming in all areas. I think it’s going to get worse.