Are sellers cutting prices in your area?

[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..

OP didn't ask if prices have come down. They asked if sellers were cutting prices. So PP said that was not the case in their neighborhood. Obviously it could mean it was just priced attractively, but we dont' have all the data we would need to make that assessment.

[Anonymous]

I’m in 22207 there is usually very little inventory. Now houses are sitting for much longer. They used to be gone in days.

[Anonymous]

The problem is that buyers will see any signs and always hope that sellers are cutting. Homeowners who are naturally greedy (who isn't right) will always say no prices are not declining. You can blame our government for making housing one of the biggest component of retirement planning.

[Anonymous]

I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

[Anonymous]

I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

Does "accordingly" mean that the price is lower than it would have been for a similar house in last year's market? And if so, how much less?

[Anonymous]

Yes.
Homes are moving much more slowly compared to last year. No bidding wars and several price drops. All under 1.5 M.
Rockville/North Potomac/Potomac zoned to Churchill, WJ and Wootton.

[Anonymous]

Anonymous wrote:I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

Yeah, but last year’s prices are now overpriced so effectively it is a price drop.

[Anonymous]

Rockville poster again.

To 11:51 and 11:54, this year's "accordingly" prices are more than last year's prices, so take that for what it is worth. Our neighborhood has more inventory now than last year.

One house listed 1.25 got a contract for 1.258 in about 2 weeks and closed about a month later. A house listed at 1.049, got a contract the same weekend, and closed at 1.050 in a month.

A house listed at 1.300 got a contract same weekend. Hasn't closed yet (has been about 2 weeks).

A house listed at 1.38 dropped after several weeks and sold for 1.24 after 2 months.

[Anonymous]

Yes.

[Anonymous]

Not in the Lorton (22079) area. Everything continues to sell as priced. In fact Craftmark and K Hovanian are building homes in the $1.5M + range.

https://www.craftmarkhomes.com/communities/occoquan-overlook/

https://www.khov.com/new-construction-homes/virginia/lorton/occoquan-overlook/

[Anonymous]

Anonymous wrote:

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

Same, sadly. Struggling to sell in nice nova hood. Last year, we would have already closed and likely with more $$. Two price reductions this far..only a couple very lowball offers. The market has definitely shifted in favor of purchasers.

[Anonymous]

Anonymous wrote:I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

But how do sellers know the true price to list at though? Aren't sellers looking at most recent sell prices?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Same, sadly. Struggling to sell in nice nova hood. Last year, we would have already closed and likely with more $$. Two price reductions this far..only a couple very lowball offers. The market has definitely shifted in favor of purchasers.

Finally an honest opinion from a seller.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

But how do sellers know the true price to list at though? Aren't sellers looking at most recent sell prices?

Most recent sell price can be last 2-3 months and it's a declining market. Issue is bigger when selers are looking at last 1-2 years of data in declining market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

But how do sellers know the true price to list at though? Aren't sellers looking at most recent sell prices?

Most recent sell price can be last 2-3 months and it's a declining market. Issue is bigger when selers are looking at last 1-2 years of data in declining market.

This is the most painful part for sellers. The house next to you may be the same exact copy same updates etc. If it sold at $700k last year, you are unlikely to accept less than $700k if you decide to sell this year. And the new neighbors also are hoping yours sell for $700k or higher.