Is market hot again?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mortgage rates ticked back under 6%, which might be a psychological trigger going into the spring market, but it's still a soft market out there.

I hope buyers still stay on the sidelines until these ridiculous sellers and their greed back back on earth.

I think buyers are finally waking up and realizing that these prices are just stupid.

I don't think you understand how all of this works, lol.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mortgage rates ticked back under 6%, which might be a psychological trigger going into the spring market, but it's still a soft market out there.

I hope buyers still stay on the sidelines until these ridiculous sellers and their greed back back on earth.

I think buyers are finally waking up and realizing that these prices are just stupid.

I mean, how much lower? We’ve had 30% inflation since 2019.

[Anonymous]

I mean those properties were listed for one price, then had a sudden price increase right when it went pending within days of listing. That usually suggests they got an offer of at least the new price and wanted to adjust price to make sure house can appraise for the offer price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not in my corner of Potomac/Rockville (under 1.5M). Homes are sitting and either selling for list price or undergoing price drops.

What corner are you in? Here is what I have been seeing:

https://www.redfin.com/MD/Potomac/9208-Orchard-Brook-Dr-20854/home/10509213 (seems like they got contract for 120k over asking)

https://www.redfin.com/MD/Rockville/14018-Loblolly-Ter-20850/home/10550241 (seems like got contrac for 110k over asking).

Your corner of Potomac/Rockville is perfect for a modest middle class family. Need at least 3,000-3,500 sq ft and a W school, and you’re living the American dream here.

[Anonymous]

Normal.

[Anonymous]

Homes seem to be closing at or above ask in my area of Western Fairfax. Pending within a week.

[Anonymous]

See the recovering from real estate mistake thread before buying an overpriced house or paying over list price.

[Anonymous]

Anonymous wrote:See the recovering from real estate mistake thread before buying an overpriced house or paying over list price.

But it's always a gamble isn't it? Prices could keep going up if interest rates stay low and you would miss the boat.

[Anonymous]

Interest rates are dropping, so I think that that market will rise in favor of sellers. There's a lot of pent-up demand, including from sellers who want to downsize, so there should be more activity than in the past few of years.

[Anonymous]

Anonymous wrote:See the recovering from real estate mistake thread before buying an overpriced house or paying over list price.

If you believe that OP. Plenty of posters called her out as details didn't make sense.

People definitely have lost money in real estate. But the OP example was an extreme case. My experience is that most people who lost money in real estate were not smart when they bought.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not in my corner of Potomac/Rockville (under 1.5M). Homes are sitting and either selling for list price or undergoing price drops.

What corner are you in? Here is what I have been seeing:

https://www.redfin.com/MD/Potomac/9208-Orchard-Brook-Dr-20854/home/10509213 (seems like they got contract for 120k over asking)

https://www.redfin.com/MD/Rockville/14018-Loblolly-Ter-20850/home/10550241 (seems like got contrac for 110k over asking).

Your corner of Potomac/Rockville is perfect for a modest middle class family. Need at least 3,000-3,500 sq ft and a W school, and you’re living the American dream here.

the one on Orchard Brook Drive you can walk out back fence onto the Elementary school field and walk to playground. That is a dream for a young parent, Plus property taxes under 10K is rare in Potomac

[Anonymous]

Anonymous wrote:Interest rates are dropping, so I think that that market will rise in favor of sellers. There's a lot of pent-up demand, including from sellers who want to downsize, so there should be more activity than in the past few of years.

Interest rates have very little effect except in the minds of the media and agents who want to sound like they know what they're talking about. When interest rates went up dramatically in the past few years, prices still went up dramatically -- which should have put to bed the idea that buyers care about interest rates. Buyers get their wealth from their salaries (which have increased dramatically due to inflation) and from the performance of their investments (which have also increased dramatically) and don't sit around waiting for miniscule movements in interest rates.

[Anonymous]

Anonymous wrote:I am seeing a lot of price increases, and not by a little, by average of 100k. This is Potomac/Rockville area. I am surprised, I thought the market was really slowing down. I know this is early spring market but is this normal?

My hunch is that OP is either a realtor or in the mortgage biz.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sees to heating up again in Alexandria, but still nothing like 2021-2023.

Nope, just read this this morning.

At the county level, median prices were down 23.8% in Alexandria City and down 3.6% in Fairfax County. On the opposite end of the spectrum, Arlington County was up 15.3%, and Prince William County was up 5.7%.

This is dumb analysis. You need to break it out separately by SFH, Townhomes, and Condos. Otherwise a new condo building finishes construction and that will throw the monthly median sale price way down.

[Anonymous]

I agree, here’s a good example that sold this week in Alexandria City / Beverley Hills neighborhood. Listed for $1.725, sold this week for $1.817: https://redf.in/HiibWv