Has the market cooled down drastically?

[Anonymous]

I think it's cooled off in the sense that people need to come down off their prices. Interest rates are going up. Home pricing needs to reflect that. I think some sellers got really lucking in the spring overpricing their homes. Now it's time to come back down to reality.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why are you selling a newly built house? It better have a huge discount over ones that are being sold for the first time.

New as in 3 yrs..2017 built homes are selling for more than 300K over our home, but off of the highway and walkable to shopping, less sq.footage and worse schools. Our is walkable to shopping but 10 min from freeway.

We decided we don't want such a big house and want to go smaller with a more affordable mortgage.

Why would you sell so quickly. Stupid reasons and stupid timing.

Timing may be stupid, but what one person considers a stupid reason to sell may not be stupid for another..It is better to sell a house than be stuck with a mortgage you cannot afford when you don't even use half the house.. But that said, we are not desperate to sell. Just want to make sure we break even after realtor fees and if it takes 2 yrs, so be it.

[Anonymous]

housing bubble is about to burst

[Anonymous]

Anonymous wrote:It is hard to tell without an actual location. By 10 minutes from the highway, it sounds like you are pretty far out. Homes in my neighborhood in DC aren't lasting more than a week.

MoCo, MD

[Anonymous]

We listed in may, close in DC. We ultimately had two offers, who were both eager for the house so the price got bid up significantly over asking. But everyone (us - we had been following the market religiously for 2 years, our realtor, our neighbors) were all surprised that we didn't have 8 offers (and end up at the same price). The house was extremely well renovated and priced competitively. Our agent said they'd seen a slow down in may, and house was in the middle of it. We sold, it's fine. But still surprised there wasn't more interest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is hard to tell without an actual location. By 10 minutes from the highway, it sounds like you are pretty far out. Homes in my neighborhood in DC aren't lasting more than a week.

MoCo, MD

Remove it and put it back on in January. Houses were flying in moco in January/February and March. After that it started to declined. And now houses are sitting for 2 months or so. We purchased in March. And we were looking since Januaryand lost 3 houses to bidding wars. There wasn't much on the market then so a good house was snapped up quick.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Maybe it's as simple as you're priced too high. There are some homes listed at the moment (I'm looking in N. Arlington), and I just laugh at the delusion of some sellers.

Ours was based on neighborhood comps and the upgrades we had compared to the last sold house..I wouldn't say insanely priced..The house is very recently built and in a decent school district. Wouldn't people still want to come view it an open house? We went to open houses even when they were 50K over our budget just to get a feel for what a home that price had to offer when compared to the homes available in our budget.

Unless your house is at a high price point, my guess is that you overvalued your upgrades.

[Anonymous]

I'm in 20015 and have definitely seen houses sitting in this and adjacent areas. FWIW most of them have been overpriced for what you get (at least to my untrained, non-realtor eye). Like this one... https://www.redfin.com/DC/Washington/5346-43rd-St-NW-20015/home/9957243 I feel like if you have $1.2M to spend you could probably get a SFH with a yard even in that area.

[Anonymous]

Anonymous wrote:housing bubble is about to burst

Not in DC proper.

[Anonymous]

Not where I am.

[Anonymous]

Townhomes in my DC development seem to be sitting, probably because there are new homes being built right next to us. I may just keep my home empty and list it in February.

[Anonymous]

Anonymous wrote:Townhomes in my DC development seem to be sitting, probably because there are new homes being built right next to us. I may just keep my home empty and list it in February.

Townhouse development in DC?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Maybe it's as simple as you're priced too high. There are some homes listed at the moment (I'm looking in N. Arlington), and I just laugh at the delusion of some sellers.

Ours was based on neighborhood comps and the upgrades we had compared to the last sold house..I wouldn't say insanely priced..The house is very recently built and in a decent school district. Wouldn't people still want to come view it an open house? We went to open houses even when they were 50K over our budget just to get a feel for what a home that price had to offer when compared to the homes available in our budget.

I can only answer for myself, but no, I would not go to an open house for a home that is priced far above my budget. When I was in the market to buy last year, I kept to my maximum price point because I did not want to find a fantastic home only to feel devastated that it would never happen. Where we were looking, houses were routinely going for far above asking, so there was also no room to negotiate. In searching, I believe most people adhere to the max price, so your home priced above someone's max wouldn't even show up in a search.

[Anonymous]

Also, I wouldn't go only by the open house, but by how many showings overall you've had since the price drop. If very few--you are either still overpriced or poorly timed or both. I'd take it off and relist next spring (March) and reassess your price point then, if you don't absolutely need to move. People with kids (and I'm assuming that may be your target market in MoCo) are generally looking to be settled before school starts, so mid-July is late in the game for that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe it's as simple as you're priced too high. There are some homes listed at the moment (I'm looking in N. Arlington), and I just laugh at the delusion of some sellers.

Ours was based on neighborhood comps and the upgrades we had compared to the last sold house..I wouldn't say insanely priced..The house is very recently built and in a decent school district. Wouldn't people still want to come view it an open house? We went to open houses even when they were 50K over our budget just to get a feel for what a home that price had to offer when compared to the homes available in our budget.

Unless your house is at a high price point, my guess is that you overvalued your upgrades.

Obviously this. Can you put a number here and itemise there upgrades?