I think the bubble is popping.

[Anonymous]

A market bubble cannot pop if the market is not in a bubble in the first place.

[Anonymous]

This is a million dollar question. We cannot predict right now as its too early and not sure how market will be in next couple of months. Prices are decreasing for houses listed above million but something around 300 to 500K are going off the market (its sitting little longer as compared to earlier.

[Anonymous]

I am not seeing signs of it yet. I was just looking at old listings of houses we looked at exactly one year ago. Now they would go for $200,000+ more than they sold for last June!

[Anonymous]

Since everyone else in this thread is presenting anecdote as data, the house across the extremely busy road from us in CCDC went under contract after only 36 hours on the market, joining a long list of houses on that very busy road to go under contract that quickly in the past few months.

[Anonymous]

Anonymous wrote:Since everyone else in this thread is presenting anecdote as data, the house across the extremely busy road from us in CCDC went under contract after only 36 hours on the market, joining a long list of houses on that very busy road to go under contract that quickly in the past few months.

Single family homes under $1.7m close-in are still hot.

[Anonymous]

Poke! It started bursting in NYC with covid. Next up, Miami. DC is going down next.

[Anonymous]

Saw homes on very busy roads in MoCo not moving at all, even after 3-4+ weeks on the market. So many price decreases. Shoulda sold at the peak. It's over.

[Anonymous]

Houses are sitting for longer time but prices are not going down in my area.

[Anonymous]

Anonymous wrote:A market bubble cannot pop if the market is not in a bubble in the first place.

This.

It can't pop if its a not a bubble. There will be no pop. There will be a slow/gradual return to normal contract contingencies/DOM/etc, but there will be no pop.

[Anonymous]

It is slowing in my old neighborhood. I can tell by days on market and homes prices. However, folks are still getting the full peak prices.

Just means less huge bidding wars and sellers willing to do some contingencies. I hardly call that a burst. And we are talking 2-3 weeks to go under contract as opposed to 2-3 days. And doing a mortgage contingency vs no mortgage contingency.

[Anonymous]

Anonymous wrote:It is slowing in my old neighborhood. I can tell by days on market and homes prices. However, folks are still getting the full peak prices.

Just means less huge bidding wars and sellers willing to do some contingencies. I hardly call that a burst. And we are talking 2-3 weeks to go under contract as opposed to 2-3 days. And doing a mortgage contingency vs no mortgage contingency.

This. I think we're not going to see prices continue to increase, and I think we're not going to see as many bidding wars. Sellers can be a bit more intentional/less immediate and visceral reaction in their movements and approaches (not a bad thing), and sellers will still likely see their houses sell in a fairly expedient way. But not insane.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is slowing in my old neighborhood. I can tell by days on market and homes prices. However, folks are still getting the full peak prices.

Just means less huge bidding wars and sellers willing to do some contingencies. I hardly call that a burst. And we are talking 2-3 weeks to go under contract as opposed to 2-3 days. And doing a mortgage contingency vs no mortgage contingency.

This. I think we're not going to see prices continue to increase, and I think we're not going to see as many bidding wars. Sellers can be a bit more intentional/less immediate and visceral reaction in their movements and approaches (not a bad thing), and sellers will still likely see their houses sell in a fairly expedient way. But not insane.

Nope, this is Armageddon. It's the end of housing as we know it. I predict that by next year, no one will live indoors. Liquidate now and get into bottle caps, the currency of the future.

[Anonymous]

It slows. It dips and it the bubble deflates. A burst doesn't have to be a dramatic bust to be a bubble bursting.

And no, never in the history of real estate have we had a surge/market frenzy and then prices stabilize at the same level. They always go down with a market correction. If you can afford what you bought and are staying for a long time, you are fine.

[Anonymous]

Anonymous wrote:It slows. It dips and it the bubble deflates. A burst doesn't have to be a dramatic bust to be a bubble bursting.

And no, never in the history of real estate have we had a surge/market frenzy and then prices stabilize at the same level. They always go down with a market correction. If you can afford what you bought and are staying for a long time, you are fine.

A bubble bursting is, by definition, dramatic. The overly hot market will return to being just a hot market. In the years leading up to the pandemic, people were in bidding wars with escalation clauses, waiving contingencies, and prices steadily marched upwards. I guess the analogy here is probably more like a balloon that got weirdly inflated too rapidly due to the pandemic than a bubble (as you mention deflates...some air is let out but that balloon is still floating pretty darn high). Anyways, I'm glad I bought May 2020. Prices at this point would have to decrease 10% for us to reach what we purchased and over 20% to be officially "under water." I guess it could happen but since we're staying put I'm not too worried.

[Anonymous]

Anonymous wrote:It slows. It dips and it the bubble deflates. A burst doesn't have to be a dramatic bust to be a bubble bursting.

And no, never in the history of real estate have we had a surge/market frenzy and then prices stabilize at the same level. They always go down with a market correction. If you can afford what you bought and are staying for a long time, you are fine.

Yes, it does. A softening is not a bursting. It wasn’t a bubble so there won’t be a burst.