2011 definitely marks the recovery of DC real estate

[Anonymous]

So many houses on the market and quickly selling. It seems like everyone who has been holding back from selling over the past few years because of the crash is finally making the jump this year. Some people say the lowering of the cap on mortgages this fall that the feds will guarantee is a contributor. And obviously the continued strong job market here. But wow, good news for us.

[Anonymous]

Um, let me guess. You're in real estate?

[Anonymous]

Price and volume are two different things.

[Anonymous]

You obviously didn't read the WSJ today about how our economy and job rgowth is going to stay flat and how housing prices actually are not getting better. Let's also not forget that QE2 is ending or just ended. Also, we have now reached a debt burden that is equal to 100% of our GDP, so as a nation we are getting fairly leveraged. I think we are in for bumpy stock and housing markets for years.

[Anonymous]

LOL, OP sounds like a realtor!

[Anonymous]

Realtors truly are the laziest people on the planet.

[Anonymous]

Ugh, I'm thinking of putting an offer in and I'm so scared, this did not make it any better!

[Anonymous]

Did some realtor think this was going to make the market in DC better? What the heck.

[Anonymous]

Not a realtor, but a DC area resident who closely watches my area real estate (Old Town). I'm also hearing the same from out in Fairfax County. Multiple offers being put on properties.

I never said it was like this all over the country. Houses in my parents neighborhood in the midwest are selling for what THEY purchased their house for in the early 90s. That's horrific. We need to enjoy the DC ride while it lasts.

[Anonymous]

By all means, enjoy that DC ride.

[Anonymous]

I have noticed that houses that are priced right in my area do move within 30 days. Stuff that is overpriced becasue sellers bought at the height of the market, is not moving.

[Anonymous]

The DC market is holding stable, contrary to the rest of the country which is sinking even lower.
Beware of applying national averages to this very particular area.
For the sake of stability, it may be a good thing that the local real estate market does not come roaring back too fast.

[Anonymous]

This rise in sales and prices is only in certain close and/or desireable neighborhoods. other areas, such as annandale and fairfax are still going down.

[Anonymous]

Anonymous wrote:This rise in sales and prices is only in certain close and/or desireable neighborhoods. other areas, such as annandale and fairfax are still going down.

Yeah, Im going to say almost everything west of Rock Creek in NW dc worth buying, and then very close in Chevy Chase MD, and some of Bethesda. I don't follow Northern VA so cannot comment but anything outside of this is pretty stagnant unless the property is special and priced right. As an active house hunter in the higher price bracket ($1 mill) I've found that I am routinely outbid by all cash buyers as well. Where are they getting all this cash?

[Anonymous]

Anonymous wrote:I have noticed that houses that are priced right in my area do move within 30 days. Stuff that is overpriced becasue sellers bought at the height of the market, is not moving.

This PP has it. Some houses in my very desirable upper NW DC neighborhood still sit when not priced to sell, and others go in one or two weeks (after the first or second open). It's all about pricing. As recently overheard at a party: "You didn't have trouble selling your house?" Answer: "No, because we priced it aggressively to sell."