SPRING MARKET!! What's the vibe?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seems like a lot of houses are sitting in South McLean.

Is McLean on the downswing?

idk what you mean by "downsizing". They are still building humongous homes there, new construction is significantly larger than homes being replaced. There is a lot of inventory in every area. I am guessing we are running out of people with deep pockets, so a lot of listings in the millions are sitting. Overpriced listings everywhere. Sometimes you see a house north of 4 mil sell quickly, because it appeals to a certain buyer and hits their checkboxes. And sometimes similar home is sitting just 2 blocks away for many months. Older homes sell fairly quickly because they are usually under 2 mil. Some tastefully maintained older mcMansions quickly sell if under 3 mil on good lots in more premium areas. THs seem to be flying and there is a lot of demand for homes that are family sized but not huge, with garages, convenience to amenities and under 1.3 mil.

New construction is just obscenely priced, and it's not because of land cost only. There is a lot of gouging and builders trying to make extra premium on certain neighborhoods just because of location, not cost of labor/materials/land.

I think PP meant “downswing” as in becoming less desirable.

Regardless, they are definitely building huge new homes in McLean, and many seem to sit. One just went up in my neighborhood, and I’m curious to see if it goes for asking. I’m betting not—builders need to start building less hideous spec homes if they want ~$3 million+, imo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Went to an open house listed at $2.25 in 22207 on the weekend and it was packed.

Lots of serious buyers in that range or mostly looky loos, I wonder.

It was pending on Monday so at least one serious buyer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Went to an open house listed at $2.25 in 22207 on the weekend and it was packed.

Lots of serious buyers in that range or mostly looky loos, I wonder.

It was pending on Monday so at least one serious buyer.

Link?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seems like a lot of houses are sitting in South McLean.

Is McLean on the downswing?

idk what you mean by "downsizing". They are still building humongous homes there, new construction is significantly larger than homes being replaced. There is a lot of inventory in every area. I am guessing we are running out of people with deep pockets, so a lot of listings in the millions are sitting. Overpriced listings everywhere. Sometimes you see a house north of 4 mil sell quickly, because it appeals to a certain buyer and hits their checkboxes. And sometimes similar home is sitting just 2 blocks away for many months. Older homes sell fairly quickly because they are usually under 2 mil. Some tastefully maintained older mcMansions quickly sell if under 3 mil on good lots in more premium areas. THs seem to be flying and there is a lot of demand for homes that are family sized but not huge, with garages, convenience to amenities and under 1.3 mil.

New construction is just obscenely priced, and it's not because of land cost only. There is a lot of gouging and builders trying to make extra premium on certain neighborhoods just because of location, not cost of labor/materials/land.

I think PP meant “downswing” as in becoming less desirable.

Regardless, they are definitely building huge new homes in McLean, and many seem to sit. One just went up in my neighborhood, and I’m curious to see if it goes for asking. I’m betting not—builders need to start building less hideous spec homes if they want ~$3 million+, imo.

Is it less desirable? Or there is just a lot of inventory everywhere? What area is becoming more desirable instead? Langley and Mclean are still top public schools in NOVA. Although, maybe this isn't a deciding factor anymore? Amenities also seem to be increasing and not decreasing, so I don't think it's becoming undesirable. I think it's just higher pricing driving people away, you get fewer buyers in the area where avg. home costs 2.5 mil. With anything below 2 mil likely a fixer upper and new construction over 3 mil and over 4 mil in some parts.


I don't think it's less popular, I think it's just pricing is driving people away and forcing them to look into other areas where they can get more for their money. If your average home for sale is now 2.5m it certainly reduces the number of qualified buyers. And people with deep pockets have a lot of areas to choose from, and likely don't even need public schools. Mclean has some appeal beyond schools

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Went to an open house listed at $2.25 in 22207 on the weekend and it was packed.

Lots of serious buyers in that range or mostly looky loos, I wonder.

It was pending on Monday so at least one serious buyer.

Link?

https://www.zillow.com/homedetails/2421-N-Buchanan-St-Arlington-VA-22207/240500839_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Went to an open house listed at $2.25 in 22207 on the weekend and it was packed.

Lots of serious buyers in that range or mostly looky loos, I wonder.

It was pending on Monday so at least one serious buyer.

Link?

https://www.zillow.com/homedetails/2421-N-Buchanan-St-Arlington-VA-22207/240500839_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

Interesting. Fine, but nothing particularly special.

[Anonymous]

The market has been frustrating in Bethesda. Seems like everything in the $1.8M-$2.5M range goes to bidding wars.

[Anonymous]

Anonymous wrote:The market has been frustrating in Bethesda. Seems like everything in the $1.8M-$2.5M range goes to bidding wars.

Is there a glut of homes over 3-4 mil?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The market has been frustrating in Bethesda. Seems like everything in the $1.8M-$2.5M range goes to bidding wars.

Is there a glut of homes over 3-4 mil?

There isn't a "glut of homes" anywhere in the dmv.

But the over 2.5M new builds have resulted in less of the under 2.5M homes, which is what most are looking for. And there aren't enough of them to begin with.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The market has been frustrating in Bethesda. Seems like everything in the $1.8M-$2.5M range goes to bidding wars.

Is there a glut of homes over 3-4 mil?

I can't speak to that as that hasn't been my wheelhouse, but for anything that looks nice / promising from the range I noted, you should press your agent to see as soon as it hits zillow. And seems to be competitive you also need to make the offer super clean without a bunch of contingencies (inspection / financing / etc).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seems like a lot of houses are sitting in South McLean.

Is McLean on the downswing?

idk what you mean by "downsizing". They are still building humongous homes there, new construction is significantly larger than homes being replaced. There is a lot of inventory in every area. I am guessing we are running out of people with deep pockets, so a lot of listings in the millions are sitting. Overpriced listings everywhere. Sometimes you see a house north of 4 mil sell quickly, because it appeals to a certain buyer and hits their checkboxes. And sometimes similar home is sitting just 2 blocks away for many months. Older homes sell fairly quickly because they are usually under 2 mil. Some tastefully maintained older mcMansions quickly sell if under 3 mil on good lots in more premium areas. THs seem to be flying and there is a lot of demand for homes that are family sized but not huge, with garages, convenience to amenities and under 1.3 mil.

New construction is just obscenely priced, and it's not because of land cost only. There is a lot of gouging and builders trying to make extra premium on certain neighborhoods just because of location, not cost of labor/materials/land.

I think PP meant “downswing” as in becoming less desirable.

Regardless, they are definitely building huge new homes in McLean, and many seem to sit. One just went up in my neighborhood, and I’m curious to see if it goes for asking. I’m betting not—builders need to start building less hideous spec homes if they want ~$3 million+, imo.

But the less hideous homes sell for $4+. So at $3+ your budget is something hideous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seems like a lot of houses are sitting in South McLean.

Is McLean on the downswing?

idk what you mean by "downsizing". They are still building humongous homes there, new construction is significantly larger than homes being replaced. There is a lot of inventory in every area. I am guessing we are running out of people with deep pockets, so a lot of listings in the millions are sitting. Overpriced listings everywhere. Sometimes you see a house north of 4 mil sell quickly, because it appeals to a certain buyer and hits their checkboxes. And sometimes similar home is sitting just 2 blocks away for many months. Older homes sell fairly quickly because they are usually under 2 mil. Some tastefully maintained older mcMansions quickly sell if under 3 mil on good lots in more premium areas. THs seem to be flying and there is a lot of demand for homes that are family sized but not huge, with garages, convenience to amenities and under 1.3 mil.

New construction is just obscenely priced, and it's not because of land cost only. There is a lot of gouging and builders trying to make extra premium on certain neighborhoods just because of location, not cost of labor/materials/land.

I think PP meant “downswing” as in becoming less desirable.

Regardless, they are definitely building huge new homes in McLean, and many seem to sit. One just went up in my neighborhood, and I’m curious to see if it goes for asking. I’m betting not—builders need to start building less hideous spec homes if they want ~$3 million+, imo.

But the less hideous homes sell for $4+. So at $3+ your budget is something hideous.

Accurate and depressing. Makes me think twice about upgrading next year. At least our starter home has some charm, even if it’s not palatial or worthy of Architectural Digest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seems like a lot of houses are sitting in South McLean.

Is McLean on the downswing?

idk what you mean by "downsizing". They are still building humongous homes there, new construction is significantly larger than homes being replaced. There is a lot of inventory in every area. I am guessing we are running out of people with deep pockets, so a lot of listings in the millions are sitting. Overpriced listings everywhere. Sometimes you see a house north of 4 mil sell quickly, because it appeals to a certain buyer and hits their checkboxes. And sometimes similar home is sitting just 2 blocks away for many months. Older homes sell fairly quickly because they are usually under 2 mil. Some tastefully maintained older mcMansions quickly sell if under 3 mil on good lots in more premium areas. THs seem to be flying and there is a lot of demand for homes that are family sized but not huge, with garages, convenience to amenities and under 1.3 mil.

New construction is just obscenely priced, and it's not because of land cost only. There is a lot of gouging and builders trying to make extra premium on certain neighborhoods just because of location, not cost of labor/materials/land.

I think PP meant “downswing” as in becoming less desirable.

Regardless, they are definitely building huge new homes in McLean, and many seem to sit. One just went up in my neighborhood, and I’m curious to see if it goes for asking. I’m betting not—builders need to start building less hideous spec homes if they want ~$3 million+, imo.

But the less hideous homes sell for $4+. So at $3+ your budget is something hideous.

Somewhat ironically even my working class mother from flyover country picked up on this while browsing DC area real estate when we were buying

[Anonymous]

the market is very intense right now. i have lost out of multiple properties because someone placed an offer 5-10% over asking price.

[Anonymous]

Just calm down. By September, all the buyers will be gone, and sanity will be restored once again. You might even score a property below asking price by then. Happens every year. I really never understand why every buyer feels like the world is going to end if they don't buy in the spring. Do the agents feed this hysteria?