Housing prices dropping

[Anonymous]

I recently bought a home and the comps and the appraisals were what the home was listed as. And now a few weeks later, homes are on the market in the same neighborhood for over $150k less. I also feel like I over paid and fell for a trap.

[Anonymous]

Anonymous wrote:I recently bought a home and the comps and the appraisals were what the home was listed as. And now a few weeks later, homes are on the market in the same neighborhood for over $150k less. I also feel like I over paid and fell for a trap.

I’m the PP who also bought a home! Yeah it felt like we bought right as the market shifted a little. The bidding wars died down and houses we went to look at that we thought would get bought hey someone are still sitting. But we wanted a house ASAP, so we got what we needed.

[Anonymous]

But also the market tends to slow down around this time right? Because summer is slower than spring? I’m assuming it’s not some kind of long awaited correction where housing prices will actually come down.

[Anonymous]

Anonymous wrote:But also the market tends to slow down around this time right? Because summer is slower than spring? I’m assuming it’s not some kind of long awaited correction where housing prices will actually come down.

Yes, in theory, market slows down in summer. But in this area, June is still a pretty solid month in terms of sales. In recent years, in NOVA, there have been more sales in June than in May.
I’m about to put my home on the market and now that I also noticed the price of homes lowering and dropping it’s getting me nervous that it will sit for a bit. Typically homes in my neighborhood go pretty quickly within 24-48hours. Just feeling anxious. It’s all normal right??? 😂

[Anonymous]

Nothing is sitting in 20171, however there are fewer homes on the market than last year. My realtor neighbor is speculating that this is because sellers are waiting until July so that they don't have to pay buyer's agents.

[Anonymous]

Anonymous wrote:Nothing in Olney is dropping right now in MoCo. There was a slight drop last year from the insane prices of 2022 and 2021; now, there is nothing on the market, and prices are all the same as in 2023.

I live in Olney and am seeing plenty of homes on the market. The SFH on our street has been on the market for a month. It may be overpriced, but there are houses for sale.

[Anonymous]

Though you think that might be balanced out by buyers wanting to buy before July.

[Anonymous]

Counterpoint: home a few doors down from me in Bethesda just went nearly 400K over ask after 2 days on the market.

[Anonymous]

I think as long as there's crime in that area prices will continue to drop.

[Anonymous]

My theory is credit is getting much harder to get. 1/3 of the houses sold the last few months have been bought by cash buyers. Anyone else who has a financing contingency - those houses are going back on the market,

[Anonymous]

Anonymous wrote:

Anonymous wrote:I believe so too in DC proper. Take this house as an example. Sold in 2018 for $1,085,000 listed in April for $1,045,000 now at $990,000.


https://www.zillow.com/homedetails/3742-9th-St-NW-Washington-DC-20010/474907_zpid/

I’m not a crime fear-monger but in 2018 Petworth was on the rise/improving and it took a reverse turn over the past few years. Pair that factor with high interest rates and people with $1 million + to spend and hybrid work arrangements are far less interested in neighborhoods like this.

This. Plus it's normal for prices to drop a bit over the summer for areas with primary homes for families. Families want to close and move in before school starts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nothing in Olney is dropping right now in MoCo. There was a slight drop last year from the insane prices of 2022 and 2021; now, there is nothing on the market, and prices are all the same as in 2023.

I live in Olney and am seeing plenty of homes on the market. The SFH on our street has been on the market for a month. It may be overpriced, but there are houses for sale.

I don't know; seems like slim pickings to me.
https://www.zillow.com/homes/20832_rb/

[Anonymous]

Rockville/North Bethesda has things moving along, albeit slowly. The houses under 700-800k are getting snapped quickly. Townhouses over 1M (new/recent builds) are taking a month to sell

[Anonymous]

In my neighborhood houses tend to go for significantly over asking- but it is partly because one agent who has a lot of listings tends to underprice.

[Anonymous]

Anonymous wrote:My theory is credit is getting much harder to get. 1/3 of the houses sold the last few months have been bought by cash buyers. Anyone else who has a financing contingency - those houses are going back on the market,

Eh, cash buyers are more attractive to sellers. But credit isn’t “hard to get” if you’re getting a mortgage appropriate for your income, debt etc.