Are sellers cutting prices in your area?

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

+1

Same, sadly. Struggling to sell in nice nova hood. Last year, we would have already closed and likely with more $$. Two price reductions this far..only a couple very lowball offers. The market has definitely shifted in favor of purchasers.

[Anonymous]

Anonymous wrote:I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

But how do sellers know the true price to list at though? Aren't sellers looking at most recent sell prices?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

+1

Same, sadly. Struggling to sell in nice nova hood. Last year, we would have already closed and likely with more $$. Two price reductions this far..only a couple very lowball offers. The market has definitely shifted in favor of purchasers.

Finally an honest opinion from a seller.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

But how do sellers know the true price to list at though? Aren't sellers looking at most recent sell prices?

Most recent sell price can be last 2-3 months and it's a declining market. Issue is bigger when selers are looking at last 1-2 years of data in declining market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I talked to a realtor friend about this recently. Her comment was that overpriced houses will sit and/or drop their prices, but those that are priced accordingly are under contract within days and often over the list price.

this is in Rockville.

But how do sellers know the true price to list at though? Aren't sellers looking at most recent sell prices?

Most recent sell price can be last 2-3 months and it's a declining market. Issue is bigger when selers are looking at last 1-2 years of data in declining market.

This is the most painful part for sellers. The house next to you may be the same exact copy same updates etc. If it sold at $700k last year, you are unlikely to accept less than $700k if you decide to sell this year. And the new neighbors also are hoping yours sell for $700k or higher.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

same in desirable MoCo locations

3 examples in North Potomac that have sat for a month or more and have dropped prices a few times
https://www.redfin.com/MD/North-Potomac/11531-Paramus-Dr-20878/home/10621967
https://www.redfin.com/MD/North-Potomac/11449-Frances-Green-Dr-20878/home/10619787
https://www.redfin.com/MD/Gaithersburg/14009-Kip-Ter-20878/home/184666852

Desirable? These are borderline exurbs, which is always the first area to see prices/demand soften.

[Anonymous]

Even if prices were to sell 20% less than last year I am not sure most Americans are still going to be able to afford a home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nope! We've been having bidding wars still and prices going 40k over for 60 year old houses that need work.

That just means that the house was priced attractively, not that prices have come down..

OP didn't ask if prices have come down. They asked if sellers were cutting prices. So PP said that was not the case in their neighborhood. Obviously it could mean it was just priced attractively, but we dont' have all the data we would need to make that assessment.

That doesn't make any sense. If sellers were cutting prices in a meaningful way, prices would come down, and you would see it in overall real estate trends data.

Unless you just want to know whether a random sub-sample of anonymous DCUM posters are seeing random anonymous sellers that they know cut prices. Why you would care about that, I have no idea.

[Anonymous]

I just looked. We are in outer suburbs. The homes that have recently sold have sold for around 20k over ask.

[Anonymous]

No. Anything over $3 million sits awhile.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

same in desirable MoCo locations

3 examples in North Potomac that have sat for a month or more and have dropped prices a few times
https://www.redfin.com/MD/North-Potomac/11531-Paramus-Dr-20878/home/10621967
https://www.redfin.com/MD/North-Potomac/11449-Frances-Green-Dr-20878/home/10619787
https://www.redfin.com/MD/Gaithersburg/14009-Kip-Ter-20878/home/184666852

The first 2 homes are casualties of the uncertainty over the MCPS school boundary rezoning, and possibly over Fed RIFs. The would have sold very quickly in last year’s market.
The third property is ludicrously priced. There are many vastly better options in that price range.

[Anonymous]

Yes, at the beach town!

[Anonymous]

We just had another house go on the market. Needs work, asking price was over 840k, bidding war. I guess we picked a good location.

[Anonymous]

I'm in a Raleigh suburb, so an outside the DC Metro Area data point for you:
Nothing is moving.

[Anonymous]

Oh the final sale price was like 880k. The house will need 2 bathrooms redone and new floors (imo). People have a lot of $$$ to spend around here it seems.