SPRING MARKET!! What's the vibe?

[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?

[Anonymous]

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

Which neighborhoods?

[Anonymous]

Anonymous wrote: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?

Lots of people want to buy now and move once their children are done with the school year. And there’s always the concern that there will be poor inventory in the fall.

[Anonymous]

Anonymous wrote:

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

Which neighborhoods?

Yorktown HS pyramid. It's like the Hunger Games rn.

[Anonymous]

Anonymous wrote:

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.

Is this the standard now? "Worthy of architectural digest"? All you poor DCUMers stuck in your 1.7M "starter homes." Truly "depressing," as you say. I don't know how you will manage having to "think twice about upgrading."

[Anonymous]

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

Sold a "starter house" (as y'all seem to be calling them lol) about a month ago in a desirable inside-the-beltway area. Sold for 11.8% above list (and we actually had a slightly higher offer, but didn't take it).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Which neighborhoods?

Yorktown HS pyramid. It's like the Hunger Games rn.

Look somewhere better?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Which neighborhoods?

Yorktown HS pyramid. It's like the Hunger Games rn.

I think it’s the Hunger Games everywhere. In my target area in a non Yorktown neighborhood in Arlington, listings are getting snatched within days. It’s the weirdest thing because even overpriced listings in south Arlington are getting snatched, while being one of the dullest spring markets in years as far as the number of the listings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Which neighborhoods?

Yorktown HS pyramid. It's like the Hunger Games rn.

I think it’s the Hunger Games everywhere. In my target area in a non Yorktown neighborhood in Arlington, listings are getting snatched within days. It’s the weirdest thing because even overpriced listings in south Arlington are getting snatched, while being one of the dullest spring markets in years as far as the number of the listings.

NOVA is worse. The market in DC and MD is a tad bit softer.

[Anonymous]

Anonymous wrote:
I think it’s the Hunger Games everywhere. In my target area in a non Yorktown neighborhood in Arlington, listings are getting snatched within days. It’s the weirdest thing because even overpriced listings in south Arlington are getting snatched, while being one of the dullest spring markets in years as far as the number of the listings.

NOVA is worse. The market in DC and MD is a tad bit softer.

That is definitely not true in the Bethesda / NW DC market. I know from experience very recently. But various price pockets are stronger or softer than others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Where? Which houses? Are they the 3M and up homes?

The $3 million ones are sitting, but also some sub $2 million:

https://www.redfin.com/VA/Mc-Lean/6631-Kirkley-Ave-22101/home/9474540

https://www.redfin.com/VA/Mc-Lean/1904-Lamson-Pl-22101/home/9475356

https://www.redfin.com/VA/Mc-Lean/1806-Lansing-Ct-22101/home/9412682

https://www.redfin.com/VA/Mc-Lean/1726-Baldwin-Dr-22101/home/9397913

https://www.redfin.com/VA/Mc-Lean/1628-Great-Falls-St-22101/home/9396164

https://www.redfin.com/VA/Mc-Lean/6871-Churchill-Rd-22101/home/143681021

All of these are still available except Lansing Ct. The flippers are trying to rent the Lamson Place spot instead of sell.