How is the summer market?
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Anonymous
Not lying. The house we were renting also sold over asking, no contingencies, all cash as soon as it was listed. |
Anonymous
I think you're confused about how this works. They listed at $639,000, the offer they received was $716,000 and it took about a month and a half to close at that price. If you were a real realtor, you'd know that these stories are true. We lost out on three houses, all of which closed in the past 2-3 weeks for anywhere between $25K and $150K above list. The $150K above list was INSANE because it was a really crappy house but in a great neighborhood. We ended up buying further out after we lost those houses. We close at $15K above list next week, and we had to waive the inspection to get that price (we did a pre-inspection so we were confident there would be no major issues). |
Anonymous
| There is one really psycho person who is in denial about the market in this area!! I've been house hunting for four months, I've seen it with my own eyes, sweetheart. |
Anonymous
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Anonymous
| Question for Drunk-posting Ragey PP: Why do you want the market not to be hot? Why are you in denial? Seriously, please answer!! |
Anonymous
Laugh all you want. I have friends shopping outside the Beltway. They bid $75K over listing and lost to someone who escalated $95K over listing. This is the third time it’s happened to them in the past two months. The market is crazy because of major supply issues. |
Anonymous
| Sales and prices are up, the bottom was last winter |
Anonymous
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To seriously answer OP's question. I think the market is still hot, but not as hot as in the spring. I say this as someone who just bought a house at list price (we did waive the appraisal and do a void only inspection), but I think we got it at list price because (a) the list price was high and (b) the house has an unfinished basement that will cost us the $100K over list that most houses in the area are going for.
I went back and looked at houses we looked at around the same time and all of them went for over list (anywhere from $30K to $165K over list). These would be houses that went under contract at the end of May and have closed in the past few weeks. And this is well outside the beltway. I don't know how much that tells you about the June/July market though. I haven't been watching it. |
Anonymous
| In Bethesda, the market I watch most closely, houses seem to be sitting just a little longer but they are still selling at or near asking price, and sometimes a little over. So i think the market is still warm but not hot. This is especially true in the $2.5 million plus segment. Houses in that range that might have gone under contract around the time if the first open house this spring are instead having multiple open houses before going under contract. And there are a few houses in the Kenwood Park area that have been sitting for a very long time because the sellers are trying to get $3 million plus for them, when in fact they will probably land in the high $2 millions by the time they finally sell. An example of greedy sellers trying to set a new benchmark, even at a time when interest rates are climbing, and predictably failing in the effort. |
Anonymous
| Anecdotal, but I’m seeing price cuts in our neighborhood again, after none all Spring. Inventory is still selling, but a lot falls out of contract, relists lower, then sells. I think we may be in for a choppy summer/fall with low inventory and slight price drops. |
Anonymous
In the past months - I've seen a few price reductions (on the higher end of the price range) and a few homes not selling immediately. however for well priced homes in good condition - still going over ask. |
Anonymous
NP but the market has definitely slowed down. Things are sitting in my inside the beltway neighborhood. 
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Anonymous
It ended up selling for 10% above the price the last house sold for in the fall (6% above asking). |
Anonymous
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We just sold a house ($650-750k range) inside the Beltway in Virginia, close to the Pentagon. It went in 2 days with multiple offers over asking. None of the offers had any type of contingencies and all had escalation clauses. Two other houses on the block have sold within the past two months with similar scenarios.
The house we sold had no improvements. It was a long-time rental for us and the last time we did anything to improve it was 10-15 years ago. It is a nice house but it needs some love. The buyers got a steal and will see a huge appreciation once they do some small renos to the bathrooms and kitchen. The market is hot, whether you want to believe it or not. We were surprised, frankly, at how swiftly our house sold and we buy/sell a lot of houses. |
Anonymous
I've noticed a lot of "more affordable" houses (esp. sfh) in S Arlington going way above ask and for higher price per SQ ft than bigger and more updated houses. I think there is just a lot more competition for these homes. |