Housing prices dropping

[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.

[Anonymous]

Anonymous wrote:It’s important to sell/buy at the right time although some things may get in the way. I guess these owners tried but took it off the market. Homes are sitting and if folks must move, I’m guessing they will become rentals. I think all the folks who bought in 2021-2023 will be underwater.

https://www.zillow.com/homedetails/2900-Carlton-Ave-NE-Washington-DC-20018/504830_zpid/

We'll never be under water. We were able to buy a nice house in 2023 because we made a killing on our old house.

[Anonymous]

Not dropping in North Potomac, still seem to be rising.

[Anonymous]

Anonymous wrote:Not dropping in North Potomac, still seem to be rising.

But homes are not flying off the market as quickly as they were in Jan, Feb, March when we were looking.

[Anonymous]

In April, this house went pending in 1 week and sold for over asking:
https://www.redfin.com/VA/Vienna/1428-Rosewood-Hill-Dr-22182/home/9257705

Another house TWO doors down came on the market in May and has been sitting - it just had a price drop:
https://www.redfin.com/VA/Vienna/1434-Rosewood-Hill-Dr-22182/home/9257696

Did buyers who lost out on the first house just give up on the second? It doesn't match sense to me. I'm not looking in that neighborhood, else I might be tempted to snatch the second one up.

[Anonymous]

Anonymous wrote:Why do you keep bringing up Olney? It’s like discussing the Hagerstown real estate market.

Lots of people commute to DC from Olney; give me a break. I brought this up because I am waiting for a house to come on the market that I would like to buy.