Why aren't DC homes selling???

[Anonymous]

Crime, telework, high prices combined with high rates, uncertainty surrounding the election, the list goes on.

[Anonymous]

It's interest rates. 7.125%......

[Anonymous]

OP, what neighborhood is the home in?

[Anonymous]

Anonymous wrote:Is it one of these? All $850k, all started at or around $875k, all on the market for 60+ days.

https://www.redfin.com/DC/Washington/73-P-St-NW-20001/home/9888364

https://www.redfin.com/DC/Washington/2841-Chancellors-Way-NE-20017/home/52329937

https://www.redfin.com/DC/Washington/1716-M-St-NE-20002/home/10109847

In any case, the days of people overpaying for a shared-walls house that's inbounds for an underperforming DCPS school in an area with elevated crime and in an amenities-lacking neighborhood are long over, and your realtor should have told you that. Northeast, in particular, is a really tough place to sell right now:

https://x.com/AdvisorJohn/status/1852490924590247976

Bingo. I bought in 2007 and got a smashing deal. Mortgage is low enough that I can afford to send my kids to private school. But to me, there simply hasn't been the sort of progress that would justify the supposed $900K that my home is worth. I wouldn't buy in my neighborhood now.

[Anonymous]

Anonymous wrote:Is it one of these? All $850k, all started at or around $875k, all on the market for 60+ days.

https://www.redfin.com/DC/Washington/73-P-St-NW-20001/home/9888364

https://www.redfin.com/DC/Washington/2841-Chancellors-Way-NE-20017/home/52329937

https://www.redfin.com/DC/Washington/1716-M-St-NE-20002/home/10109847

In any case, the days of people overpaying for a shared-walls house that's inbounds for an underperforming DCPS school in an area with elevated crime and in an amenities-lacking neighborhood are long over, and your realtor should have told you that. Northeast, in particular, is a really tough place to sell right now:

https://x.com/AdvisorJohn/status/1852490924590247976

17th and M for $850k is WILDLY overpriced. Holy cow. The crime over there has ALWAYS been bad. Oh lord. $850k!!!!

[Anonymous]

your price is too high and no people are leaving dc. There is your answer.

[Anonymous]

Anonymous wrote:This is not a great time to list. But, that said, the problem is your price.

Should really have this be an auto-response for every post like this. Because it's always the same answer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is it one of these? All $850k, all started at or around $875k, all on the market for 60+ days.

https://www.redfin.com/DC/Washington/73-P-St-NW-20001/home/9888364

https://www.redfin.com/DC/Washington/2841-Chancellors-Way-NE-20017/home/52329937

https://www.redfin.com/DC/Washington/1716-M-St-NE-20002/home/10109847

In any case, the days of people overpaying for a shared-walls house that's inbounds for an underperforming DCPS school in an area with elevated crime and in an amenities-lacking neighborhood are long over, and your realtor should have told you that. Northeast, in particular, is a really tough place to sell right now:

https://x.com/AdvisorJohn/status/1852490924590247976

17th and M for $850k is WILDLY overpriced. Holy cow. The crime over there has ALWAYS been bad. Oh lord. $850k!!!!

It's also in an area horribly served by transit, so you're driving everywhere. All three of those places actually aren't all that walkable, the other two are at least 15+ minute walks to the closest Metro, and they're not particularly pleasant walks, either.

[Anonymous]

I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is it one of these? All $850k, all started at or around $875k, all on the market for 60+ days.

https://www.redfin.com/DC/Washington/73-P-St-NW-20001/home/9888364

https://www.redfin.com/DC/Washington/2841-Chancellors-Way-NE-20017/home/52329937

https://www.redfin.com/DC/Washington/1716-M-St-NE-20002/home/10109847

In any case, the days of people overpaying for a shared-walls house that's inbounds for an underperforming DCPS school in an area with elevated crime and in an amenities-lacking neighborhood are long over, and your realtor should have told you that. Northeast, in particular, is a really tough place to sell right now:

https://x.com/AdvisorJohn/status/1852490924590247976

17th and M for $850k is WILDLY overpriced. Holy cow. The crime over there has ALWAYS been bad. Oh lord. $850k!!!!

That whole area east of Bladensburg and north of Benning is overpriced right now because the Trinidad market has shot up and priced people out. I've even started seeing places that are CLEARLY in Carver-Langston listed as "Trinidad" on Redfin. But that one is still listed high. I have seen places over there going for 750k or even 800k if it's a really nice house and it's totally updated and on the bigger side. A similar home in Trinidad now sells for around a million so that's actually a decent price but yes it's hard to imagine paying it give the issues along Bladensburg and Benning.

If they could do something productive with the shopping center at the starburst, I do think this area will explode though. So who knows maybe it's all going to pay off. I remain shocked by where prices have gone in places like Hill East and Brookland so I am obviously not an authority on which neighborhoods are a good buy. I got lucky with a house in Trinidad when it was still a really rough neighborhood and it's crazy to me what I now see neighbors selling for.

[Anonymous]

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

Both Petworth and Edgewood have seen major price increases in recent years. And at the same time, the performance of John Lewis Elementary in Petworth has really improved as they've gotten more neighborhood buy in. And both neighborhoods have extremely popular charters in them.

I used to live in Logan Circle and I actually think these places are on a similar trajectory. I remember in LC in 2004-2010ish people were still fretting that it wasn't going to get better but it improved bit by bit and then I got priced out!

Same thing happening in those other neighborhoods you mentioned (I live on Capitol Hill now so no dog in this fight).

[Anonymous]

I only anacostia and other SE areas as the value play right now. Invest in multi families there and get a good deal on rental income.

[Anonymous]

Anonymous wrote:I think it was election, now it’s the bad news about DC home rule changes and loss of jobs looming in all areas. I think it’s going to get worse.

WTH is home rule changes? And there is no certainty there will be huge loss of jobs unless somehow they can move the capitol to another city altogether. New people will arrive

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

Both Petworth and Edgewood have seen major price increases in recent years. And at the same time, the performance of John Lewis Elementary in Petworth has really improved as they've gotten more neighborhood buy in. And both neighborhoods have extremely popular charters in them.

I used to live in Logan Circle and I actually think these places are on a similar trajectory. I remember in LC in 2004-2010ish people were still fretting that it wasn't going to get better but it improved bit by bit and then I got priced out!

Same thing happening in those other neighborhoods you mentioned (I live on Capitol Hill now so no dog in this fight).

Petworth and Edgewood are not on the same track as Logan Circle. It's ludicrous to suggest that.

You also have your dates wrong. LC started gentrifying around 1998-1999 and was already UMC stroller central by 2004.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is it one of these? All $850k, all started at or around $875k, all on the market for 60+ days.

https://www.redfin.com/DC/Washington/73-P-St-NW-20001/home/9888364

https://www.redfin.com/DC/Washington/2841-Chancellors-Way-NE-20017/home/52329937

https://www.redfin.com/DC/Washington/1716-M-St-NE-20002/home/10109847

In any case, the days of people overpaying for a shared-walls house that's inbounds for an underperforming DCPS school in an area with elevated crime and in an amenities-lacking neighborhood are long over, and your realtor should have told you that. Northeast, in particular, is a really tough place to sell right now:

https://x.com/AdvisorJohn/status/1852490924590247976

Bingo. I bought in 2007 and got a smashing deal. Mortgage is low enough that I can afford to send my kids to private school. But to me, there simply hasn't been the sort of progress that would justify the supposed $900K that my home is worth. I wouldn't buy in my neighborhood now.

Exactly. And for years I’ve been wondering just exactly what all these people buying $900k houses and then proceeding to get pregnant are planning to do for school.