How is the spring close-in DMV housing market looking like?
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Anonymous
| Shopping in Arlington and seeing that the bulk of houses for sale are ones that the owners purchased less than four years ago. And I understand why they’re moving — the houses have significant flaws and they can nonetheless bank a healthy profit. Buyers don’t seem to care that the prior owners want to get out after only a few years. |
Anonymous
| 20815-Somerset. Houses under $2M are going quickly and multiple offers. The over $3M market is not moving |
Anonymous
Hopefully not a fed RTO - who would buy close in when they could lose their job any day? |
Anonymous
Except for the 3.3 one that just did. There was a 2.9 recently too. |
Anonymous
Arlington - condos are buyers market - townhouses are okay - single family under $1.5M strong demand - single family $1.6-$2m good - single family $2.1M-$2.7M okay - single above $2.8M weak |
Anonymous
Fairfax Co Falls Church with weaker schools but in nice neighborhood. Will sell |
Anonymous
Exactly what I was thinking. I feel like the people buying now have been looking for a while already. I think the number of buyers is going to dwindle as folks hold tight to see what happens over the next few years. |
Anonymous
| Surprisingly stout given all the uncertainty |
Anonymous
| Demand > supply. Nothing else matters |
Anonymous
That is not what I’m seeing in Arlington. There’s little inventory. Overall, everything listed getting a contract within 2-3 weeds - townhouses and homes under 2.5 within a week, 3M within 4 weeks. Condos under a mil within 2 weeks. |
Anonymous
Can you please explain how MR thinks he can get $3.6m for a regular house? |
Anonymous
|
Anecdotally in upper NW, things are going into pending status quickly but actual closings seem to be taking longer than normal.
So far, they have all closed, so things aren’t falling through…but I wonder if the days of waving inspections and what not are over (for now). Pricing is all over the map…a $2.8MM house sold in 48 hours while a $1.4MM listing took three weeks. |
Anonymous
| I've heard from a couple of agent friends that many buyers are bidding against themselves right now. Seller's agents are claiming that there are multiple offers, or at least acting as though there are, and buyers gladly are coming up on initial offers. Thus, many houses selling for above ask are not a scenario where there were multiple offers; just dumb buyers. |
Anonymous
No that would be idiotic real estate agents representing the buyers. You always request to see proof of other offers afters yours is accepted. |
Anonymous
The $3.3 was off market and the $2.9 was after multiple price drops and wasn’t over $3M. |