Are sellers cutting prices in your area?

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

same in desirable MoCo locations

3 examples in North Potomac that have sat for a month or more and have dropped prices a few times
https://www.redfin.com/MD/North-Potomac/11531-Paramus-Dr-20878/home/10621967
https://www.redfin.com/MD/North-Potomac/11449-Frances-Green-Dr-20878/home/10619787
https://www.redfin.com/MD/Gaithersburg/14009-Kip-Ter-20878/home/184666852

Desirable? These are borderline exurbs, which is always the first area to see prices/demand soften.

[Anonymous]

Even if prices were to sell 20% less than last year I am not sure most Americans are still going to be able to afford a home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nope! We've been having bidding wars still and prices going 40k over for 60 year old houses that need work.

That just means that the house was priced attractively, not that prices have come down..

OP didn't ask if prices have come down. They asked if sellers were cutting prices. So PP said that was not the case in their neighborhood. Obviously it could mean it was just priced attractively, but we dont' have all the data we would need to make that assessment.

That doesn't make any sense. If sellers were cutting prices in a meaningful way, prices would come down, and you would see it in overall real estate trends data.

Unless you just want to know whether a random sub-sample of anonymous DCUM posters are seeing random anonymous sellers that they know cut prices. Why you would care about that, I have no idea.

[Anonymous]

I just looked. We are in outer suburbs. The homes that have recently sold have sold for around 20k over ask.

[Anonymous]

No. Anything over $3 million sits awhile.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

same in desirable MoCo locations

3 examples in North Potomac that have sat for a month or more and have dropped prices a few times
https://www.redfin.com/MD/North-Potomac/11531-Paramus-Dr-20878/home/10621967
https://www.redfin.com/MD/North-Potomac/11449-Frances-Green-Dr-20878/home/10619787
https://www.redfin.com/MD/Gaithersburg/14009-Kip-Ter-20878/home/184666852

The first 2 homes are casualties of the uncertainty over the MCPS school boundary rezoning, and possibly over Fed RIFs. The would have sold very quickly in last year’s market.
The third property is ludicrously priced. There are many vastly better options in that price range.

[Anonymous]

Yes, at the beach town!

[Anonymous]

We just had another house go on the market. Needs work, asking price was over 840k, bidding war. I guess we picked a good location.

[Anonymous]

I'm in a Raleigh suburb, so an outside the DC Metro Area data point for you:
Nothing is moving.

[Anonymous]

Oh the final sale price was like 880k. The house will need 2 bathrooms redone and new floors (imo). People have a lot of $$$ to spend around here it seems.

[Anonymous]

Anonymous wrote:I'm in a Raleigh suburb, so an outside the DC Metro Area data point for you:
Nothing is moving.

No one wants to live in Raleigh. It's all in a massive flood zone.

[Anonymous]

There are some as they always were, because opportunistic pricing was a thing even during housing rush.

[Anonymous]

Some areas will always command a premium. I am from Alpine NJ. I haven't look, but I doubt sellers (who are rare in that town) will cut any time soon. If my parents put their house on the market tomorrow, someone will give them probably $3 million just for the land.

There are 2 Americas and it's always been this way. While some are waiting for price cut, others are calmly shopping to buy cash.

[Anonymous]

There's a house near us in Upper NW that has been on the market for only nine days and already has seen two price cuts.

Based on Redfin, I would estimate 50 percent of the for-sale houses in our neighborhood have seen price cuts, and this is a neighborhood (think IB for Murch/Lafayette) where houses traditionally fly off the market.

[Anonymous]

UrbanTurf has a chart with the DC neighborhoods that had the most homes to feature price drops in June and July. It's not really surprising that neighborhoods that only recently have become desirable (Trinidad, Bloomingdale, Petworth) are the ones with the most price drops. In this market, people are not going to pay a premium to live in a neighborhood with crime/school/location issues.


https://dc.urbanturf.com/articles/blog/where_are_home_sellers_in_dc_dropping_prices/23729