s/o How far will prices drop in MoCO?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

Because there are few homes in your price range, but go over 1.2 and the houses sit. Those are the taxpayers the County is losing and not gaining, at the same time. As those 1.2+ houses drop their prices just to sale them, the taxes will become less and the revenue in the County will continue to decline. No one with a brain is going to want to invest in a County that has borrowed against the pension contributions of its' employees, not once, but twice. I cannot even believe Erlich agreed to take that money, totally shocked. Anyway, the bond rating of a County says everything and MoCo is in the process of being downgraded. Most will not understand this, but I assure you those capable of investing 1.2+ in a house, get it, and no, they will not live in MoCo.

Sorry to bust your anti MoCo agenda but houses sit here in Arlington at 1.2 as well.

NP. Really? Do you have links/comps you could post as an example? We listed our house at $1.2 million and accepted an offer for $1.235 a few days later.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We sold in MoCo, close in Bethesda, a year and a half ago for 1.3 ... comparable houses to ours in the same area are now selling for 1.15 ... there has been a drop. It's just those who LOVE MoCo and want to hold on to their little perfect world so they refuse to acknowledge the decline of the County. Good luck with that ... still living in the area, just not MoCo.

the overall sales data show an increase in housing prices year over year. It's not impossible for both things to be true, but I trust the reported sales data more than the anecdotes posted on an anonymous board (where at least one person seems to be pushing an anti-MoCo agenda)

Of course you do. Wouldn't expect anything less.

This is just about the stupidest post on the stupidest thread.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

Because there are few homes in your price range, but go over 1.2 and the houses sit. Those are the taxpayers the County is losing and not gaining, at the same time. As those 1.2+ houses drop their prices just to sale them, the taxes will become less and the revenue in the County will continue to decline. No one with a brain is going to want to invest in a County that has borrowed against the pension contributions of its' employees, not once, but twice. I cannot even believe Erlich agreed to take that money, totally shocked. Anyway, the bond rating of a County says everything and MoCo is in the process of being downgraded. Most will not understand this, but I assure you those capable of investing 1.2+ in a house, get it, and no, they will not live in MoCo.

Sorry to bust your anti MoCo agenda but houses sit here in Arlington at 1.2 as well.

NP. Really? Do you have links/comps you could post as an example? We listed our house at $1.2 million and accepted an offer for $1.235 a few days later.

Same here in Bethesda. This is an asinine thread. OP, when are you planning on posting your next anti MoCo thread? Can't wait to read it.

[Anonymous]

Seriously, this has to be one person with a strong anti-MoCo opinion who wants to waste the time of others. Maybe we can get this person blocked?

[Anonymous]

Anonymous wrote:Seriously, this has to be one person with a strong anti-MoCo opinion who wants to waste the time of others. Maybe we can get this person blocked?

They probably bought at the top of the market in the wrong location 15 years ago and now they’re crying.

[Anonymous]

I am in Chevy Chase and have seen no signs of a decline. I would upgrade if their were...

[Anonymous]

Anonymous wrote:This is a spin off from the exodus in Montgomery County thread. What is the best way to protect against over spending in MoCo and not getting stuck with a house that is worth even less than what you bought it for in several or many years later?

Is it best to wait 1-2 years and see how far prices drop? Is it better to wait until winter and just submit really low ball offers until someone accepts and hope that you bought below market enough to stay above water? Avoid the area all together?

OP, we want to home around the area, and are in the same boat. I think the best play is to hold and wait now for 1-3 years. There are just soooooo many unknowns when it comes to MoCo. Economic growth has been anemic in the county. The county govt continues to run up massive budget deficits. Combine deficits with a huge wave of Baby boomers who used to earn high salaries that the county can no longer tax, it'll mean tax increases, possibly very significant. You don't want to buy a home and then have a huge tax increase that breaks your budget. Also, no one knows how redistricting for schools in MoCo will play out. People are worried that they could lose $100k in home value overnight.

OP, there's a good chance home prices in MoCo have peaked. Too ma y unknowns with lack of job growth, potential for tax increases, changes coming to schools.... it's a mess and far too much risk for us. We may have to bite the bullet and look at Howard county and suffer a commute or look towards PG. Virginia is looking better too, but the commute is hellacious and homes are unaffordable.

[Anonymous]

Anonymous wrote:We are in Bethesda and aren't seeing prices drop. MoCo is a big place - where are you looking?

I've seen houses sitting for forever in areas like SS and R'ville. Everyone talks a big game about how awesome home ownership is and how it'll lead you to a path towards wealth. The one house I just got done looking at near King Farm has been sitting on the market for almost 365 days and is priced around $720k now down from $930k they were asking for originally. Poor saps. They bought at $825k back in 2008. What a terrible investment. Losing $100k over 11 years. S and P 500 alone could have probably tripled your money over that time. Real estate in MoCo is no longer a guarantee for financial gains.

[Anonymous]

Go away troll

[Anonymous]

Based on the anecdotes here, maybe just the high end of the market is falling?

Not many couples can afford anything over $800,000 unless they got lucky on a first home appreciating, have an inheritance, or have family helping out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is a spin off from the exodus in Montgomery County thread. What is the best way to protect against over spending in MoCo and not getting stuck with a house that is worth even less than what you bought it for in several or many years later?

Is it best to wait 1-2 years and see how far prices drop? Is it better to wait until winter and just submit really low ball offers until someone accepts and hope that you bought below market enough to stay above water? Avoid the area all together?

OP, we want to home around the area, and are in the same boat. I think the best play is to hold and wait now for 1-3 years. There are just soooooo many unknowns when it comes to MoCo. Economic growth has been anemic in the county. The county govt continues to run up massive budget deficits. Combine deficits with a huge wave of Baby boomers who used to earn high salaries that the county can no longer tax, it'll mean tax increases, possibly very significant. You don't want to buy a home and then have a huge tax increase that breaks your budget. Also, no one knows how redistricting for schools in MoCo will play out. People are worried that they could lose $100k in home value overnight.

OP, there's a good chance home prices in MoCo have peaked. Too ma y unknowns with lack of job growth, potential for tax increases, changes coming to schools.... it's a mess and far too much risk for us. We may have to bite the bullet and look at Howard county and suffer a commute or look towards PG. Virginia is looking better too, but the commute is hellacious and homes are unaffordable.

You do know that people that bought in HoCo at the peak of the bubble are even more under water than people that did so in MoCo right?

[Anonymous]

They will go all the way to the bottom. Please leave now and let us buy your house.

[Anonymous]

im a virginia boy. maryland has always felt like a foreign country to me. strange place.

[Anonymous]

MoCo muni bonds are rated Triple AAA. That is a higher rating than the US Treasury bond.

I bought in MoCo not that long ago in the 1.1-1.4 million range and it is red hot at that price point for a house that is a decent size, great condition and close in. Only houses I see hurting are far out think way way Outer Potomac houses on two plus acres over 6,000 square feet. Some are electric heat or well water to boot. The market changed since 2005 and those homes lost sometimes 200K to 400K. But inner no way, walking distance to Bethesda Metro Gold, Rockville good schools close to highway great, Potomac I find walking distance to village a 1.2 acre Plot sells.

MoCo could be one foot from DC line in Friendship Heights. Other parts of MoCo are almost like Farms and Country land and some parts are gritty city like.

[Anonymous]

Anonymous wrote:im a virginia boy. maryland has always felt like a foreign country to me. strange place.

So typical. You clearly need to get out more.