I think the bubble is popping.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Idk if this thread is full of realtors or just folks that are kind of dim. An individual house going for some absurd amount over asking isn’t indicative of anything other than it being improperly priced to begin with. You can look up the average amount over list places in a particular area. In Chevy Chase, DC that percent is 9%. So most people are not going to get 300k over asking. Besides that the biggest jump in price appreciation has been on the lower end of the market as people whereas in nicer areas prices have increased more modestly. There probably isn’t a bubble (although as someone who spent a lot of money to be close in I do hope telework doesn’t hurt me) but I think that people need to be cautious about buying someplace crappy with no contingencies because they have been whipped up into severe fomo.

Nobody said everything is going for $300k over asking. I agree that amount over asking is not indicative of much. But if you look at the latest sales prices they are a good amount higher than last year for similar houses - admittedly I am looking on the "lower end of the market" (meaning, closer to the median sales price in the area rather than average prices allegedly paid by DCUM posters), when you see townhouses selling for $70k-$100k more than any other house in the same development did pre 2021, well the fact is prices are still up, even if some buyers are at the beach. My guess is the craziness will continue after Labor Day.

Agreed. A year ago the high end of our neighborhood was $750k - 800k. This summer the same houses are going for $850 - 900k after a few days on the market. I’m not seeing a slowdown.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bumping after looking at these recent sales, each $300K+ over ask for ~2750 sq ft. Asking price is obviously an arbitrary mental anchor in this market, so perhaps these prices are fair, but seeing them in my feed didn't make me feel like the "slowdown" I've seen discussed on many threads is happening.

https://www.redfin.com/DC/Washington/3711-Northampton-St-NW-20015/home/9970590

https://www.redfin.com/DC/Washington/5342-Nebraska-Ave-NW-20015/home/9978173

Wow this is absolutely bonkers.

OMG - depressing for those of us still looking!

People are paying out the a$$ for CCDC and while it is quite a nice 'hood, I don't get some of the astronomical comps we are seeing. 1.6mm for a 2700sqft house on busy Nebraska Ave?

[Anonymous]

Posted this in another thread, but Gaithersburg still is a good market if your house is in real good shape...

I live in a neighborhood in Gaithersburg near 370. It’s a very nice neighborhood but just this month a house went up for sale and was under contract in days for over asking. The final price is almost 10-15% higher than the last home sale In the neighborhood earlier in the summer!

If your house is staged well and is truly turnkey, the market is still hot

[Anonymous]

The market has slowed for homes very high property taxes, very run down and on top of highway. That’s it

[Anonymous]

Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.

[Anonymous]

Anonymous wrote:Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.

Interest rates are still unbelievably low - have seen 2.5 for 30 year fixed and no points. My guess is that these rates will stay around 3 through next spring as well.

[Anonymous]

Sorry but my neighbor just sold her 2-bedroom condo for 100k more than she paid 3 years ago. A condo. She'll net more than 60k after closing costs and she didn't spend any money on improvements and was only there 3 years. And again, this is a condo, which never sell as quickly as SFHs and rarely appreciate as well.

DC is still an extremely hot market and it very much remains a sellers market. If the bubble is popping, there are no real signs of it yet.

[Anonymous]

Not a bubble but the aggregate data does suggest there are more price reductions than there were in the spring.

[Anonymous]

This guy just listed $785k more than Dec 2019 sales price and did zero to house
https://www.redfin.com/MD/Rockville/9809-Hall-Rd-20854/home/10907600

[Anonymous]

Anonymous wrote:Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.

The Cleveland Avenue is maybe a down-to-the-studs project with a projected $4.5MM+ completed price?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.

The Cleveland Avenue is maybe a down-to-the-studs project with a projected $4.5MM+ completed price?

Here's hoping someone with common sense bought that house and doesn't do this as it needs very little work

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.

The Cleveland Avenue is maybe a down-to-the-studs project with a projected $4.5MM+ completed price?

Here's hoping someone with common sense bought that house and doesn't do this as it needs very little work

I agree. That house is so beautiful.

[Anonymous]

We’re in the NoVa burbs and houses are sitting on the market for a month or two and having to go down in asking price.

[Anonymous]

Anonymous wrote:We’re in the NoVa burbs and houses are sitting on the market for a month or two and having to go down in asking price.

Recession is here.

[Anonymous]

Happy we bought and sold when we did, and happy that we love our new home so much that we never want to move ever again.