Housing prices dropping
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Anonymous
+1 PP sounds strangely ignorant. |
Anonymous
Well they are losing money either way. |
Anonymous
Selling less than 3 years after you buy is a pretty good way to lose money regardless of the current housing situation. Most people who bought in 2021-2023 will probably be fine in the long run. |
Anonymous
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Summer is still a good time to buy, so long as you’re setting in by Labor Day I’d say.
Homes I’m seeing in DC have been on the market for at least two months and they are either making small cuts or none at all so they shall sit. |
Anonymous
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Close in Silver Spring. Earlier in the spring, houses were under contract before the open houses and getting multiple bids at more than asking price.
Now I’m noticing that homes that are priced competitively - and maybe for a little lower than what they could sell at are moving in a couple of weeks for just a bit more than asking. Homes that are in the high side for this area - $675 -$700k - are just sitting. |
Anonymous
| 1 month does not a trend make. |
Anonymous
That first home that went over asking is way more updated than that second house. The second house sat because it was priced too high, it’s going to need some work. This tracks with other homes in Vienna, the updated ones in desirable neighborhoods fly off the market often over asking (sometimes up to 200k over asking) and the older homes sit for a little longer. I wouldn’t use the second home as an indicator of housing prices dropping in the area, it’s pretty typical of what people have been willing to pay for (or not pay for) in Vienna. |
Anonymous
| Townhouses in my neighborhood end up having a couple price cuts before they sell. They start high then work downward. No bidding wars over here yet… |
Anonymous
| Townhouses in my neighborhood sell within a week and over asking price. |
Anonymous
| There are a lot of people who got cocky and overpriced their homes based on recent sales of much nicer houses. People still want turn key and are paying for it. I will spend $1M on a house that I can wait 5 years to make any changes to. I will not spend $1.1M on a house that needs immediate work just because the buyer got cocky. |
Anonymous
I'm sorry, that should have read "just because the SELLER got cocky" |
Anonymous
A middle unit townhouse in my neighborhood sold for $100K over what a nice end unit sold for last year. It was on and off the market on the same day. |
Anonymous
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This house is going to take a net loss. They can’t even get the price they paid in 2020.
https://redf.in/mkLu2k |
Anonymous
https://www.redfin.com/MD/Rockville/3214-Royal-Fern-Pl-20852/home/171185159 The townhouse in question. But I recognize this is too of the line for rockville |
Anonymous
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They are still selling. But in my investment property I somehow got stuck as condo president.
In 2024 I noticed buyers are asking a lot more questions in house rules, offering plan, asking master insurance policies, details on if they can rent and homes sitting longer. Prices are still not falling but the the days of it selling in one day with buyers doing no dur diligence seems to be less. |