Why aren't DC homes selling???

[Anonymous]

My house I paid $1,325,000 in 2017 at 3.65 percent mortgage.

My neighbor listed similar home a few months for $1,795,000 and with 7 percent mortgages it is harder to find buyers. Even if someone put down $500,000 that is still a huge mortgage payment.

And don't forget property tax and homeowners insurance plus home repairs have shot up since 2019.

When I bought my house in 2019 getting floors sandy, painting the regular things you do when buying a house was like 1/2 the price of 2024. Amazing how much costs went up.

[Anonymous]

It’s kind of the worst time in the year to sell, right? Kids are in school, holidays approaching. Wait till January when it ramps back up

[Anonymous]

Anonymous wrote:I only anacostia and other SE areas as the value play right now. Invest in multi families there and get a good deal on rental income.

If you are willing to buy in cash, invest to get the place up to code after 30+ years where the owner did nothing, and managed the landlord tenant court process to evict those who aren't paying , I agree. But of course it's always easy to make money when you already have some, and I am not sure that buying multifamily properties eotr is a better investment than much easier things like stocks, bonds, and REITs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is not a great time to list. But, that said, the problem is your price.

No the problem is DC crime.
Who wants to live in that?!

Oh please. I have a vacation house near Solomon's Island that hasn't sold. We had someone who was really interested, but they backed out after the election. I don't think people are going to do anything until they figure out what's going on with Trump, interest rates and what he is going to do with DC.

[Anonymous]

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

I lived in Shaw in 1991. That's what people said then.

[Anonymous]

I just think people are crazy with their prices still.

[Anonymous]

Anonymous wrote:I just think people are crazy with their prices still.

Why would prices go down?

[Anonymous]

Anonymous wrote:My house I paid $1,325,000 in 2017 at 3.65 percent mortgage.

My neighbor listed similar home a few months for $1,795,000 and with 7 percent mortgages it is harder to find buyers. Even if someone put down $500,000 that is still a huge mortgage payment.

And don't forget property tax and homeowners insurance plus home repairs have shot up since 2019.

When I bought my house in 2019 getting floors sandy, painting the regular things you do when buying a house was like 1/2 the price of 2024. Amazing how much costs went up.

Is your neighbors home recently renovated or is it about the same age as yours?

[Anonymous]

Anonymous wrote:My house I paid $1,325,000 in 2017 at 3.65 percent mortgage.

My neighbor listed similar home a few months for $1,795,000 and with 7 percent mortgages it is harder to find buyers. Even if someone put down $500,000 that is still a huge mortgage payment.

And don't forget property tax and homeowners insurance plus home repairs have shot up since 2019.

When I bought my house in 2019 getting floors sandy, painting the regular things you do when buying a house was like 1/2 the price of 2024. Amazing how much costs went up.

DC property tax has only increased for homes assessed at $2.5 million or more. DC property taxes are still less penal than both Maryland and Virginia's.

[Anonymous]

I just sold a house in DC for 100k over asking. Soooo...the problem isn't that DC houses are not selling, it's something with YOUR house.

[Anonymous]

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

Do you know how to use WORDS?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

Do you know how to use WORDS?

No matter how they say it, there is nothing untrue about what that person wrote. Appreciation in certain neighborhoods has halted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

I lived in Shaw in 1991. That's what people said then.

Shaw is next to Logan Circle, one neighborhood over from Dupont, and borders on Downtown DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

Do you know how to use WORDS?

There are plenty of words in that post. I'm sorry that you are such a midwit that a few emojis threw you off. You are probably the type of person constantly correcting people's grammar and spelling because it makes your midwit self feel like you actually have high IQ.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been in real estate for 20 years. From my experience, the 💯🏆🔝😍 locations are still relatively strong. On the other hand, the 🗑️💩🪠🤮🦨 locations are having a tough time in DC proper. People don't want bad schools, the irony of having poor walkability while living in the city, and living near public housing.

I think we are in the midst of a repricing of assets. Gone are the days where people are buying into the dream that Petworth or Edgewood will become the next Logan Circle in short order.

I lived in Shaw in 1991. That's what people said then.

Shaw is next to Logan Circle, one neighborhood over from Dupont, and borders on Downtown DC.

Not quite. Logan Circle and the U Street neighborhood are in between. Please don't be one of those newcomers who started calling the U St/14th St area Shaw. It's not.