How is the spring close-in DMV housing market looking like?
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Anonymous
There is a lot of inventory of these homes. Everyone is trying to cash out and eventually prices will have to compete for the buyers in under 2.5 mil market, which stretches you to a lot of areas in DC metro, some with bigger lots slightly further out but still inside beltway, and some nearer amenities and closer in. |
Anonymous
That will get snatched up. I'd be surprised if it isn't under k within a week. |
Anonymous
Yeah we just bought, and we had an escalation clause, and the sellers had to provide proof of the offer that kicked in our escalation clause. We were literally given a copy of the other offer. |
Anonymous
The county schools in that part of Falls Church (FCPS) are okay. And its near the W&OD trail and close to the boutiques and cafes in Falls Chruch City. |
Anonymous
Don’t think so. The prices will stagnate but not come down which is what happened in the Great Recession. Feds have been priced out of Arlington for at least a decade at this point so whoever is buying/selling now is probably insulated. |
Anonymous
Where in Arlington? Arlington is big |
Anonymous
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What about Chevy Chase - how’s it doing? Interested in moving…
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Anonymous
That's only true of you have an escalation clause. I was referring to seller's agents indicating that there are other offers (when there aren't) and just encouraging people to increase their offers. Or asking for "best and final" when there's no competition. Or just saying that the sellers will accept the offer only if the buyer comes up by X more (despite the buyer already offering above ask). Buyers are so gullible/desperate and fall for this crap. Buyers agents are unfortunately useless because they want the deal to get done, so they just encourage their clients to keep offering more. |
Anonymous
There are 8 zip codes in arlington. You can do a Zillow search to determine DOM for every zip code. Not only will you find that there are very few homes on the market comparatively, you also noticed the homes listed that sitting a bit longer are generally still under construction homes over 3M. Everything gets a contract within 2 weeks. |
Anonymous
I think it's because so many of us have mortgages under 2% when we refinanced during COVID. I assume this is obvious, but moving to a lower COL area doesn't make sense if I have to get a more expensive mortgage. |
Anonymous
Anything under $2MM is gone immediately because there is almost nothing. $2MM-$3MM is selling, though taking 2-3 weeks. $3MM+ all over the place…one home sold in 48 hours, another list at $3.95 and reduced down to $3.75…on the market for around 3 weeks. Someone just listed a place for $5MM…will be interesting what happens with that one. This is the area between CT and Wisc, north of western and south of Bradley. |
Anonymous
Already under contract in the first weekend. |
Anonymous
| All the ones that we've noticed are looking to be pocket listings that have a "coming soon" sign in the yard which quickly reverts to "under contract" within days. This is in the Fairfax Station/Burke Centre area. |
Anonymous
I think this area is the sweet spot for sub $1M 2000 sq ft+ SFHs that is still within the beltway. I've heard open houses are very busy, multiple offers, above list, no contingencies, etc. here. |
Anonymous
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22207—this one comes on the market on Friday. They’ve put in on the market a couple times in the last few years and ended up pulling it and renting it each time. We’ll see what happens. I think it’s overpriced, but what do I know.
https://redf.in/Z24Yy9 |