Are sellers cutting prices in your area?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Dramatic change from last year. Houses in our neighborhood were selling in three days with bids due by Monday night. This year the houses are sitting. We are just outside the beltway in Virginia.

same in desirable MoCo locations

3 examples in North Potomac that have sat for a month or more and have dropped prices a few times
https://www.redfin.com/MD/North-Potomac/11531-Paramus-Dr-20878/home/10621967
https://www.redfin.com/MD/North-Potomac/11449-Frances-Green-Dr-20878/home/10619787
https://www.redfin.com/MD/Gaithersburg/14009-Kip-Ter-20878/home/184666852

Desirable? These are borderline exurbs, which is always the first area to see prices/demand soften.

Sorry PP, but "North" Potomac is a laughing stock. It's not desirable at all.

[Anonymous]

Anonymous wrote:Some areas will always command a premium. I am from Alpine NJ. I haven't look, but I doubt sellers (who are rare in that town) will cut any time soon. If my parents put their house on the market tomorrow, someone will give them probably $3 million just for the land.

There are 2 Americas and it's always been this way. While some are waiting for price cut, others are calmly shopping to buy cash.

They are and they have—some by 100k, some by 3M. The market has shifted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some areas will always command a premium. I am from Alpine NJ. I haven't look, but I doubt sellers (who are rare in that town) will cut any time soon. If my parents put their house on the market tomorrow, someone will give them probably $3 million just for the land.

There are 2 Americas and it's always been this way. While some are waiting for price cut, others are calmly shopping to buy cash.

They are and they have—some by 100k, some by 3M. The market has shifted.

PP here. Oh wow didn't know. Market has definitely shifted then.

[Anonymous]

I'm looking at two markets outside the DC area. Some are cutting prices, some aren't. Things are sitting for a long time in both.

I think it's a combination of uncertainty in the markets and the time of year. Summer is typically very slow for RE.

We barely had a spring season though. A flurry of activity late January through late February. Then an abrupt halt in late February through the present.

[Anonymous]

Builders still snapping up lots in nova but there is an undeniable slowdown with existing homes. I expect the builders will get a reality check as their for sale properties age and then I fully expect the tear down/lots inventory to increase. Anyone who is not admitting a slowdown is blind. We will be in this downturn for a while…few years imo.

[Anonymous]

Anonymous wrote:Are sellers cutting prices in your area?

Not in the least. Prices are higher now than in Jan, actually. Bidding wars of 40k or more left, right and center.

[Anonymous]

Much of this shared “info” is useless because of the vague posting.

[Anonymous]

In desirable areas and the best towns prices are not falling and most sellers (unless they overprice) are not cutting prices.

Less desirable areas prices are falling. When we purchased I remember the banker telling us only to purchase in certain areas. Areas that were ok during the 2008 recession or bounced back quickly. I loved a house in another area, but knew , although a nice area with good schools, it wouldn’t hold or increase in value. I am happy I made the choice to buy a smaller home in a better location.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Are sellers cutting prices in your area?

Not in the least. Prices are higher now than in Jan, actually. Bidding wars of 40k or more left, right and center.

Where?

[Anonymous]

As much as I love the idea of my Chevy Chase forever escalating in value, this softening of the market is a good thing. I'd like for my almost-adult children to be able to buy a home within 30 minutes of me. And that ain't going to happen if prices don't plateau.

[Anonymous]

Anonymous wrote:Are sellers cutting prices in your area?

No. Million dollar homes getting asking price here. Usually cash.

[Anonymous]

Not in my area (MD exurb).

Neighbors listed and sold in less than 24 hrs. 1.8M

[Anonymous]

Anonymous wrote:As much as I love the idea of my Chevy Chase forever escalating in value, this softening of the market is a good thing. I'd like for my almost-adult children to be able to buy a home within 30 minutes of me. And that ain't going to happen if prices don't plateau.

Barring something drastic like a massive terrorist attack/nuclear bomb, this softening is probably going to be brief, in the grand scheme of things. It's not like Chevy Chase is ever gonna become affordable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:As much as I love the idea of my Chevy Chase forever escalating in value, this softening of the market is a good thing. I'd like for my almost-adult children to be able to buy a home within 30 minutes of me. And that ain't going to happen if prices don't plateau.

Barring something drastic like a massive terrorist attack/nuclear bomb, this softening is probably going to be brief, in the grand scheme of things. It's not like Chevy Chase is ever gonna become affordable.

Chevy Chase was never really affordable. for many regular people. My late PhD advisor worked at the NIH in the sixties and even back then they couldn’t afford to live there.

[Anonymous]

Yes, in Bethesda & Chevy Chase too! It's definitely a buyer's market. 3 homes sold on my street and the adjacent one in the last year, and all had to lower their price and still went under the final asking price. Seems like lots of room for bargaining, especially if sellers are desperate to sell quickly.