Is there going to be panic selling?

[Anonymous]

Anonymous wrote:No. There no panic selling. Housing market goes up forever.

Except Chicago. Real estate there seems flat. Weird place.

[Anonymous]

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. Unfortunatley for our area, you'll be able to scoop up a deal as things get worse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. Unfortunatley for our area, you'll be able to scoop up a deal as things get worse.

DP: We are in the same boat. Lost another bidding war today but at least we came in number 2 of 6. I have almost convinced my husband that we can stay in our condo with two kids and just wait until the market tanks to pick up a bargain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. Unfortunatley for our area, you'll be able to scoop up a deal as things get worse.

DP: We are in the same boat. Lost another bidding war today but at least we came in number 2 of 6. I have almost convinced my husband that we can stay in our condo with two kids and just wait until the market tanks to pick up a bargain.

Hope you are renting because if the market tanks it’ll be hard to sell the condo. Maybe you could rent it out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. Unfortunatley for our area, you'll be able to scoop up a deal as things get worse.

People have been saying this since, well, forever. Feds haven’t been able to afford close in for decades, and the Beltway Bandits have cash to ride out a downturn (plus insanely low rates locked in). Might be waiting a while to scoop up that deal.

[Anonymous]

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. There is going to be more inventory hitting the spring market. You'll get your home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. Unfortunatley for our area, you'll be able to scoop up a deal as things get worse.

DP: We are in the same boat. Lost another bidding war today but at least we came in number 2 of 6. I have almost convinced my husband that we can stay in our condo with two kids and just wait until the market tanks to pick up a bargain.

Hope you are renting because if the market tanks it’ll be hard to sell the condo. Maybe you could rent it out.

We own our condo and always planned to rent it when we moved. It has about 2200 sf and three bedrooms so it has plenty of room just not as easy as living in a house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. There is going to be more inventory hitting the spring market. You'll get your home.

When does the spring market in the DMV start? I thought it already would have and yet there are still very few listings. Am starting to think this drought of properties will continue for much longer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. There is going to be more inventory hitting the spring market. You'll get your home.

When does the spring market in the DMV start? I thought it already would have and yet there are still very few listings. Am starting to think this drought of properties will continue for much longer.

What is rarely discussed here is that cost of building since the pandemic is extremely high. There more people wanting homes than there are homes available. We bought one of our kids a condo two years ago in Arlington for 500K. It’s a 2/2 garden style condo so a perfect stater home. We’ve been waiting for another unit, same price to pop up in the same complex for the second kid. There’s been a few 1/1 but only three 2/2 for the last 3 years and for those, there were bidding wars.

[Anonymous]

I am in Vienna and there’s definitely been more listings lately. The modest homes built in the 80s are going under contract very quickly in the 1m-1.4m range. The giant new builds at 2m or over have been sitting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. There is going to be more inventory hitting the spring market. You'll get your home.

When does the spring market in the DMV start? I thought it already would have and yet there are still very few listings. Am starting to think this drought of properties will continue for much longer.

The spring market has already started. Be prepared in case something you want comes on the market. Figure out your must haves, nice to haves, and deal breakers. Then chuck half your deal breakers like we had to lol.

[Anonymous]

I'd wait 'til the fall. This area has yet to come to terms with the economic damage the current administration is doing. There will be more sellers in 6 months.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today. While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections. We just looked at each other and said "good luck." We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?

I would wait. Unfortunatley for our area, you'll be able to scoop up a deal as things get worse.

Uh oh, I’ve heard this before. Remember all those people just a few years ago who smugly decided to sit out the crazy market but then came back here crying because they were suddenly priced out? The only sane advice is to buy what you can afford and don’t try to time the market.

[Anonymous]

Panic selling from fed layoffs? You would need to look for houses in Manassas or Fredericksburg to find those.

[Anonymous]

Anonymous wrote:Panic selling from fed layoffs? You would need to look for houses in Manassas or Fredericksburg to find those.

This. SFH inside the beltway are just too expensive for Feds, unless they had or have another source of income (family money, previous $$$ work in private sector, etc.), or if they bought ages ago and are close to retirement anyway, in which case they may not sell if they have a super low interest rate or house is already paid off.