I think the bubble is popping.

[Anonymous]

BTW MoCo tax is way lower for a large amount of people.

Take a person my daughter knows from school. He has five cars. Does a painting business. Stay a home wife. Four kids. Buy kids are 15-22. So cars.

In Virginia they tax groceries, property taxes slightly higher. they have a big car tax and top state income tax hits at a much lower income. He would get killed tax wise in Virginia. Feeding six people with grocery tax and car tax five vehicles.

On other hand a rich childless couple with no kids and one car would get killed tax wise in Maryland.

It is not black and white.

[Anonymous]

Still feeling a little frothy, at least for solid houses close in DC...

https://www.redfin.com/DC/Washington/4603-Ashby-St-NW-20007/home/9940487

Listed at $1.795, sold at $2.225.

[Anonymous]

"The bubble is popping!"
— apartment, condo, or s***shack dwelling "expert" without a pot to p*** in

[Anonymous]

Anonymous wrote:I am not sure what the local housing market is going to do but many adjacent markets are dropping. I am in the house for a vacation property and am looking at a number of areas in MD and up the northeastern corridor. Steady reductions and staying on the market longer in many areas. Not at prepandemic levels yet.

This is a gross distortion. Sellers are clearly listing for more than homes appraise for just to see if they get a bite. Doesn't mean anyone is taking a bath or is desperate to unload.

[Anonymous]

Anonymous wrote:BTW MoCo tax is way lower for a large amount of people.

Take a person my daughter knows from school. He has five cars. Does a painting business. Stay a home wife. Four kids. Buy kids are 15-22. So cars.

In Virginia they tax groceries, property taxes slightly higher. they have a big car tax and top state income tax hits at a much lower income. He would get killed tax wise in Virginia. Feeding six people with grocery tax and car tax five vehicles.

On other hand a rich childless couple with no kids and one car would get killed tax wise in Maryland.

It is not black and white.

This is DCUM, these people don't understand that people are different than them and they think they're middle class.

[Anonymous]

Anonymous wrote:Still feeling a little frothy, at least for solid houses close in DC...

https://www.redfin.com/DC/Washington/4603-Ashby-St-NW-20007/home/9940487

Listed at $1.795, sold at $2.225.

So is the agent a genius or a moron for listing it a half million below market value?

[Anonymous]

Things seem to be sowing down in Del Ray. Have seen a couple notice reductions and homes on market longer.

[Anonymous]

Anonymous wrote:Things seem to be sowing down in Del Ray. Have seen a couple notice reductions and homes on market longer.

The homes are underwater

[Anonymous]

https://www.redfin.com/DC/Washington/5342-28th-St-NW-20015/home/9992670

1.75 to 2.1

[Anonymous]

Anonymous wrote:https://www.redfin.com/DC/Washington/5342-28th-St-NW-20015/home/9992670

1.75 to 2.1

While it recently closed, that went under contract in early June so not necessarily indicative of the current market. That said, this is a beautiful, fairly unique lot/home, not surprised it would go over ask in any market.

[Anonymous]

Bubble did not pop in June (when OP posted) and it did not pop in July. No signs that it popped in August or that it will pop in the fall. There is no bubble. Just a lot of people wanting to buy homes and the same time and not enough homes for sale.

Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 19.7% annual gain in July, up from 18.7% in June — the fourth straight month in which the growth rate set a record. The 20-City Composite posted a 19.9% annual gain, up from 19.1% a month earlier. The 20-City results were just shy of analysts’ expectations of a 20% annual gain, according to Bloomberg consensus estimates.

“The National Composite Index marked its fourteenth consecutive month of accelerating prices with a 19.7% gain from year-ago levels, up from 18.7% in June and 16.9% in May,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, in a press statement. “The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country

Prices are likely to head north through the end of the summer. The median existing-home price for all housing types in August was $356,700, up 14.9% from August 2020, as prices increased in all four regions of the U.S., the NAR reported last week. But there might be some relief as inventory is beginning to come back on the market. Lawrence Yun, NAR’s chief economist, said last month the decline in inventory is slowing down and expects the number of homes for sale to pick up by year-end.

But the “continued high buyer demand has even outstripped the improvements in the supply of for-sale homes from the all-time lows experienced in the spring. Going forward, while there are indicators suggesting buyer pullback, it is still not enough to subdue home price growth before fall,” said CoreLogic Deputy Chief Economist Selma Hepp in a press statement prior to the results.

[Anonymous]

Anonymous wrote:Bubble did not pop in June (when OP posted) and it did not pop in July. No signs that it popped in August or that it will pop in the fall. There is no bubble. Just a lot of people wanting to buy homes and the same time and not enough homes for sale.

Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 19.7% annual gain in July, up from 18.7% in June — the fourth straight month in which the growth rate set a record. The 20-City Composite posted a 19.9% annual gain, up from 19.1% a month earlier. The 20-City results were just shy of analysts’ expectations of a 20% annual gain, according to Bloomberg consensus estimates.

“The National Composite Index marked its fourteenth consecutive month of accelerating prices with a 19.7% gain from year-ago levels, up from 18.7% in June and 16.9% in May,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, in a press statement. “The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country

Prices are likely to head north through the end of the summer. The median existing-home price for all housing types in August was $356,700, up 14.9% from August 2020, as prices increased in all four regions of the U.S., the NAR reported last week. But there might be some relief as inventory is beginning to come back on the market. Lawrence Yun, NAR’s chief economist, said last month the decline in inventory is slowing down and expects the number of homes for sale to pick up by year-end.

But the “continued high buyer demand has even outstripped the improvements in the supply of for-sale homes from the all-time lows experienced in the spring. Going forward, while there are indicators suggesting buyer pullback, it is still not enough to subdue home price growth before fall,” said CoreLogic Deputy Chief Economist Selma Hepp in a press statement prior to the results.

https://finance.yahoo.com/news/case-shiller-home-price-july-2021-130004846.html

[Anonymous]

Some folks are desperately waiting for bubble to pop but its not happening.

[Anonymous]

Anonymous wrote:Some folks are desperately waiting for bubble to pop but its not happening.

I wonder how many of the people are the same year after year? I'd wager most people that were waiting for a crash gave up and bought what they could afford or moved out of the area. I'm sure there are at least one or two people on here that have been waiting for the big crash for 5+ years and not bought though.

[Anonymous]