Are buyers still buying?

[Anonymous]

Anonymous wrote:I guess depends on location, there is only one Manhattan and only one Capitol Hill, both built out and continuously attracting new residents. Prices are never going to tank here, they may go up and down a notch but demand and supply is a fact.

There are also people continuously moving OUT of Capitol Hill, as their kids reach school age. Mot to mention people wanting more space, post-Covid.

I suggest you look at the more recent pages of this thread as compared to those earlier in the thread. Capitol Hill is not immune to the economy.

https://www.dcurbanmom.com/jforum/posts/list/1530/889341.page

[Anonymous]

It is the opposite. When rates are very high best time to buy. I bought my first house in Feb 2000 when rates were 8 percent for 280k and put down 120k. Leaving a 160k mortgage.

If I waited till 2004 my house was worth $550k with 120k down would have a 430k mortgage.

Instead I refinanced in 2002 and paid off house in 2010.

The house price is key not rate. A high rate is lower mortgage balance.

___________________________________________________

You are assuming that housing prices in DC are going to see a big drop. But there is no evidence of that. The DC market does not see huge swings, either high or low as compared to most marketa in America.

DC is a market that is always dynamic and with the influx of tech, aerospace, Amazon, government, international, and political jobs and industries that are ever present , it is foolish to wait and think that we will see a housing crash. This is not 2008.

[Anonymous]

I’ve lost interest in looking. We had been planning to move further out for space/updated housing stock, but now what we can afford is significantly less and it seems stupid to give up our 2.5% mortgage. We will update this one instead once contractors clear their backlog.

[Anonymous]

Anonymous wrote:We are putting off our purchase for at least six months (could wait up to 2ish years) unless the perfect house comes up at a fair price. We rent now - great home, excellent N Arlington neighborhood, our landlord is not raising our (very below marker) rent and is giving us lots of flexibility in our lease so we can still casually look. But our thinking is “why buy now with both high prices and significantly higher rates?” People I know either found something in the last 18 months or are stepping back, like us. We are looking in close-in VA around $1M.

Has there been much interest in your home? It seems like the market has cooled tremendously in just the last month.

There are 2 houses in my N Arlington neighborhood for sale; one listed at $1.075 and has been sitting for 3+ weeks. The other is an unexpanded colonial; I don't know list price, but it must be under $1M. I've seen no interest. I think it's rising interest rates plus the upcoming missing middle vote that is scaring off potential buyers in my neighborhood.

[Anonymous]

we are selling outs next month, we will rent for til at least next year, and see if the prices dropped. Since we are downsizing won't need to worry about interest rates because we would pay cash

[Anonymous]

Anonymous wrote:I’ve lost interest in looking. We had been planning to move further out for space/updated housing stock, but now what we can afford is significantly less and it seems stupid to give up our 2.5% mortgage. We will update this one instead once contractors clear their backlog.

Exactly why inventory will not skyrocket. It will absolutely go up from unbelievably low levels, but there isn't a flood coming

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are currently under contract. Managed to lock in a decent rate last week (4.25 no points on a jumbo). Nervous about listing our house next month but it is in a really desirable neighborhood.

Who is your lender and how did you get that rate?

+1. Would love if people who are getting great rates (relatively speaking) would share the lender's name. It helps the rest of us and doesn't hurt you to share. Thank you!

[Anonymous]

If house price is $40-50k higher than you wanted, on a 30 year note, it wouldn't matter much. You can refinance when rates are low and pay a little more every month to pay off interest and start paying towards principal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are currently under contract. Managed to lock in a decent rate last week (4.25 no points on a jumbo). Nervous about listing our house next month but it is in a really desirable neighborhood.

Who is your lender and how did you get that rate?

+1. Would love if people who are getting great rates (relatively speaking) would share the lender's name. It helps the rest of us and doesn't hurt you to share. Thank you!

Truist

[Anonymous]

Sold after 15 years for a loss.

https://www.redfin.com/MD/Travilah/10725-River-Rd-20854/home/10903284?utm_channel=addr&utm_source=Iterable&utm_medium=email&utm_campaign=1033841&riftinfo=ZXY9ZW1haWwmbD0xMDM4OTk2NSZwPWhvbWVfcmVwb3J0JmVtYWlsX2lkPWhyLTUxMjQ3OTctMTY1NTY5MjU5NTY3MS0xJmVwb3N0Y2FyZF9pZD01MTI0Nzk3JmE9Y2xpY2s%3D

[Anonymous]

Anonymous wrote:They just want a better price and an inspection? Or they are just not buying at all now? We listed yesterday and I’m very nervous.

If you have a nicely prepared property and a fair price, it will sell. Ppl are still looking. But if you are looking for an outsize price and/or the property could use some work, then be patient and cut the price.

[Anonymous]

Anonymous wrote:Sold after 15 years for a loss.

https://www.redfin.com/MD/Travilah/10725-River-Rd-20854/home/10903284?utm_channel=addr&utm_source=Iterable&utm_medium=email&utm_campaign=1033841&riftinfo=ZXY9ZW1haWwmbD0xMDM4OTk2NSZwPWhvbWVfcmVwb3J0JmVtYWlsX2lkPWhyLTUxMjQ3OTctMTY1NTY5MjU5NTY3MS0xJmVwb3N0Y2FyZF9pZD01MTI0Nzk3JmE9Y2xpY2s%3D

There are lots of houses in Potomac that have not increased and even lost value over the last 30 years or so, especially if you allow for inflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ve lost interest in looking. We had been planning to move further out for space/updated housing stock, but now what we can afford is significantly less and it seems stupid to give up our 2.5% mortgage. We will update this one instead once contractors clear their backlog.

Exactly why inventory will not skyrocket. It will absolutely go up from unbelievably low levels, but there isn't a flood coming

Incidentally also why the stock market will recover. It doesn’t make sense for all these people to throw cash at their sub 3% mortgages. Gotta put it somewhere and the market will absorb it.

[Anonymous]

Anonymous wrote:If house price is $40-50k higher than you wanted, on a 30 year note, it wouldn't matter much. You can refinance when rates are low and pay a little more every month to pay off interest and start paying towards principal.

Rates won’t be going that low again for ten years or more if ever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sold after 15 years for a loss.

https://www.redfin.com/MD/Travilah/10725-River-Rd-20854/home/10903284?utm_channel=addr&utm_source=Iterable&utm_medium=email&utm_campaign=1033841&riftinfo=ZXY9ZW1haWwmbD0xMDM4OTk2NSZwPWhvbWVfcmVwb3J0JmVtYWlsX2lkPWhyLTUxMjQ3OTctMTY1NTY5MjU5NTY3MS0xJmVwb3N0Y2FyZF9pZD01MTI0Nzk3JmE9Y2xpY2s%3D

There are lots of houses in Potomac that have not increased and even lost value over the last 30 years or so, especially if you allow for inflation.

But this is pretty surprising as sold near this peak and not a bad house. A little far out but it is still Winston Churchill and by hiking trail. Building costs alone be one million today