How is the spring close-in DMV housing market looking like?

[Anonymous]

In 22301 (Alexandria, Del Ray) houses in the $1.5M - $2M range are flying off the market with multiple offers, some in cash.

A friend sold her <$1M 2-bedroom home for a bit above $900k with no competing offers.

We are about to list our 5-bedroom and will update after.

[Anonymous]

Anonymous wrote:In 22301 (Alexandria, Del Ray) houses in the $1.5M - $2M range are flying off the market with multiple offers, some in cash.

A friend sold her <$1M 2-bedroom home for a bit above $900k with no competing offers.

We are about to list our 5-bedroom and will update after.

PP here and I will add that we purchased in the Vienna area less than a month ago and we offered $75k over asking, waived all contingencies, and paid in cash. That was the day the house came on the market. There was 1 other offer but it didn't escalate high enough.

[Anonymous]

Ugh, feels like the market in 2007 / 2008 when folks bought just before the crash….

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well there's this house - paint everything white, then try to sell for $350K more than you bought it for four years ago. They didn't do anything except paint the brown things white and change out some lighting.

https://www.redfin.com/VA/Falls-Church/2414-Lexington-Rd-22043/home/9478377

Fairfax Co Falls Church with weaker schools but in nice neighborhood. Will sell

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.

Do you love the power lines on the W&OD trail!

[Anonymous]

Anonymous wrote: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

Thats a weird house it should be a teardown but the lot is very small. looks like a bricked trailer home

[Anonymous]

Who's buying if the administration is laying off federal workers? Very curious to understand where the job growth is that's keeping demand strong because my sector is flat.

[Anonymous]

Anonymous wrote:Who's buying if the administration is laying off federal workers? Very curious to understand where the job growth is that's keeping demand strong because my sector is flat.

For SFH I think it's people upgrading from townhomes.

[Anonymous]

Anonymous wrote:Who's buying if the administration is laying off federal workers? Very curious to understand where the job growth is that's keeping demand strong because my sector is flat.

Private sector people though there really isn't much private sector in the DMV that isn't affected by everything right now. I think once people decide they want to buy, nothing will stop them. People buy what they can afford.

[Anonymous]

West Springfield, under contract in 3-4 days, sold 10% above asking.

[Anonymous]

Anonymous wrote:Who's buying if the administration is laying off federal workers? Very curious to understand where the job growth is that's keeping demand strong because my sector is flat.

The layoffs are not wide-reaching enough at this point to cool down the property market. It will also take time for the secondary job losses to kick in. If things continue at the current pace I suspect the property market will cool down within the next 6-12 months.

[Anonymous]

Based on the responses of this forum, the market still seems red hot for sellers.

There have been so many people sitting on the sidelines with inventory so low and it seems to remain low. The supply is not likely to increase and in fact could go down with interest rates remaining high and economic uncertainty.

Stocks are down, but we are at summer 2024 pricing and way up compared to pandemic. Those with portfolio heavy in the market have done well over this period of low inventory and can leverage that cash.

If interest rates drop at some point, prices and demand could rise further.

When/if the contraction of the federal government and downstream consequences impact the DC market is uncertain, but I don’t think it will be big.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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

Thats a weird house it should be a teardown but the lot is very small. looks like a bricked trailer home

Way overpriced. It’s a tear down, but I am seeing people redo tear downs not. Not sure they will get their money back.

[Anonymous]

Anonymous wrote: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

I would be really sad if I paid 1.25 million for a house and this is what it looked like in front. Or inside. Or in back.

[Anonymous]

This house is all lot cost. 1 mil max.

[Anonymous]

Anonymous wrote: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

Madness. Not sure why they would have updated this tear down.