DC Housing Prices drop beginning
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Anonymous
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Ain’t happenin. Demand is falling but inventory is falling even faster.
https://apple.news/A_q4DQ31cTdiQR29zRzvQxw |
Anonymous
Finally. A reporter reports what I've been saying since March. Why Home Prices Are Rising During the Pandemic While buyer demand has softened and sales fell 8.5% in March, the supply of homes on the market is contracting even faster https://www.wsj.com/articles/why-home-prices-are-rising-during-the-pandemic-11588671002 |
Anonymous
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This is exactly right. Inventory is just so low right now. And people have to move and have housing. Oh, and there are historically low interest rates.
Prices may take a hit and there will be less qualified buyers, but it's not going to be all doom and gloom. Condos will definitely take the biggest hit, unless they have nice outdoor space. |
Anonymous
This is what I've been seeing in my DC neighborhood. Modest fraction of homes on the market vs. last year, but they're going under contract quickly. |
Anonymous
Just going to point out...I was right. Boeing has officially laid off 12,000 employees. All of whom are in Seattle. Why? Because they are localizing their hurt to their travel and business sectors. Not Defense. Not government contracts. Boeing slashes 12,000 jobs as virus seizes travel industry Boeing had said it would cut 10% of a workforce that numbered about 160,000. A Boeing spokesperson said Wednesday's actions represent the largest number of job cuts, but several thousand additional jobs will be eliminated in the next few months. The layoffs are expected to be concentrated in the Seattle area, home to Boeing’s commercial-airplanes business. The company said additional job cuts will be made in international locations, but it did not provide numbers. Chicago-based Boeing's defense and space division has remained relatively stable, helping offset the decline in air travel and demand for passenger jets. https://abcnews.go.com/Business/wireStory/boeing-slashes-12000-jobs-virus-seizes-travel-industry-70906144 |
Anonymous
| Spoke too soon! |
Anonymous
| Redfin added a price change feature to sort so I can see all the listings with lowered prices |
Anonymous
But OP went to the effort to create a Tiny URL to track the number of clicks. My guess is a realtor trying to track how much traffic DCUM drives to listing. |
Anonymous
| this post from spring 2020 illustrates how unpredictable things are. i dont think big widespread price drops in dc are coming even in the current rising rate environment. |
Anonymous
But they are unless you consider these homes overpriced to begin with. https://www.redfin.com/DC/Washington/6005-New-Hampshire-Ave-NE-20011/home/10078718?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet https://www.redfin.com/DC/Washington/3719-S-Dakota-Ave-NE-20018/home/10102988?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet https://www.redfin.com/DC/Washington/1938-Bunker-Hill-Rd-NE-20018/home/10101271?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet |
Anonymous
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Wow. The title of this thread really didn't age well, did it?
May 2020 was so very much not the start of a drop in housing prices. |
Anonymous
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Ok, what is going on with that house? It looks like an addition on the left, with the top added in the 1980s, and the bottom in 2022.
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Anonymous
all three of these house are uniquely horrible, I wouldn't hold them up as beacon of truth. |