I think the bubble is popping.
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Anonymous
| Still a sellers’ market in McLean |
Anonymous
But honestly, as the seller, you really only need 2 offers. When you got 5+ offers on a house, its usually pretty easy to quickly discard 3 right away. But basically, the bubble isn't popping, because this isn't a bubble. People expecting home prices to plummet will just be priced out in the long run. The market may slow, and prices may stabilize/plateau, and eventually, standard things like appraisal and inspection contingencies will return. But there will not a big big 'POP' |
Anonymous
??? |
Anonymous
I’m fine with that being the case. This spring market was untenable. |
Anonymous
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It's seasonal too.
Surge of inventory that we saw in June was the last chance for sellers to get on the market in the hopes and selling and moving in time for the upcoming school year. There might be another blip in July as everyone tries to list before the August vacation period. Activity will pick up again after Labor Day. This is all typical yearly behavior. But maybe what's typical is also unexpected because of what a crazy year it's been |
Anonymous
Yes. This is all correct. We will see a slow return to normal, but not a pop. that means the home prices will remain where they are, or increase at rates consistent with regular growth and will stop increasing at crazy rates. But it does not mean that home values will go down. a return to normal means homes may sit a big longer. It doesnt mean they will sit for months at a time. a return to normal means inspections and appraisal contingencies. It does not mean low ball offers or sellers paying closing costs. And ultimately, this is a good thing. A slow return to normal, not a pop, is whats good for the whole community/economy |
Anonymous
jpow said so! |
Anonymous
If this is any indication .... after only 12 days on the market...
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Anonymous
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I have seen some homes on my Redfin feed marked "contingent" rather than "pending" which I found interesting.
Wonder if that means the sellers are allowing a home inspection? Or contingent on the buyer's home sale which seems very unlikely. |
Anonymous
Houses are going under contract if you price it correctly. Sellers are becoming greedy by listing it more than its worth and now we have reached peak level. Sellers need to price it right if they want to see it in a week. |
Anonymous
I have seen shift in housing market. Houses are staying longer in the market and we will see contingencies to be included in coming months. We are going back to normal and economy is opening. People have money to spent on vacation and other significant things rather than overpaying sellers. |
Anonymous
What's considered low? A friend just got 3.5% for a 30-year conventional fixed loan. Not sure what her credit score is like. |
Anonymous
They are. We just put in an offer with all contingencies. There were zero offers competing. Only offered at asking price too. Nothing over. Market is absolutely cooling. Sellers will have to take contingencies if they want to be competitive. The inventory is the most I've seen in a long time. And we were looking for quite some time. |
Anonymous
I thought the same thing 7 years ago, too. |
Anonymous
What price range, if you don't mind sharing? |