Are buyers still buying?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

[Anonymous]

Everything in our neighborhood came to a standstill.

[Anonymous]

Anonymous wrote:Everything in our neighborhood came to a standstill.

What neighborhood?

[Anonymous]

We were looking up to $1.8 in dc. Now we’re resigning ourselves to stay in our rowhouse which we bought for just $600k in 2005. So we have really scaled back our dreams given the financial outlook and our shrinking stock portfolio. At least airline prices are reasonable and covid is over, so we can travel a lot, right? I don’t know where my money has gone, I somehow wandered into a salon in Georgetown and Caleb out $500 lighter. Waaah!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL. Unlike DC, where the population dropped over the past two years.

[Anonymous]

I'm following an area of the Fairfax market.

Prior to last weekend, there were 8 homes on the market. 12 homes were listed for 20 total.
-1 new listing went pending (awesome perfect house)
-1 prior listing went pending (3 weeks on the market with a 20k price cut and "motivated seller" language in the listing)
-1 delisted (overpriced dump)
-17 homes still on the market.

[Anonymous]

Anonymous wrote:We are in Potomac but the part without the mansions. Houses priced around $1 million are still going like hotcakes.

+1. I am in Great Falls (VA) and a home in my neighborhood just sold for over $300k over asking after one day on the market (they closed yesterday, less than a month after going to market).

[Anonymous]

Anonymous wrote:We are in Potomac but the part without the mansions. Houses priced around $1 million are still going like hotcakes.

Where is that in Scotland?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are in Potomac but the part without the mansions. Houses priced around $1 million are still going like hotcakes.

+1. I am in Great Falls (VA) and a home in my neighborhood just sold for over $300k over asking after one day on the market (they closed yesterday, less than a month after going to market).

House that just sold are old news. The market really got hit hard just last week.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL. Unlike DC, where the population dropped over the past two years.

Will be very interesting to see what happens in FL. We just bought at the height bc we needed a home, and it was cheaper than renting. It was also a wash - if homes did come down 200k, we’d probably still have the same mortgage with the interest rate increases. I do not think the increases are sustainable because property tax and insurance are much higher than DC, but I don’t necessRuly see it cratering either. In my areas, it’s not just the New Yorkers coming. It’s Russian and Canadian money too.

People are still coming tho. My appointment for a license change is over 2 months out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

If we are talking DC City then yes but surounding areas like mcleand and Bethesda are going up because DC IS SUCH A TERRIBLE PLACE, they just elected the crime loving mayor Bowser again despite the homeless , drugs and soft on crime


Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL. Unlike DC, where the population dropped over the past two years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

If we are talking DC City then yes but surounding areas like mcleand and Bethesda are going up because DC IS SUCH A TERRIBLE PLACE, they just elected the crime loving mayor Bowser again despite the homeless , drugs and soft on crime


Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL. Unlike DC, where the population dropped over the past two years.

If we are talking DC City then yes but surounding areas like mcleand and Bethesda are going up because DC IS SUCH A TERRIBLE PLACE, they just elected the crime loving mayor Bowser again despite the homeless , drugs and soft on crime

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

If we are talking DC City then yes but surounding areas like mcleand and Bethesda are going up because DC IS SUCH A TERRIBLE PLACE, they just elected the crime loving mayor Bowser again despite the homeless , drugs and soft on crime


Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL. Unlike DC, where the population dropped over the past two years.

If we are talking DC City then yes but surounding areas like mcleand and Bethesda are going up because DC IS SUCH A TERRIBLE PLACE, they just elected the crime loving mayor Bowser again despite the homeless , drugs and soft on crime

DC voters really are among the dumbest. As a DC resident please don’t give us statehood, we are not ready. The DC gov can’t even get my property taxes right without making errors, they have no business being a state.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL. Unlike DC, where the population dropped over the past two years.

https://worldpopulationreview.com/us-cities/washington-dc-population

DC still growing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.

Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb.

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days.

Also flood insurance is shooting up in price at same time.

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us.

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL. Unlike DC, where the population dropped over the past two years.

Will be very interesting to see what happens in FL. We just bought at the height bc we needed a home, and it was cheaper than renting. It was also a wash - if homes did come down 200k, we’d probably still have the same mortgage with the interest rate increases. I do not think the increases are sustainable because property tax and insurance are much higher than DC, but I don’t necessRuly see it cratering either. In my areas, it’s not just the New Yorkers coming. It’s Russian and Canadian money too.

People are still coming tho. My appointment for a license change is over 2 months out.

I'm from Florida, if you are walking distance to the beach, in the era of WFH that can be a very nice setup. But the rest of the state, is a swampy flat inferno for much of the year -- other parts of the south like NC/SC (inland, not even on the coast) are much more pleasant year round, and the recent price jumps in FL have made them pretty close to parity for value. I think the knee jerk COVID move was to go to Florida for the beach and the cheapness; but with cheapness gone, the migration from DC to NC will resume as the primary driver.