Feels like market is hitting a wall

[Anonymous]

I went to our neighbor's open house and in the 10 minutes we were there talking to the realtor, we saw at least 5 come in. There have been a ton of cars coming into our cul de sac in the past two hours. It came on the market yesterday and it will be under contract by Monday.

[Anonymous]

Anonymous wrote:Inventory not moving for decently priced homes in Upper NW… concerning for sure but maybe just a hiccup and back to “normal”.

What do you all think?

Why is it "concerning" to you. You're just a poor bloke looking at houses. You have nothing of value to sell.

[Anonymous]

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Anonymous wrote:There's no inventory. People with 2-4 percent rates are not gonna sell and take on an 8 percent rate mortgage unless they absolutely have to, and the rates are scaring away potential first-time buyers (unless they are rich enough to pay cash). The market is essentially frozen.

Buyers can always refinance later....

But no one knows when later will be and *for me* the idea of moving and losing a ton of disposable income for ~10 years until rates go down and we can refinance isn’t prudent, especially with young kids. In an ideal world we would move to a bigger home in NW but there is no way we could justify losing our current interest rate for 600-1000 more sqft. Our house works for us - it’s smaller than what we want - but the space more or less fits our needs and paying a premium for more space seems stupid/wasteful.

You already HAVE a house, what about those trying to buy their first house they have saved up for. It's really sad for those people.

They can rent another year or two. I really wanted a house in 2006, I waited until 2009.

Some can some can't. Some are 50 and would like to own a house for the first time in their life.

Those people should have bought earlier in life, they had the opportunity.

You don’t know anything about their lives.

Frankly in those shoes I would hold out for five years and get into 55+

[Anonymous]

Market is slow for higher end homes in suburbs, and even slower for most places in DC with the most recent interest rate hike.

My guess is a 5% drop in prices in suburbs from the spring market, and a 8-10% drop in DC

[Anonymous]

Anonymous wrote:Market is slow for higher end homes in suburbs, and even slower for most places in DC with the most recent interest rate hike.

My guess is a 5% drop in prices in suburbs from the spring market, and a 8-10% drop in DC

No way. Price stagnation, maybe little haircuts, but there's no significant downward movement. That's just the data.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Market is slow for higher end homes in suburbs, and even slower for most places in DC with the most recent interest rate hike.

My guess is a 5% drop in prices in suburbs from the spring market, and a 8-10% drop in DC

No way. Price stagnation, maybe little haircuts, but there's no significant downward movement. That's just the data.

People keep posting what they are hoping for as some expert opinions.

But we've seen it for at least 18 months now. Prices aren't going down. They are staying fairly flat. The extremely low inventory will stop any type of significant price reduction.

[Anonymous]

Anonymous wrote:I went to our neighbor's open house and in the 10 minutes we were there talking to the realtor, we saw at least 5 come in. There have been a ton of cars coming into our cul de sac in the past two hours. It came on the market yesterday and it will be under contract by Monday.

3 weeks have passed - how long did it take to go under contract?

[Anonymous]

Anonymous wrote:Market is slow for higher end homes in suburbs, and even slower for most places in DC with the most recent interest rate hike.

My guess is a 5% drop in prices in suburbs from the spring market, and a 8-10% drop in DC

As the kids say, you’re delulu.

[Anonymous]

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Anonymous wrote:There's no inventory. People with 2-4 percent rates are not gonna sell and take on an 8 percent rate mortgage unless they absolutely have to, and the rates are scaring away potential first-time buyers (unless they are rich enough to pay cash). The market is essentially frozen.

Buyers can always refinance later....

But no one knows when later will be and *for me* the idea of moving and losing a ton of disposable income for ~10 years until rates go down and we can refinance isn’t prudent, especially with young kids. In an ideal world we would move to a bigger home in NW but there is no way we could justify losing our current interest rate for 600-1000 more sqft. Our house works for us - it’s smaller than what we want - but the space more or less fits our needs and paying a premium for more space seems stupid/wasteful.

You already HAVE a house, what about those trying to buy their first house they have saved up for. It's really sad for those people.

They can rent another year or two. I really wanted a house in 2006, I waited until 2009.

Some can some can't. Some are 50 and would like to own a house for the first time in their life.

Those people should have bought earlier in life, they had the opportunity.

You don’t know anything about their lives.

Frankly in those shoes I would hold out for five years and get into 55+

Not everyone wants that. My brother-in-law’s mother fled her 55+ community in Florida after her husband died and bought a single-family home here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In my exurb, 600k houses are selling fast, 4-500k townhouses are mixed, and 7-800k houses are sitting. So There’s still a strong demand for a sweet spot, but outside of that stuff is sitting.

Nobody in their right mind would pay $800,000 to live in an exurb. Plenty of other options closer in at that price.

Sure they do remote workers who want more space and land