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

[Anonymous]

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.


This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market


Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.


You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Lots of them don't relish the thought of moving and honestly don't need the "lump of cash". They don't need to get their money out. Where would they put it? The stock market is not going anywhere right now and the house is a conservative investment. Plus COVID taught us all to enjoy our houses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Getting it out to put where? A smaller house at a high interest rate? A plunging stock market? A back to get eaten up by inflation?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

Getting it out to put where? A smaller house at a high interest rate? A plunging stock market? A back to get eaten up by inflation?

The point is, this whole concept of i'm an older homeowner with a lot of illiquid home equity and would be open to moving but can't because I am "stuck" is so silly

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

How much are you actually getting out? You still have to live somewhere, which means the money goes straight back into another house. Or you take out a new loan at 7%.

[Anonymous]

I'm outside the beltway so not 'close in' but I'm still shocked at the price of what's gone under contract in my neighborhood.

[Anonymous]

I can’t find it now but someone on Threads - a real person from the looks of their profile which I checked when I saw the post last night - said they missed out on a house in Arlington and there were eleven offers.

[Anonymous]

Single family homes are going get more expensive due to forces at play, as cited. I’m not an expert by any means but I personally know so many who are staying put.

[Anonymous]

Anonymous wrote:I can’t find it now but someone on Threads - a real person from the looks of their profile which I checked when I saw the post last night - said they missed out on a house in Arlington and there were eleven offers.

What was the price point?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

How much are you actually getting out? You still have to live somewhere, which means the money goes straight back into another house. Or you take out a new loan at 7%.

Or you go rent somewhere and invest the $1.1MM which more than covers rent for a 2BR in great parts of the DMV.

Buy a dividend fund paying 3% which pays you $33,000 a year and market appreciation. Buy treasuries if you want to play it safe and get 4.5%.

[Anonymous]

A house in McLean near Great Falls Rd just settled. It was pending before the Nov election. Buyer could not get out of the contract and over paid. Only people buying ginormous 7 bedroom house are either uber wealthy or immigrant multigeneration households. It looks like it might be the latter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

How much are you actually getting out? You still have to live somewhere, which means the money goes straight back into another house. Or you take out a new loan at 7%.

Or you go rent somewhere and invest the $1.1MM which more than covers rent for a 2BR in great parts of the DMV.

Buy a dividend fund paying 3% which pays you $33,000 a year and market appreciation. Buy treasuries if you want to play it safe and get 4.5%.

You think older people think like you do?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

I thought about selling but my DH said no. His reasoning, we have low mortgage, 400K with low interest , our house is close in with metro access and other amenities. However, his most important reason not to sell is that the job market looks terrible for our college aged kids, with cost goods continuing to increase and since our home is big enough to accommodate and shelter our adult kids if they need it we will not sell and downsize

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.

This. They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size. As we all know rents are trending upwards and homes still appreciating. No way they are selling. This will further deplete inventory and continued sellers market

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out.

How much are you actually getting out? You still have to live somewhere, which means the money goes straight back into another house. Or you take out a new loan at 7%.

Or you go rent somewhere and invest the $1.1MM which more than covers rent for a 2BR in great parts of the DMV.

Buy a dividend fund paying 3% which pays you $33,000 a year and market appreciation. Buy treasuries if you want to play it safe and get 4.5%.

+1. I pulled a bunch of money out of stocks late last year and am totally good with it earning about 4.2% in SGOV (which has the added benefit of being exempt from state/local taxes).

[Anonymous]

This house received a contract within a week of being listed and sold for almost 150k over the listed price. During the last couple weeks there’ve been folks advising to wait for market crash to happen, it just don’t seem it’s the cards for those who’re waiting.

https://www.zillow.com/homedetails/2123-N-Harrison-St-Arlington-VA-22205/12067463_zpid/

[Anonymous]

If you had various rental properties to sell right now, would you keep your SFH or your TH? Meaning which is likely to sell faster, and which would you expect to appreciate faster over the next 2-3 years?