Are sellers cutting prices in your area?

[Anonymous]

No, we were offered $2500 over asking for my dad’s house. It was an estate sale so the goal was selling it quickly, which we accomplished. It went under contract a week after it listed and close a month later. However, I’m sure we could’ve gotten more.

When did it sell? Was it in 2024 or recently? Also it sounds like you priced it low for a quick sale. I don't think this was a typical market sale. Many people have mortgages and need to cover what is left on them when they sell.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is G-burg?

Ummmm. Gaithersburg

Stop trying to make G-burg happen. It's not going to happen.

[Anonymous]

Anonymous wrote:Yes but realtors will disagree with me…

Arlington realtor here. I did two substantial price cuts this week and will be having a difficult conversation with a seller next week whose house has been on the market for 27 days with no bites and few showings. All the houses were in good condition; buyer's are fast to buy now unless it is a screaming deal.

[Anonymous]

Yes and some have been removed from the market and relisted as rentals.

[Anonymous]

Two neighbors who listed in April both removed the listings in June, after one price reduction each. They mentioned many showings yielding only a couple of extreme lowball offers. Both of these homes would have sold for at least full price last year. The market just got oversold imo. Correction going on now

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is G-burg?

Ummmm. Gaithersburg

Stop trying to make G-burg happen. It's not going to happen.

Not trying to do that. Someone shared about north Potomac and it’s decreased home prices and I said it’s too far out and the equivalent of Gaitherburg. I don’t think of No Potomac as exceptional.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes but realtors will disagree with me…

Arlington realtor here. I did two substantial price cuts this week and will be having a difficult conversation with a seller next week whose house has been on the market for 27 days with no bites and few showings. All the houses were in good condition; buyer's are fast to buy now unless it is a screaming deal.

Buyers are fast to buy?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes but realtors will disagree with me…

Arlington realtor here. I did two substantial price cuts this week and will be having a difficult conversation with a seller next week whose house has been on the market for 27 days with no bites and few showings. All the houses were in good condition; buyer's are fast to buy now unless it is a screaming deal.

I'm shopping in Arlington, and there's some crazy overpricing, but the good stuff is still selling really fast. I get it though -- sellers could overprice their crappy properties for the past few years and get away with it.

[Anonymous]

This isn't a good time to sell. If you can wait, then spend the next few months getting your house ready to sell (fix broken things and declutter).

Then be ready to list whenever the Spring market starts in 2026. It started in January for 2025.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes but realtors will disagree with me…

Arlington realtor here. I did two substantial price cuts this week and will be having a difficult conversation with a seller next week whose house has been on the market for 27 days with no bites and few showings. All the houses were in good condition; buyer's are fast to buy now unless it is a screaming deal.

Buyers are fast to buy?

Maybe means buyers only buy quickly if it is screaming deal.

[Anonymous]

Are people seeing significantly lower closing prices?

In the markets I'm following, there are some slight price cuts from list prices and lots of inventory, but the closing prices are still high.

For example, a house sold in 2021 for $800K, lists at $1.9M, reduces the price to $1.75M, and the house just sits. Lots of similar listings. I'm seeing lots of inventory sitting longer, but not much reduction in the prices for the houses that close.

[Anonymous]

Fairfax City still seems to be moving well, especially the side closer to the metro. We also can't be restricted in the boundary review. City kids attend city schools unless it's a SPED program, TJ or immersion. I think this is helping with the stability for now. Also a good price point. My neighborhood is ranging from 750,000 rare basically 60's homes not updated since the 80's or 90's and at the high end fully updated and usually with an addition on certain streets at 950,000. Average is about 850,000.

[Anonymous]

Anonymous wrote:This isn't a good time to sell. If you can wait, then spend the next few months getting your house ready to sell (fix broken things and declutter).

Then be ready to list whenever the Spring market starts in 2026. It started in January for 2025.

Why would next years spring market be any better? The Trump $hitshow isn’t going anywhere.

[Anonymous]

Yes, but houses are being listed way outsized to their value (e.g we looked at a house with substantial water damage listed at 555 - we asked the real estate agent if they’d be willing to negotiate- crickets - just saw they brought the price down to 545). There is a quiet correction going on. I don’t think there will be a crash - way too many people are invested - but I think housing prices will be flat or a little decreased for the next five years at least. You can’t have constant growth, despite the commonly accepted economic theories.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This isn't a good time to sell. If you can wait, then spend the next few months getting your house ready to sell (fix broken things and declutter).

Then be ready to list whenever the Spring market starts in 2026. It started in January for 2025.

Why would next years spring market be any better? The Trump $hitshow isn’t going anywhere.

People need to live somewhere.