I think the bubble is popping.

[Anonymous]

I’m a realtor, and I get dozens and dozens of listings on my phone every day. Recently, all of the listings are price reductions. Reduction after reduction after reduction. Now granted I deal in the condo market quite a bit, and condos are kind of the leading edge on this. But I just thought it was interesting. Anyone else?

[Anonymous]

Where are you?

[Anonymous]

Condos have been terrible since COVID. That’s meaningless

[Anonymous]

Nope, just normal summer market slow-down. Sales rate is falling and active listings increasing (and the houses that have been sitting are dropping prices) as happens every year.

[Anonymous]

You again....

[Anonymous]

Brokers are the *last* to know when a bubble pops.

[Anonymous]

The condo market in DC has been amazing.

[Anonymous]

A lot of houses are extra crappy right now. No remodels, deferred maintenance and just beat up. They’re trying to command top dollar and they can’t. Good houses are still selling well

[Anonymous]

I’m not even sure if price reductions are an indicator if people are shooting for the moon while listing.

[Anonymous]

I am shopping in rockville/Potomac area and I can tell you most assuredly that for nice houses, the bubble is not popping. People are still YOLOing

[Anonymous]

Anonymous wrote:I’m a realtor, and I get dozens and dozens of listings on my phone every day. Recently, all of the listings are price reductions. Reduction after reduction after reduction. Now granted I deal in the condo market quite a bit, and condos are kind of the leading edge on this. But I just thought it was interesting. Anyone else?

Not in Mount Rainier. Houses are going for 100k over asking these days.

[Anonymous]

There is no bubble

[Anonymous]

Houses that enter the market now are more likely to be listed based on the recent higher sold comps. The crazy bidding wars hit in a sweet spot where enough buyers have lost out so are willing to stretch their budget and the listing price straddles two different groups. When houses start being listed at the higher amount, it scares off the people who are stretching their budget so the people within budget doesn’t feel the pressure to go so high over list.

[Anonymous]

Neighbor’s nothing-special house in a nothing-special neighborhood sold for $50k over list within hours and it was ridiculously over-priced to begin with. Another house is “coming soon,” and I’m curious to see how they price it.

[Anonymous]

Anonymous wrote:Nope, just normal summer market slow-down. Sales rate is falling and active listings increasing (and the houses that have been sitting are dropping prices) as happens every year.

Exactly.