Reply to Yikes! Is the DC housing market this bad?

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[quote=Anonymous]It's mostly just a timing thing. The bought at a peak, pre-Trump, and are selling in a slump due to Trump's fed cuts and just general malaise in DC due to Trump's policies.

This is always a risk, in any city, if you sell a year after you buy. There are always little ups and downs in the market but generally if you can hold onto a property for 5-10 years, those get smoothed out a bit and you will get at least some appreciation (how much depends on the city and the timing).

Also, no one sells after just one year unless (1) something has gone terribly wrong, or (2) they don't care about money. They listed the house for less than they bought it for in 2024, so they were highly motivated sellers and knew they were going to lose money on the sale from the start. So I'm guessing divorce, major financial problems (perhaps over leveraged when they bought), death, or similar.

I doubt it is a problem with the house because it still sold for 1.9m, and if it was a problem discovered after the last buyer bought, it likely would have made more sense to hold onto it and remediate than to sell for a loss. The location is good and it's a large house, so it should gain in value over time, which would cover the costs of remediation. It's obviously not a tear down or it wouldn't have gotten the price it got.[/quote]

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