Reply to MoCo Real Estate for the Naysayers

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[quote=Anonymous][quote=Anonymous]I think the point is that if you compare MOCO appreciation against the year after the housing crash things look OK as long as you don't look at how well has done NOVA. If you compare MOCO to before or even a few years before the housing crash then it looks bad.

Outside of Bethesda, houses are sitting, being delisted, turned into rentals, and dropping prices. For whatever reason, there are A LOT of houses on the market throughout Silver Spring, Rockville. Potomac, North Potomac and Gaithersburg. Sellers are being shocked that they can not sell for at least as much as they paid 12-14 years ago. Buyers do not know what to do. The houses look overpriced, are price dropping and they do not know how much more they will drop. Long commutes and fears of prices dropping or schools rezoning is spooking buyers. [/quote]

As someone looking for a single family home in Rockville/Gaithersburg/Germantown, I can tell you *good* houses do not stick on the market very long when they're priced in line with comps, and when they're in neighborhoods with good schools.  A lot only stay on the market long enough to hold one open house.

Yes, some do stick on the market for a while.  Many of those haven't been updated, or have poor floor plans.  It turns out that when a lot of people look to shell out $700-800k on a house, they want a decent-sized, modern kitchen.  That's probably the most common problem with houses that stay on the market past a few weeks.

Of the remaining houses, I've toured many of them.  Even if the pictures look good, the houses often have something wrong with them.  A lot of the houses built in the 80s/90s are showing their age, and the superficial updates show through when you go to the house.  Musty smells in the basements were pretty common, too.  Home builders did a terrible job managing drainage in these neighborhoods. [/quote]

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