Reply to Falconhurst vs Avenel vs Potomac Manors?

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[quote=Anonymous][quote=Anonymous]OP - you originally asked if there was a demographic trend moving away from Potomac. There has been a significant shift away from Potomac in the past 10 years. Potomac houses are generally priced anywhere from 5%-10% over market, sit for months, and decline in value each year.

Potomac is a great to place to live if you want land, a big house, trees, and good public and private schools. We loved having 2 acres but there are very few people who want 2 acres now or even a big house. The trend is toward walkability, close in urban/suburban areas, and less land. Potomac has a lot of older inventory that was built in the 80s and now needs more intensive updating/upgrading - new HVAC, roof, undetected water intrusion from foundation, pools that need systems replaced. Potomac sellers usually haven't replaced or addressed these issues or factored them into their prices.

On the upside its a buyers market with lots of choices. On the downside, you will be dealing with delusional sellers and listing realtors. I say this as someone who sold a house. I was shocked at how many Potomac realtors wanted to over price our home. Potomac realtors are the worst. Check the comps for the past several years and look at comps for fall/winter vs spring. Some Potomac sellers get lucky with the spring market but there are so many houses on the market many in Potomac are more in line with lower fall comps. Don't be persuaded to pay more for someone else's poor tastes in curtains, updating a bathroom or kitchen appliances. Ask your realtor to pull disclosures before you look at houses. Realtors like to try to get you emotionally hooked before you start looking at the defects in a property.

My advice would be to  look at this as buying the home you want not making a business deal but don't over pay. Don't pay more than recent 2017 comps (Potomac declined 6% from 2016-2017)  and factor into your five year budget that you house will  decline in at least 5% over the next five years. [/quote]

This sounds like very thoughtful advice and good info. I'm particularly impressed that you mention the costs of owning the 30 or so year old home there. I get the feeling that Potomac is a market that would reward doing some homework.[/quote]

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