Reply to Dying market in Potomac

Forum Index » Real Estate

Reply to "Dying market in Potomac "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]So houses in Potomac are actually moving very fast and much faster due to the pandemicr than they have in the past few years.  The problem in MOCO wealthy areas is that there has been inventory sitting out when it doesn't sell for high as people wanted. MOCO property tax assessment is substantially higher than the market value. People who bought back in 2005-2007 never believed that their house value dropped 200K and never challenged their assessment. Many that went on the market delisted and the owners decided to wait it out. Now that things are selling they are all jumping to sell with prices back up but the increased inventory is holding back what they can get.

Potomac doesn't really compete with Bethesda. these are very different markets. It competes with Northern VA -McLean. MOCO has been losing badly to NOVA as all the higher paying jobs are located in NOVA. Potomac does a little better when the school boundary talk comes up because families who want a good school and to pay a little less who were considering Wootton get spooked and move into Churchill boundaries instead.

The other drawback with Potomac is that most of the residents who are selling bought their house 15-20 years ago and updated based on what was current back then. They are selling now and at Potomac price points you are looking at buyers who don't want to live in a dated house. This isn't Silver Spring where something can be incredibly ugly and tacky but the buyer will say its charming because they are simply grateful to find something they could afford. This also isn't a buyer population that is OK loving in something dated for several years. In the pandemic no one wants a remodel/complete re-decorating going on so its easier to buy a tear down and build new. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics