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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]All these waiting buyers will find themselves in bidding wars once the market heats up again at even higher price range. [/quote]

When do you think this will happen?   Not being snarky.  But realizing that there are no guarantees, when does everyone *think* this will happen?  I am asking because we need to sell.  We are building in another state.   The house won't be ready until Feb 2023.   My husband wants to sell now and then rent in the new location for a few months.   I prefer to stay in our current house, and sell early in spring 2023.  I am not sure what is better for us as sellers.    We are in a popular location in Loudoun Co.[/quote]

NP.  I think this will happen because we still have the same problem that we've had and had been getting worse in the last 40 years.[b]  The population of the region is increasing significantly faster than the housing stock is increasing.[/b]  Everyone wants the same things. They want locations close to work, they want safe neighborhoods and good schools.  And salaries in the area are rising.  10 years ago, the top 1% was about $300K annual HHI.  Now the top 1% annual HHI is about $550-600K, almost double.  The number of people who make over $300K annually is now about the top 3-5% whereas it used to be the top 1%.  There are more and more people who have a greater amount of money to put down and who can afford larger and larger mortgage payments.

The majority of the most desirable areas, southern Montgomery County, NWDC, McLean, Fairfax County, N Arlington County are pretty much maxed out with homes.  There is no place to build new homes.  So you end up with many people buying older smaller homes and doing teardowns.  Or people have to compete for the same properties.  Or they have to move further out.  But there is a more money and more people competing for the same inventory.  That's not going to change in a year or two years.  In fact, since the population continues to grow and people get raises, the problem is going to get worse because there will continue to be more and more people with the income to compete in the same areas.  And still, no new housing stock.

You can argue what you want, but the basic laws of supply and demand mean that the demand continues to rise, but the supply remains close to stagnant.  As the saying goes, you do the math.[/quote]

The DC area lost population over the past two years.

https://www.dcpolicycenter.org/publications/census-shows-pandemic-exodus-has-broken-dc-population-growth/

https://cardinalnews.org/2022/04/20/yes-virginia-northern-virginia-is-losing-population/

[/quote]

DC and Northern Virginia may have lost population, but the metro region continues on the same pretty steady growth pattern that is has had for most of the last 4 decades.

[url]https://www.macrotrends.net/cities/23174/washington-dc/population[/url][/quote]

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