Reply to Does anybody have a grip on the housing market?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=AgentX]Real Estate is very very local. Where are you specifically asking about?

I'm seeing houses in all the usual areas having tons of showings again, think: Bethesda, Kensington and even out in the suburbs in NoVa things are still moving along at a decent clip. But condos are suffering still quite a bit no matter where you go.

Some areas are also slower than others - Silver Spring isn't the hot ticket it used to be during the heyday of 2020 - 2022. Homes that would have had multiple offers now sit longer, probably due to the fact that SS is lower priced and often a First Time Buyer Market, and those buyers were hit hardest. Anyone who was on the cusp of qualifying or who had a tight budget and was buying with low interest rates is now effectively, priced out. Those neighborhoods have better values and better deals, but everything is always relative. If any of those other FTHB's can't sell when they need to because rates are too high, this is when you start to see distress sales. One or two won't kill a neighborhood, but a few dozen will.

There is an overall "housing shortage" but again, it's very local. So tell us where you're interested and I can give you a better perspective.[/quote]

I’m curious about the condo piece of things. Is there a particular reason that market is softer? I’m actually considering buying one, so would love to better understand what’s going on here.[/quote]

Condos are always in leas demand. Given the choice people want privacy and to not share walls.[/quote]

There are also more condos available than SFH, at least in my DC neighborhood.[/quote]

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