Reply to I think the bubble is popping.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Idk if this thread is full of realtors or just folks that are kind of dim. An individual house going for some absurd amount over asking isn’t indicative of anything other than it being improperly priced to begin with. You can look up the average amount over list places in a particular area. In Chevy Chase, DC that percent is 9%. So most people are not going to get 300k over asking. Besides that the biggest jump in price appreciation has been on the lower end of the market as people whereas in nicer areas prices have increased more modestly. There probably isn’t a bubble (although as someone who spent a lot of money to be close in I do hope telework doesn’t hurt me) but I think that people need to be cautious about buying someplace crappy with no contingencies because they have been whipped up into severe fomo. [/quote]

Nobody said everything is going for $300k over asking. I agree that amount over asking is not indicative of much. But if you look at the latest sales prices they are a good amount higher than last year for similar houses - admittedly I am looking on the "lower end of the market" (meaning, closer to the median sales price in the area rather than average prices allegedly paid by DCUM posters), when you see townhouses selling for $70k-$100k more than any other house in the same development did pre 2021, well the fact is prices are still up, even if some buyers are at the beach. My guess is the craziness will continue after Labor Day.[/quote]

Agreed.  A year ago the high end of our neighborhood was $750k - 800k.  This summer the same houses are going for $850 - 900k after a few days on the market.  I’m not seeing a slowdown.  [/quote]

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