Reply to Housing prices dropping

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[quote=Anonymous][quote=Anonymous]In April, this house went pending in 1 week and sold for over asking:
https://www.redfin.com/VA/Vienna/1428-Rosewood-Hill-Dr-22182/home/9257705

Another house TWO doors down came on the market in May and has been sitting -  it just had a price drop:
https://www.redfin.com/VA/Vienna/1434-Rosewood-Hill-Dr-22182/home/9257696

Did buyers who lost out on the first house just give up on the second?  It doesn't match sense to me. I'm not looking in that neighborhood, else I might be tempted to snatch the second one up.[/quote]

That first home that went over asking is way more updated than that second house.  The second house sat because it was priced too high, it’s going to need some work.  This tracks with other homes in Vienna, the updated ones in desirable neighborhoods fly off the market often over asking (sometimes up to 200k over asking) and the older homes sit for a little longer.  I wouldn’t use the second home as an indicator of housing prices dropping in the area, it’s pretty typical of what people have been willing to pay for (or not pay for) in Vienna.  [/quote]

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