Reply to Is there going to be panic selling?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We thought we had a good chance at a house in a very nice part of Alexandria and went back to the open house today.  While we were there for 10 minutes, there were three other couples who were also having a second look and all of us had done pre-inspections.  We just looked at each other and said "good luck."    We are waiving everything and paying $75K above the asking price that was $24,000 higher than the most recent comp from November 2024.

I am not sure whether to wait for the panic selling or wait each weekend and watch the prices get bid up.

Any advice?[/quote]

I would wait. There is going to be more inventory hitting the spring market. You'll get your home.[/quote]

When does the spring market in the DMV start? I thought it already would have and yet there are still very few listings. Am starting to think this drought of properties will continue for much longer.[/quote]

What is rarely discussed here is that cost of building since the pandemic is  extremely high. There more people wanting homes than there are homes available. We bought one of our kids a condo two years ago in Arlington for 500K. It’s a 2/2 garden style condo so a perfect stater home. We’ve been waiting for another unit, same price to pop up in the same complex for the second kid. There’s been a few 1/1 but only three 2/2 for the last 3 years and for those, there were bidding wars. [/quote]

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