Anonymous
Post 02/23/2023 08:35     Subject: Re:Is there going to be a spring market this year?
Anonymous wrote:I’m not so sure I’d take my sweet time to make an offer on a good house in this market if something came up that I liked and I was a serious buyer. A house came on the market in my neighborhood this past weekend for a cool million and was pending before the weekend was over. It was clearly better than the junkers that have been languishing on the market all winter but it surprised me. I’m in a desirable nova neighborhood (at least to me) but not what i think of as a typically “hot” one. This is just one house but i agree with others who say there is going to be competition for few good houses.


The junkets. Love it.

Housing stock is such a mixed bag around here
Anonymous
Post 02/23/2023 08:33     Subject: Is there going to be a spring market this year?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:So few houses on market up to now. Doubt there is going to be a spring market...


Historically low inventory, historically high house prices, and historically high interest rate... What a wonderful combination!


Nobody can afford to move right now. It seems like a great time for developers to buy properties though since they can flip them in time for rates to cut at the end of summer.


Things are way over priced for developers. Yes people can afford to move. And they will.


Plus developers can not longer get those cheap 1-2 year long construction loans. And will need to sell fast upon due date.
Anonymous
Post 02/22/2023 19:27     Subject: Is there going to be a spring market this year?
Houses are now coming onto the market and rates have reverted back to 7%
Anonymous
Post 02/22/2023 19:18     Subject: Is there going to be a spring market this year?
Anonymous wrote:Arlington agent here. The spring market began on January 1. Houses that were languishing on the market last fall have been snapped up, and the good houses are still selling over the weekend. A buyer missed house today that went on the market yesterday. Three offers and gone.

Most of the houses now for sale in Arlington are now new construction and aren't even built.


I bought a second home in January. A home that had been sitting since fall. I had been watching the market since October hoping for a deal ( cash buyer ) because of the interest rates. By December I sensed things weren’t going to be more favorable comes spring and didn’t want to wait. I glad I didn’t. That same home would sell for more just a few weeks later. There are currently no listings in this desirable neighborhood.
Anonymous
Post 02/22/2023 19:06     Subject: Re:Is there going to be a spring market this year?
Anonymous wrote:
Anonymous wrote:I’m not so sure I’d take my sweet time to make an offer on a good house in this market if something came up that I liked and I was a serious buyer. A house came on the market in my neighborhood this past weekend for a cool million and was pending before the weekend was over. It was clearly better than the junkers that have been languishing on the market all winter but it surprised me. I’m in a desirable nova neighborhood (at least to me) but not what i think of as a typically “hot” one. This is just one house but i agree with others who say there is going to be competition for few good houses.


I tried to say this in another thread and was accused of being a realtor. I'm actually looking to buy. Any home could go under contract at any moment. I'm not trying to revive the dreaded FOMO, but I wouldn't assume that you can wait several days to go see a home you may want to buy and it will just be there waiting for you.

I'm seeing the large, updated $2.25-3.25M homes go under contract within a few weeks (not DMV). Some even go under contract the same day. It appears that many are selling for cash because the closings are very fast. New builds sit on the market until they're within a few weeks of completion. They used to get snapped up much earlier in the process. Homes that need work sit a while then generally sell for under list. Smaller, updated homes usually sit a while too unless they're priced very well. Large, expensive homes that need updating sit. Prices have dropped, but they're still above 2019 prices. We're sort of at 2021 prices for everything except the large, updated homes and new builds. Those are at peak prices.


I closed on a property last month. It was the first week in January when I went to the open house and there was hardly anyone there. I didn’t assume I had all the time in the world to make an offer. I liked the property, it was priced well and I made an offer. The home had been on the market 4 months. While the other 4 interested buyers mauled over their decisions, including asking for second showings, my offer was accepted. I waved inspections. I’m not new to this game, I knew the property was solid based on my observation during the open house. Even after my offer was accepted, one of the other buyers asked for second showing, in case our contract falls through. We’re very happy with this purchase.
Anonymous
Post 02/22/2023 18:58     Subject: Is there going to be a spring market this year?
Arlington agent here. The spring market began on January 1. Houses that were languishing on the market last fall have been snapped up, and the good houses are still selling over the weekend. A buyer missed house today that went on the market yesterday. Three offers and gone.

Most of the houses now for sale in Arlington are now new construction and aren't even built.
Anonymous
Post 02/22/2023 18:57     Subject: Is there going to be a spring market this year?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:So few houses on market up to now. Doubt there is going to be a spring market...


Historically low inventory, historically high house prices, and historically high interest rate... What a wonderful combination!


You do have some room for negotiations and don't have to go in multiple offer bidding where you only have hours to make a decision and waive all contingencies.

There’s still a lot of that going on. Read some other threads.

This is definitely still happening. I live in a relatively undesirable (bad schools) area of FFX Co and a house in my neighborhood went under contract with no contingencies over in 3 days last week.
Anonymous
Post 02/22/2023 18:20     Subject: Re:Is there going to be a spring market this year?
Anonymous wrote:I’m not so sure I’d take my sweet time to make an offer on a good house in this market if something came up that I liked and I was a serious buyer. A house came on the market in my neighborhood this past weekend for a cool million and was pending before the weekend was over. It was clearly better than the junkers that have been languishing on the market all winter but it surprised me. I’m in a desirable nova neighborhood (at least to me) but not what i think of as a typically “hot” one. This is just one house but i agree with others who say there is going to be competition for few good houses.


I tried to say this in another thread and was accused of being a realtor. I'm actually looking to buy. Any home could go under contract at any moment. I'm not trying to revive the dreaded FOMO, but I wouldn't assume that you can wait several days to go see a home you may want to buy and it will just be there waiting for you.

I'm seeing the large, updated $2.25-3.25M homes go under contract within a few weeks (not DMV). Some even go under contract the same day. It appears that many are selling for cash because the closings are very fast. New builds sit on the market until they're within a few weeks of completion. They used to get snapped up much earlier in the process. Homes that need work sit a while then generally sell for under list. Smaller, updated homes usually sit a while too unless they're priced very well. Large, expensive homes that need updating sit. Prices have dropped, but they're still above 2019 prices. We're sort of at 2021 prices for everything except the large, updated homes and new builds. Those are at peak prices.
Anonymous
Post 02/22/2023 16:48     Subject: Is there going to be a spring market this year?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:So few houses on market up to now. Doubt there is going to be a spring market...


Historically low inventory, historically high house prices, and historically high interest rate... What a wonderful combination!


You do have some room for negotiations and don't have to go in multiple offer bidding where you only have hours to make a decision and waive all contingencies.

There’s still a lot of that going on. Read some other threads.
Anonymous
Post 02/22/2023 16:35     Subject: Is there going to be a spring market this year?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:So few houses on market up to now. Doubt there is going to be a spring market...


Historically low inventory, historically high house prices, and historically high interest rate... What a wonderful combination!


Nobody can afford to move right now. It seems like a great time for developers to buy properties though since they can flip them in time for rates to cut at the end of summer.


Things are way over priced for developers. Yes people can afford to move. And they will.
Anonymous
Post 02/22/2023 16:09     Subject: Re:Is there going to be a spring market this year?
Anonymous wrote:
Anonymous wrote:Usually starting to heat up by this time


People who got houses during the pandemic paid cash. Mostly corporations.


How does this relate to the comment you replied to.

Also, news to me I paid cash for the house we bought during the pandemic. I should really look into why I have to keep paying a mortgage every month.
Anonymous
Post 02/22/2023 16:06     Subject: Re:Is there going to be a spring market this year?
Nothing in my MoCo neighborhood.
Anonymous
Post 02/22/2023 15:56     Subject: Re:Is there going to be a spring market this year?
I’m not so sure I’d take my sweet time to make an offer on a good house in this market if something came up that I liked and I was a serious buyer. A house came on the market in my neighborhood this past weekend for a cool million and was pending before the weekend was over. It was clearly better than the junkers that have been languishing on the market all winter but it surprised me. I’m in a desirable nova neighborhood (at least to me) but not what i think of as a typically “hot” one. This is just one house but i agree with others who say there is going to be competition for few good houses.
Anonymous
Post 02/22/2023 15:05     Subject: Is there going to be a spring market this year?
If more homes didn't come on market, we may go into bidding wars on attractive properties.
Anonymous
Post 02/22/2023 15:00     Subject: Is there going to be a spring market this year?
Anonymous wrote:
Anonymous wrote:So few houses on market up to now. Doubt there is going to be a spring market...


Historically low inventory, historically high house prices, and historically high interest rate... What a wonderful combination!


You do have some room for negotiations and don't have to go in multiple offer bidding where you only have hours to make a decision and waive all contingencies.