Anonymous wrote:A friend sold their home in a week. Received four offers over asking. 22101

I owned a house in California in 2008. You would be astonished how quickly home values can collapse.

Anonymous wrote:

Anonymous wrote:Upper NW DC and CC MD market seems to be moving quickly for anything under $2MM (up to $2.5MM for CC MD).

The $5MM listings are sitting. I saw one sold in like 2020 for $3.5MM and now they are trying to sell for $5MM. Maybe they did tons of renovations, but hard to know.

Just seems like a strange time to list that house at that price.

+1. Also, everything in Bethesda under $2 million is selling really fast, often above asking, unless the house has some issue like being on a major road or backing to the beltway.

Agree. There are more houses going on the market in my 20816 neighborhood but they are all selling quickly, including a couple of $2m+ houses.

N. Arlington, $1.7M, sitting on the market for 4 weeks now. sellers are in a position where they need to sell soon. to be honest there are issues with the house, but I'm still surprised

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:yes a decent amount of new inventory is not selling in NOVA.

I agree with this. There is plenty of inventory in the $800 - $1.5M range in good school pyramids in Nova, and it's not moving. I am comparing this to my mom's situation in PA where her house was on the market for 4 days, she had 10 showings and received 3 offers over list. The chaos of Cheeto & Co is weighing on the local market.

Because it must be dumpy in this price range. Overpriced exists in every price range. Well priced within its neighborhood for its size/quality still sells.

Not dumpy--just sagging demand.

From a common sense perspective how could it not?

Anonymous wrote:

Anonymous wrote:yes a decent amount of new inventory is not selling in NOVA.

I agree with this. There is plenty of inventory in the $800 - $1.5M range in good school pyramids in Nova, and it's not moving. I am comparing this to my mom's situation in PA where her house was on the market for 4 days, she had 10 showings and received 3 offers over list. The chaos of Cheeto & Co is weighing on the local market.

Because it must be dumpy in this price range. Overpriced exists in every price range. Well priced within its neighborhood for its size/quality still sells.

Anonymous wrote:yes a decent amount of new inventory is not selling in NOVA.

I agree with this. There is plenty of inventory in the $800 - $1.5M range in good school pyramids in Nova, and it's not moving. I am comparing this to my mom's situation in PA where her house was on the market for 4 days, she had 10 showings and received 3 offers over list. The chaos of Cheeto & Co is weighing on the local market.

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Anonymous wrote:It is inevitable that the long term fiscal deficit will eventually take a toll on DC area real estate. Whether it is now, or ten years from now, this area will hurt... badly.

Why would this area hurt badly and others won’t? DOGE is departing, seems like DC is getting back to business as usual. If you are talking about widespread recession then it’s a much broader and not very local conversation.

Because there isn't any more money. Our spending is no longer aligned with the tax revenue the economy can generate.

Well priced homes seem to sell fast. New construction higher end homes costing over 4 mil are sitting, probably waiting for the golden visa applicants? Prices don’t appear to have come down. Inventory this year seems about the same as last year in DC proper and close in suburbs. Georgetown at some point had too many very expensive homes for sale, it’s the only weird thing I noticed.

Anonymous wrote:It is inevitable that the long term fiscal deficit will eventually take a toll on DC area real estate. Whether it is now, or ten years from now, this area will hurt... badly.

Why would this area hurt badly and others won’t? DOGE is departing, seems like DC is getting back to business as usual. If you are talking about widespread recession then it’s a much broader and not very local conversation.

A friend sold their home in a week. Received four offers over asking. 22101

It is inevitable that the long term fiscal deficit will eventually take a toll on DC area real estate. Whether it is now, or ten years from now, this area will hurt... badly.

Anonymous wrote:Our neighbors put their house on the market in Ffx Co., good school pyramid, a few weeks ago. $1.2M. No contract yet. Over the past few years would have been been tons of people visiting right away, multiple contracts first weekend, etc. I suspect they will need to drop the price. If i was going to be moving out of the area in the next few years, I think selling sooner rather than later would the way to go. Lots of clouds and uncertainties on the horizon.

+100

DC area will take years.

We have zero homes in our neighborhood for sale this year, which is unusual.

Personally I would not buy right now if I didn't have to. I think lots of people are thinking this way. Job uncertainty plus higher interest rates.