Anonymous
07/03/2023 18:05
Subject: Re:How is the summer market?
Anonymous wrote:We just sold a house ($650-750k range) inside the Beltway in Virginia, close to the Pentagon. It went in 2 days with multiple offers over asking. None of the offers had any type of contingencies and all had escalation clauses. Two other houses on the block have sold within the past two months with similar scenarios.
The house we sold had no improvements. It was a long-time rental for us and the last time we did anything to improve it was 10-15 years ago. It is a nice house but it needs some love. The buyers got a steal and will see a huge appreciation once they do some small renos to the bathrooms and kitchen.
The market is hot, whether you want to believe it or not. We were surprised, frankly, at how swiftly our house sold and we buy/sell a lot of houses.
I've noticed a lot of "more affordable" houses (esp. sfh) in S Arlington going way above ask and for higher price per SQ ft than bigger and more updated houses. I think there is just a lot more competition for these homes.
Anonymous
07/03/2023 16:33
Subject: Re:How is the summer market?
We just sold a house ($650-750k range) inside the Beltway in Virginia, close to the Pentagon. It went in 2 days with multiple offers over asking. None of the offers had any type of contingencies and all had escalation clauses. Two other houses on the block have sold within the past two months with similar scenarios.
The house we sold had no improvements. It was a long-time rental for us and the last time we did anything to improve it was 10-15 years ago. It is a nice house but it needs some love. The buyers got a steal and will see a huge appreciation once they do some small renos to the bathrooms and kitchen.
The market is hot, whether you want to believe it or not. We were surprised, frankly, at how swiftly our house sold and we buy/sell a lot of houses.
The house we sold had no improvements. It was a long-time rental for us and the last time we did anything to improve it was 10-15 years ago. It is a nice house but it needs some love. The buyers got a steal and will see a huge appreciation once they do some small renos to the bathrooms and kitchen.
The market is hot, whether you want to believe it or not. We were surprised, frankly, at how swiftly our house sold and we buy/sell a lot of houses.
Anonymous
07/03/2023 09:30
Subject: How is the summer market?
Anonymous wrote:In our HOA community with all similar houses, the market seems hot. One of our neighbors put their house on the market in early June. The open house was pretty popular and at least one prospective buyer did a preinspection. It went pending in 5 days. It was listed at 4% above the price the last house sold for last fall. It probably went for list but I would not be surprised if it went for a little bit over.
It ended up selling for 10% above the price the last house sold for in the fall (6% above asking).
Anonymous
06/28/2023 16:58
Subject: How is the summer market?
NP but the market has definitely slowed down. Things are sitting in my inside the beltway neighborhood. 
Anonymous
06/26/2023 08:59
Subject: Re:How is the summer market?
Anonymous wrote:Anecdotal, but I’m seeing price cuts in our neighborhood again, after none all Spring. Inventory is still selling, but a lot falls out of contract, relists lower, then sells. I think we may be in for a choppy summer/fall with low inventory and slight price drops.
In the past months - I've seen a few price reductions (on the higher end of the price range) and a few homes not selling immediately. however for well priced homes in good condition - still going over ask.
Anonymous
06/24/2023 10:41
Subject: Re:How is the summer market?
Anecdotal, but I’m seeing price cuts in our neighborhood again, after none all Spring. Inventory is still selling, but a lot falls out of contract, relists lower, then sells. I think we may be in for a choppy summer/fall with low inventory and slight price drops.
Anonymous
06/24/2023 10:30
Subject: How is the summer market?
In Bethesda, the market I watch most closely, houses seem to be sitting just a little longer but they are still selling at or near asking price, and sometimes a little over. So i think the market is still warm but not hot. This is especially true in the $2.5 million plus segment. Houses in that range that might have gone under contract around the time if the first open house this spring are instead having multiple open houses before going under contract. And there are a few houses in the Kenwood Park area that have been sitting for a very long time because the sellers are trying to get $3 million plus for them, when in fact they will probably land in the high $2 millions by the time they finally sell. An example of greedy sellers trying to set a new benchmark, even at a time when interest rates are climbing, and predictably failing in the effort.
Anonymous
06/24/2023 10:09
Subject: How is the summer market?
To seriously answer OP's question. I think the market is still hot, but not as hot as in the spring. I say this as someone who just bought a house at list price (we did waive the appraisal and do a void only inspection), but I think we got it at list price because (a) the list price was high and (b) the house has an unfinished basement that will cost us the $100K over list that most houses in the area are going for.
I went back and looked at houses we looked at around the same time and all of them went for over list (anywhere from $30K to $165K over list). These would be houses that went under contract at the end of May and have closed in the past few weeks. And this is well outside the beltway.
I don't know how much that tells you about the June/July market though. I haven't been watching it.
I went back and looked at houses we looked at around the same time and all of them went for over list (anywhere from $30K to $165K over list). These would be houses that went under contract at the end of May and have closed in the past few weeks. And this is well outside the beltway.
I don't know how much that tells you about the June/July market though. I haven't been watching it.
Anonymous
06/24/2023 09:49
Subject: How is the summer market?
Sales and prices are up, the bottom was last winter
Anonymous
06/24/2023 09:49
Subject: How is the summer market?
Anonymous wrote:Anonymous wrote:Brutal. Friends have lost multiple bidding wars. Escalations going $100K+ over asking prices.
Laugh all you want. I have friends shopping outside the Beltway. They bid $75K over listing and lost to someone who escalated $95K over listing. This is the third time it’s happened to them in the past two months.
The market is crazy because of major supply issues.
Anonymous
06/24/2023 09:44
Subject: How is the summer market?
Question for Drunk-posting Ragey PP: Why do you want the market not to be hot? Why are you in denial? Seriously, please answer!!
Anonymous
06/24/2023 00:14
Subject: How is the summer market?
Anonymous wrote:Anonymous wrote:I am working with an Arlington/Mclean client with a price range of about $2.5 million; the market is very busy, with "good" properties (i.e. on a desirable street with a good lot and updated) flying off the market. Properties with good tear down potential are also moving fast. The prices (thankfully) are not spring/early summer of 2022 prices. Sometimes there are contingencies. It's a pretty strong seller's market with plenty of demand.
More *ucking lies? You guys really live in a delusional world, don't you?
There have been FOUR *cking sales in Arlington county over the last SIX MONTHS, between $2.25M and $2.75M (your ~$2.5M range)
"very busy" "flying off" are hardly the adjectives that apply here.
Wow…you have some rage issues. I posted this- first of all, I said Arlington and Mclean, and I’m giving you anecdotal experience and it’s mostly in Mclean where we’ve been focussed. Second, you should look at pending data and DOM before pending, not closed sales. Third- chill out, I’m sharing my personal impressions as an agent actively in the market- I’m not trying to make anyone feel bad, and I even noted that I was glad that prices are lower as compared to this time last year. So relax geez. Do t ask the question if you can’t handle the response. What do you want to hear- the market is dead? It’s not- there’s plenty of movement despite the near doubling of interest rates. There’s a housing shortage- nay- a single family home shortage (plenty of condos for sale). When my clients ask if it’s a good time to buy I say yes-bc if it’s a hot market now, imagine what it will be like if rates dip.
Anonymous
06/24/2023 00:02
Subject: How is the summer market?
There is one really psycho person who is in denial about the market in this area!! I've been house hunting for four months, I've seen it with my own eyes, sweetheart.
Anonymous
06/23/2023 23:59
Subject: How is the summer market?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I’m helping buy a home for my kid and his wife and we just had an offer accepted. Price range was sub 575k. Absolutely everything had multiple offers, often 6+. Search was limited to loudoun county. Everything is being bid up. Realtor said this is the craziest market she’s ever seen. Ended up waiving all contingencies including appraisal.
DP but I’m not sure why you keep making fun of this person. Not sure where you live but we bought two months ago and yes, overask, no contingencies, waived inspection and free rent back is what it took to get a house. It’s crazy but it’s not made up.
No, you didn't. Stop lying.
NP. I just sold a Rockville townhouse that went $50,000 over asking - five offers after first weekend; all cash offer won.
You're not gonna disclose the MLS ID, are you?
Because it's a lie.
Since you just sold, the MLS ID should be very very handy.
NP, but geez chillax dude. Just run a search for sold Rockville townhouses. In one minute, found this one that went for $75K over asking:
https://www.zillow.com/homedetails/2031-Ashleigh-Woods-Ct-Rockville-MD-20851/58240775_zpid/
No it didn't.
The owners wanted $716K, they listed lower thinking there will be a bidding war, but it didn't happen. Their pricing history shows it.
Like I was saying, lies, lies and more lies. Finding one random sale that meets the criteria of over asking (which even this one really wasn't) is meaningless. And the prior post of "shut up" is exactly the kind of response you get when presented with reality.
I think you're confused about how this works. They listed at $639,000, the offer they received was $716,000 and it took about a month and a half to close at that price. If you were a real realtor, you'd know that these stories are true.
We lost out on three houses, all of which closed in the past 2-3 weeks for anywhere between $25K and $150K above list. The $150K above list was INSANE because it was a really crappy house but in a great neighborhood. We ended up buying further out after we lost those houses. We close at $15K above list next week, and we had to waive the inspection to get that price (we did a pre-inspection so we were confident there would be no major issues).
Anonymous
06/23/2023 23:45
Subject: How is the summer market?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I’m helping buy a home for my kid and his wife and we just had an offer accepted. Price range was sub 575k. Absolutely everything had multiple offers, often 6+. Search was limited to loudoun county. Everything is being bid up. Realtor said this is the craziest market she’s ever seen. Ended up waiving all contingencies including appraisal.
DP but I’m not sure why you keep making fun of this person. Not sure where you live but we bought two months ago and yes, overask, no contingencies, waived inspection and free rent back is what it took to get a house. It’s crazy but it’s not made up.
No, you didn't. Stop lying.
Not lying. The house we were renting also sold over asking, no contingencies, all cash as soon as it was listed.