Anonymous
Post 08/18/2021 23:52     Subject: Re:I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Market is super slow right now. My friend listed her house and its been more than week and only 2 showings. Wow...never expected that it will slow to this extent.


Totally normal for August.


I believe that summer should be busy as people are ready to move before school starts.

Umm no. If you want to move before school starts you go under contract by Memorial Day. Summer is always for stale listings
Anonymous
Post 08/18/2021 22:46     Subject: I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:Bumping after looking at these recent sales, each $300K+ over ask for ~2750 sq ft. Asking price is obviously an arbitrary mental anchor in this market, so perhaps these prices are fair, but seeing them in my feed didn't make me feel like the "slowdown" I've seen discussed on many threads is happening.

https://www.redfin.com/DC/Washington/3711-Northampton-St-NW-20015/home/9970590

https://www.redfin.com/DC/Washington/5342-Nebraska-Ave-NW-20015/home/9978173


We put an offer, with escalations, and cap of $1.35M, on 5342 Nebraska Ave.
Seeing what it sold for, no wonder our offer was rejected within minutes of submitting!


Damn, that’s a cute house. Sorry you didn’t get it.
Anonymous
Post 08/18/2021 22:41     Subject: I think the bubble is popping.
1.6 for the Nebraska house is pretty special. In this market 1.3 seemed gettable but I would not have pegged that for 1.6.
Anonymous
Post 08/18/2021 22:15     Subject: I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:Bumping after looking at these recent sales, each $300K+ over ask for ~2750 sq ft. Asking price is obviously an arbitrary mental anchor in this market, so perhaps these prices are fair, but seeing them in my feed didn't make me feel like the "slowdown" I've seen discussed on many threads is happening.

https://www.redfin.com/DC/Washington/3711-Northampton-St-NW-20015/home/9970590

https://www.redfin.com/DC/Washington/5342-Nebraska-Ave-NW-20015/home/9978173


Wow this is absolutely bonkers.


OMG - depressing for those of us still looking!
Anonymous
Post 08/18/2021 19:22     Subject: I think the bubble is popping.
Anonymous wrote:Bumping after looking at these recent sales, each $300K+ over ask for ~2750 sq ft. Asking price is obviously an arbitrary mental anchor in this market, so perhaps these prices are fair, but seeing them in my feed didn't make me feel like the "slowdown" I've seen discussed on many threads is happening.

https://www.redfin.com/DC/Washington/3711-Northampton-St-NW-20015/home/9970590

https://www.redfin.com/DC/Washington/5342-Nebraska-Ave-NW-20015/home/9978173


Wow this is absolutely bonkers.
Anonymous
Post 08/18/2021 16:16     Subject: I think the bubble is popping.
Anonymous wrote:Bumping after looking at these recent sales, each $300K+ over ask for ~2750 sq ft. Asking price is obviously an arbitrary mental anchor in this market, so perhaps these prices are fair, but seeing them in my feed didn't make me feel like the "slowdown" I've seen discussed on many threads is happening.

https://www.redfin.com/DC/Washington/3711-Northampton-St-NW-20015/home/9970590

https://www.redfin.com/DC/Washington/5342-Nebraska-Ave-NW-20015/home/9978173


We put an offer, with escalations, and cap of $1.35M, on 5342 Nebraska Ave.
Seeing what it sold for, no wonder our offer was rejected within minutes of submitting!
Anonymous
Post 08/18/2021 11:53     Subject: I think the bubble is popping.
Anonymous wrote:Idk if this thread is full of realtors or just folks that are kind of dim. An individual house going for some absurd amount over asking isn’t indicative of anything other than it being improperly priced to begin with. You can look up the average amount over list places in a particular area. In Chevy Chase, DC that percent is 9%. So most people are not going to get 300k over asking. Besides that the biggest jump in price appreciation has been on the lower end of the market as people whereas in nicer areas prices have increased more modestly. There probably isn’t a bubble (although as someone who spent a lot of money to be close in I do hope telework doesn’t hurt me) but I think that people need to be cautious about buying someplace crappy with no contingencies because they have been whipped up into severe fomo.


Nobody said everything is going for $300k over asking. I agree that amount over asking is not indicative of much. But if you look at the latest sales prices they are a good amount higher than last year for similar houses - admittedly I am looking on the "lower end of the market" (meaning, closer to the median sales price in the area rather than average prices allegedly paid by DCUM posters), when you see townhouses selling for $70k-$100k more than any other house in the same development did pre 2021, well the fact is prices are still up, even if some buyers are at the beach. My guess is the craziness will continue after Labor Day.
Anonymous
Post 08/18/2021 11:45     Subject: Re:I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I'm looking in FFX Co and there are a lot of properties that are just sitting. Are sellers waiting and hoping they'll get a greedy spring 2021 price?

Blood from a stone. People buying under 700k don't have anything else to offer. Stop being greedy. 100k profit is still outrageous, stop trying to get 125k.

You not being able to afford to buy a house doesn’t make sellers greedy. You need to buy what you can afford which may mean a townhouse without a garage, look in Prince William County, etc.


But it's not just me not buying (and I can afford it), NO ONE is buying those properties. The price is too high.

Price too high = trying to get more than you should take = greed

Again, buy what you can afford. Don’t worry about homes you can’t afford.


Again, I can afford it. My point is why should I pay that much if no one else is willing to either? It's not rocket science.


Maybe for some reason people need to get the price they are asking, such as because of an existing mortgage or the cost of the next place they would want to buy, and if they can’t get their price they would choose to simply stay where they are.
Anonymous
Post 08/18/2021 11:12     Subject: I think the bubble is popping.
Idk if this thread is full of realtors or just folks that are kind of dim. An individual house going for some absurd amount over asking isn’t indicative of anything other than it being improperly priced to begin with. You can look up the average amount over list places in a particular area. In Chevy Chase, DC that percent is 9%. So most people are not going to get 300k over asking. Besides that the biggest jump in price appreciation has been on the lower end of the market as people whereas in nicer areas prices have increased more modestly. There probably isn’t a bubble (although as someone who spent a lot of money to be close in I do hope telework doesn’t hurt me) but I think that people need to be cautious about buying someplace crappy with no contingencies because they have been whipped up into severe fomo.
Anonymous
Post 08/18/2021 10:19     Subject: I think the bubble is popping.
Anonymous wrote:Bumping after looking at these recent sales, each $300K+ over ask for ~2750 sq ft. Asking price is obviously an arbitrary mental anchor in this market, so perhaps these prices are fair, but seeing them in my feed didn't make me feel like the "slowdown" I've seen discussed on many threads is happening.

https://www.redfin.com/DC/Washington/3711-Northampton-St-NW-20015/home/9970590

https://www.redfin.com/DC/Washington/5342-Nebraska-Ave-NW-20015/home/9978173


I think people who think prices are dropping are in denial. There's some ugly houses that are sitting as they would anytime but plenty of houses are selling for significantly more than they would have a year ago.
Anonymous
Post 08/18/2021 10:14     Subject: I think the bubble is popping.
Bumping after looking at these recent sales, each $300K+ over ask for ~2750 sq ft. Asking price is obviously an arbitrary mental anchor in this market, so perhaps these prices are fair, but seeing them in my feed didn't make me feel like the "slowdown" I've seen discussed on many threads is happening.

https://www.redfin.com/DC/Washington/3711-Northampton-St-NW-20015/home/9970590

https://www.redfin.com/DC/Washington/5342-Nebraska-Ave-NW-20015/home/9978173
Anonymous
Post 08/09/2021 00:01     Subject: I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Real estate 101, especially in the DMV: even in good times, August is a slow month home sales. August is a slow month here for EVERYTHING.

Also, there's a middle ground between a bubble burst and prices not continuing to climb through the roof. It's called stabilization. And, yes, it's happening. If you're holding your breath waiting on a market crash, get ready to suffocate.



Prices won’t drop. I think they won’t increase by much until next year but they won’t drop.


When the Fed stops buying $40 billion of mortgages every month, the bubble will definitely pop. I expect prices really will fall, not just plateau out.


What makes you think the fed will stop?
Anonymous
Post 08/08/2021 20:02     Subject: I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:Real estate 101, especially in the DMV: even in good times, August is a slow month home sales. August is a slow month here for EVERYTHING.

Also, there's a middle ground between a bubble burst and prices not continuing to climb through the roof. It's called stabilization. And, yes, it's happening. If you're holding your breath waiting on a market crash, get ready to suffocate.



Prices won’t drop. I think they won’t increase by much until next year but they won’t drop.


When the Fed stops buying $40 billion of mortgages every month, the bubble will definitely pop. I expect prices really will fall, not just plateau out.
Anonymous
Post 08/08/2021 18:44     Subject: I think the bubble is popping.
Anonymous wrote:Real estate 101, especially in the DMV: even in good times, August is a slow month home sales. August is a slow month here for EVERYTHING.

Also, there's a middle ground between a bubble burst and prices not continuing to climb through the roof. It's called stabilization. And, yes, it's happening. If you're holding your breath waiting on a market crash, get ready to suffocate.



Prices won’t drop. I think they won’t increase by much until next year but they won’t drop.
Anonymous
Post 08/08/2021 18:38     Subject: Re:I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I'm looking in FFX Co and there are a lot of properties that are just sitting. Are sellers waiting and hoping they'll get a greedy spring 2021 price?

Blood from a stone. People buying under 700k don't have anything else to offer. Stop being greedy. 100k profit is still outrageous, stop trying to get 125k.

You not being able to afford to buy a house doesn’t make sellers greedy. You need to buy what you can afford which may mean a townhouse without a garage, look in Prince William County, etc.


But it's not just me not buying (and I can afford it), NO ONE is buying those properties. The price is too high.

Price too high = trying to get more than you should take = greed

Again, buy what you can afford. Don’t worry about homes you can’t afford.


Again, I can afford it. My point is why should I pay that much if no one else is willing to either? It's not rocket science.


FFX County is on fire and it has been the hottest region in the DMV for over a year. These are actual stats of price appreciation and year over year sales increases. So your claim that “no one is buying these houses” is completely false. You may be looking at one stubborn high priced seller who isn’t willing to sell to you but the region has more buyers than it can handle.