They are still selling. But in my investment property I somehow got stuck as condo president.

In 2024 I noticed buyers are asking a lot more questions in house rules, offering plan, asking master insurance policies, details on if they can rent and homes sitting longer.

Prices are still not falling but the the days of it selling in one day with buyers doing no dur diligence seems to be less.

Anonymous wrote:Townhouses in my neighborhood end up having a couple price cuts before they sell. They start high then work downward. No bidding wars over here yet…

https://www.redfin.com/MD/Rockville/3214-Royal-Fern-Pl-20852/home/171185159
The townhouse in question. But I recognize this is too of the line for rockville

This house is going to take a net loss. They can’t even get the price they paid in 2020.

https://redf.in/mkLu2k

Anonymous wrote:Townhouses in my neighborhood end up having a couple price cuts before they sell. They start high then work downward. No bidding wars over here yet…

A middle unit townhouse in my neighborhood sold for $100K over what a nice end unit sold for last year. It was on and off the market on the same day.

Anonymous wrote:There are a lot of people who got cocky and overpriced their homes based on recent sales of much nicer houses. People still want turn key and are paying for it. I will spend $1M on a house that I can wait 5 years to make any changes to. I will not spend $1.1M on a house that needs immediate work just because the buyer got cocky.

I'm sorry, that should have read "just because the SELLER got cocky"

There are a lot of people who got cocky and overpriced their homes based on recent sales of much nicer houses. People still want turn key and are paying for it. I will spend $1M on a house that I can wait 5 years to make any changes to. I will not spend $1.1M on a house that needs immediate work just because the buyer got cocky.

Townhouses in my neighborhood sell within a week and over asking price.

Townhouses in my neighborhood end up having a couple price cuts before they sell. They start high then work downward. No bidding wars over here yet…

Anonymous wrote:In April, this house went pending in 1 week and sold for over asking:
https://www.redfin.com/VA/Vienna/1428-Rosewood-Hill-Dr-22182/home/9257705

Another house TWO doors down came on the market in May and has been sitting - it just had a price drop:
https://www.redfin.com/VA/Vienna/1434-Rosewood-Hill-Dr-22182/home/9257696

Did buyers who lost out on the first house just give up on the second? It doesn't match sense to me. I'm not looking in that neighborhood, else I might be tempted to snatch the second one up.

That first home that went over asking is way more updated than that second house. The second house sat because it was priced too high, it’s going to need some work. This tracks with other homes in Vienna, the updated ones in desirable neighborhoods fly off the market often over asking (sometimes up to 200k over asking) and the older homes sit for a little longer. I wouldn’t use the second home as an indicator of housing prices dropping in the area, it’s pretty typical of what people have been willing to pay for (or not pay for) in Vienna.

1 month does not a trend make.

Close in Silver Spring. Earlier in the spring, houses were under contract before the open houses and getting multiple bids at more than asking price.

Now I’m noticing that homes that are priced competitively - and maybe for a little lower than what they could sell at are moving in a couple of weeks for just a bit more than asking. Homes that are in the high side for this area - $675 -$700k - are just sitting.

Summer is still a good time to buy, so long as you’re setting in by Labor Day I’d say.

Homes I’m seeing in DC have been on the market for at least two months and they are either making small cuts or none at all so they shall sit.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s important to sell/buy at the right time although some things may get in the way. I guess these owners tried but took it off the market. Homes are sitting and if folks must move, I’m guessing they will become rentals. I think all the folks who bought in 2021-2023 will be underwater.

https://www.zillow.com/homedetails/2900-Carlton-Ave-NE-Washington-DC-20018/504830_zpid/

Why do you think those people will be underwater??

Bought in 2021 for $842,552 latest price before they took it off the market after two months was at $825k. Is that not underwater when you sell a house for less than what you paid for it?

No. Underwater means that your house is worth less than you owe on it.

Well they are losing money either way.

Selling less than 3 years after you buy is a pretty good way to lose money regardless of the current housing situation. Most people who bought in 2021-2023 will probably be fine in the long run.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s important to sell/buy at the right time although some things may get in the way. I guess these owners tried but took it off the market. Homes are sitting and if folks must move, I’m guessing they will become rentals. I think all the folks who bought in 2021-2023 will be underwater.

https://www.zillow.com/homedetails/2900-Carlton-Ave-NE-Washington-DC-20018/504830_zpid/

Why do you think those people will be underwater??

Bought in 2021 for $842,552 latest price before they took it off the market after two months was at $825k. Is that not underwater when you sell a house for less than what you paid for it?

No. Underwater means that your house is worth less than you owe on it.

Well they are losing money either way.

Anonymous wrote:

Anonymous wrote:Why do you keep bringing up Olney? It’s like discussing the Hagerstown real estate market.

Lots of people commute to DC from Olney; give me a break. I brought this up because I am waiting for a house to come on the market that I would like to buy.

+1
PP sounds strangely ignorant.