22207—this one comes on the market on Friday. They’ve put in on the market a couple times in the last few years and ended up pulling it and renting it each time. We’ll see what happens. I think it’s overpriced, but what do I know.

https://redf.in/Z24Yy9

Anonymous wrote:All the ones that we've noticed are looking to be pocket listings that have a "coming soon" sign in the yard which quickly reverts to "under contract" within days. This is in the Fairfax Station/Burke Centre area.

I think this area is the sweet spot for sub $1M 2000 sq ft+ SFHs that is still within the beltway. I've heard open houses are very busy, multiple offers, above list, no contingencies, etc. here.

All the ones that we've noticed are looking to be pocket listings that have a "coming soon" sign in the yard which quickly reverts to "under contract" within days. This is in the Fairfax Station/Burke Centre area.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well there's this house - paint everything white, then try to sell for $350K more than you bought it for four years ago. They didn't do anything except paint the brown things white and change out some lighting.

https://www.redfin.com/VA/Falls-Church/2414-Lexington-Rd-22043/home/9478377

Fairfax Co Falls Church with weaker schools but in nice neighborhood. Will sell

The county schools in that part of Falls Church (FCPS) are okay. And its near the W&OD trail and close to the boutiques and cafes in Falls Chruch City.

Already under contract in the first weekend.

Anonymous wrote:What about Chevy Chase - how’s it doing? Interested in moving…

Anything under $2MM is gone immediately because there is almost nothing.

$2MM-$3MM is selling, though taking 2-3 weeks.

$3MM+ all over the place…one home sold in 48 hours, another list at $3.95 and reduced down to $3.75…on the market for around 3 weeks.

Someone just listed a place for $5MM…will be interesting what happens with that one.

This is the area between CT and Wisc, north of western and south of Bradley.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Actual anecdotes only please, with rough location details

Arlington
- condos are buyers market
- townhouses are okay
- single family under $1.5M strong demand
- single family $1.6-$2m good
- single family $2.1M-$2.7M okay
- single above $2.8M weak

That is not what I’m seeing in Arlington. There’s little inventory. Overall, everything listed getting a contract within 2-3 weeds - townhouses and homes under 2.5 within a week, 3M within 4 weeks. Condos under a mil within 2 weeks.

Where in Arlington? Arlington is big

There are 8 zip codes in arlington. You can do a Zillow search to determine DOM for every zip code. Not only will you find that there are very few homes on the market comparatively, you also noticed the homes listed that sitting a bit longer are generally still under construction homes over 3M. Everything gets a contract within 2 weeks.

I think it's because so many of us have mortgages under 2% when we refinanced during COVID. I assume this is obvious, but moving to a lower COL area doesn't make sense if I have to get a more expensive mortgage.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Actual anecdotes only please, with rough location details

Arlington
- condos are buyers market
- townhouses are okay
- single family under $1.5M strong demand
- single family $1.6-$2m good
- single family $2.1M-$2.7M okay
- single above $2.8M weak

That is not what I’m seeing in Arlington. There’s little inventory. Overall, everything listed getting a contract within 2-3 weeds - townhouses and homes under 2.5 within a week, 3M within 4 weeks. Condos under a mil within 2 weeks.

Where in Arlington? Arlington is big

There are 8 zip codes in arlington. You can do a Zillow search to determine DOM for every zip code. Not only will you find that there are very few homes on the market comparatively, you also noticed the homes listed that sitting a bit longer are generally still under construction homes over 3M. Everything gets a contract within 2 weeks.

Anonymous wrote:

Anonymous wrote:I've heard from a couple of agent friends that many buyers are bidding against themselves right now. Seller's agents are claiming that there are multiple offers, or at least acting as though there are, and buyers gladly are coming up on initial offers. Thus, many houses selling for above ask are not a scenario where there were multiple offers; just dumb buyers.

No that would be idiotic real estate agents representing the buyers. You always request to see proof of other offers afters yours is accepted.

That's only true of you have an escalation clause. I was referring to seller's agents indicating that there are other offers (when there aren't) and just encouraging people to increase their offers. Or asking for "best and final" when there's no competition. Or just saying that the sellers will accept the offer only if the buyer comes up by X more (despite the buyer already offering above ask). Buyers are so gullible/desperate and fall for this crap. Buyers agents are unfortunately useless because they want the deal to get done, so they just encourage their clients to keep offering more.

What about Chevy Chase - how’s it doing? Interested in moving…

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Actual anecdotes only please, with rough location details

Arlington
- condos are buyers market
- townhouses are okay
- single family under $1.5M strong demand
- single family $1.6-$2m good
- single family $2.1M-$2.7M okay
- single above $2.8M weak

That is not what I’m seeing in Arlington. There’s little inventory. Overall, everything listed getting a contract within 2-3 weeds - townhouses and homes under 2.5 within a week, 3M within 4 weeks. Condos under a mil within 2 weeks.

Where in Arlington? Arlington is big

Anonymous wrote:

Anonymous wrote:Shopping in Arlington and seeing that the bulk of houses for sale are ones that the owners purchased less than four years ago. And I understand why they’re moving — the houses have significant flaws and they can nonetheless bank a healthy profit. Buyers don’t seem to care that the prior owners want to get out after only a few years.

There is a lot of inventory of these homes. Everyone is trying to cash out and eventually prices will have to compete for the buyers in under 2.5 mil market, which stretches you to a lot of areas in DC metro, some with bigger lots slightly further out but still inside beltway, and some nearer amenities and closer in.

Don’t think so. The prices will stagnate but not come down which is what happened in the Great Recession. Feds have been priced out of Arlington for at least a decade at this point so whoever is buying/selling now is probably insulated.

Anonymous wrote:

Anonymous wrote:Well there's this house - paint everything white, then try to sell for $350K more than you bought it for four years ago. They didn't do anything except paint the brown things white and change out some lighting.

https://www.redfin.com/VA/Falls-Church/2414-Lexington-Rd-22043/home/9478377

Fairfax Co Falls Church with weaker schools but in nice neighborhood. Will sell

The county schools in that part of Falls Church (FCPS) are okay. And its near the W&OD trail and close to the boutiques and cafes in Falls Chruch City.

Anonymous wrote:

Anonymous wrote:I've heard from a couple of agent friends that many buyers are bidding against themselves right now. Seller's agents are claiming that there are multiple offers, or at least acting as though there are, and buyers gladly are coming up on initial offers. Thus, many houses selling for above ask are not a scenario where there were multiple offers; just dumb buyers.

No that would be idiotic real estate agents representing the buyers. You always request to see proof of other offers afters yours is accepted.

Yeah we just bought, and we had an escalation clause, and the sellers had to provide proof of the offer that kicked in our escalation clause. We were literally given a copy of the other offer.

Anonymous wrote:

Anonymous wrote:Well there's this house - paint everything white, then try to sell for $350K more than you bought it for four years ago. They didn't do anything except paint the brown things white and change out some lighting.

https://www.redfin.com/VA/Falls-Church/2414-Lexington-Rd-22043/home/9478377

Fairfax Co Falls Church with weaker schools but in nice neighborhood. Will sell

That will get snatched up. I'd be surprised if it isn't under k within a week.

Anonymous wrote:Shopping in Arlington and seeing that the bulk of houses for sale are ones that the owners purchased less than four years ago. And I understand why they’re moving — the houses have significant flaws and they can nonetheless bank a healthy profit. Buyers don’t seem to care that the prior owners want to get out after only a few years.

There is a lot of inventory of these homes. Everyone is trying to cash out and eventually prices will have to compete for the buyers in under 2.5 mil market, which stretches you to a lot of areas in DC metro, some with bigger lots slightly further out but still inside beltway, and some nearer amenities and closer in.