Anonymous wrote:

Anonymous wrote:I have seen some homes on my Redfin feed marked "contingent" rather than "pending" which I found interesting.

Wonder if that means the sellers are allowing a home inspection? Or contingent on the buyer's home sale which seems very unlikely.

They are. We just put in an offer with all contingencies. There were zero offers competing. Only offered at asking price too. Nothing over. Market is absolutely cooling. Sellers will have to take contingencies if they want to be competitive. The inventory is the most I've seen in a long time. And we were looking for quite some time.

What price range, if you don't mind sharing?

Anonymous wrote:

Anonymous wrote:I have seen some homes on my Redfin feed marked "contingent" rather than "pending" which I found interesting.

Wonder if that means the sellers are allowing a home inspection? Or contingent on the buyer's home sale which seems very unlikely.

They are. We just put in an offer with all contingencies. There were zero offers competing. Only offered at asking price too. Nothing over. Market is absolutely cooling. Sellers will have to take contingencies if they want to be competitive. The inventory is the most I've seen in a long time. And we were looking for quite some time.

I thought the same thing 7 years ago, too.

Anonymous wrote:I have seen some homes on my Redfin feed marked "contingent" rather than "pending" which I found interesting.

Wonder if that means the sellers are allowing a home inspection? Or contingent on the buyer's home sale which seems very unlikely.

They are. We just put in an offer with all contingencies. There were zero offers competing. Only offered at asking price too. Nothing over. Market is absolutely cooling. Sellers will have to take contingencies if they want to be competitive. The inventory is the most I've seen in a long time. And we were looking for quite some time.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rates to stay low until 2023

Why do you think this?

jpow said so!

What's considered low? A friend just got 3.5% for a 30-year conventional fixed loan. Not sure what her credit score is like.

Anonymous wrote:I have seen some homes on my Redfin feed marked "contingent" rather than "pending" which I found interesting.

Wonder if that means the sellers are allowing a home inspection? Or contingent on the buyer's home sale which seems very unlikely.

I have seen shift in housing market. Houses are staying longer in the market and we will see contingencies to be included in coming months. We are going back to normal and economy is opening. People have money to spent on vacation and other significant things rather than overpaying sellers.

Anonymous wrote:If this is any indication .... after only 12 days on the market...

Houses are going under contract if you price it correctly. Sellers are becoming greedy by listing it more than its worth and now we have reached peak level. Sellers need to price it right if they want to see it in a week.

I have seen some homes on my Redfin feed marked "contingent" rather than "pending" which I found interesting.

Wonder if that means the sellers are allowing a home inspection? Or contingent on the buyer's home sale which seems very unlikely.

If this is any indication .... after only 12 days on the market...

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rates to stay low until 2023

Why do you think this?

jpow said so!

Anonymous wrote:It's seasonal too.

Surge of inventory that we saw in June was the last chance for sellers to get on the market in the hopes and selling and moving in time for the upcoming school year. There might be another blip in July as everyone tries to list before the August vacation period. Activity will pick up again after Labor Day.

This is all typical yearly behavior. But maybe what's typical is also unexpected because of what a crazy year it's been

Yes. This is all correct.

We will see a slow return to normal, but not a pop.

that means the home prices will remain where they are, or increase at rates consistent with regular growth and will stop increasing at crazy rates. But it does not mean that home values will go down.

a return to normal means homes may sit a big longer. It doesnt mean they will sit for months at a time.

a return to normal means inspections and appraisal contingencies. It does not mean low ball offers or sellers paying closing costs.

And ultimately, this is a good thing. A slow return to normal, not a pop, is whats good for the whole community/economy

It's seasonal too.

Surge of inventory that we saw in June was the last chance for sellers to get on the market in the hopes and selling and moving in time for the upcoming school year. There might be another blip in July as everyone tries to list before the August vacation period. Activity will pick up again after Labor Day.

This is all typical yearly behavior. But maybe what's typical is also unexpected because of what a crazy year it's been

Anonymous wrote:

Anonymous wrote:The problem is that number of offers are now less but prices are still high.

But honestly, as the seller, you really only need 2 offers. When you got 5+ offers on a house, its usually pretty easy to quickly discard 3 right away.

But basically, the bubble isn't popping, because this isn't a bubble. People expecting home prices to plummet will just be priced out in the long run. The market may slow, and prices may stabilize/plateau, and eventually, standard things like appraisal and inspection contingencies will return. But there will not a big big 'POP'

I’m fine with that being the case. This spring market was untenable.

Anonymous wrote:

Anonymous wrote:Rates to stay low until 2023

Why do you think this?

???

Anonymous wrote:The problem is that number of offers are now less but prices are still high.

But honestly, as the seller, you really only need 2 offers. When you got 5+ offers on a house, its usually pretty easy to quickly discard 3 right away.

But basically, the bubble isn't popping, because this isn't a bubble. People expecting home prices to plummet will just be priced out in the long run. The market may slow, and prices may stabilize/plateau, and eventually, standard things like appraisal and inspection contingencies will return. But there will not a big big 'POP'

Still a sellers’ market in McLean