Anonymous wrote:Maybe it would help to define "cooling"?

Is it as "rate of increase slowing"? Or actual rollbacks to prices of 6-12 months ago?

A lot of people look at price, but for me it is time on the market. I think that’s the big difference between a buyers market and sellers market.

Maybe it would help to define "cooling"?

Is it as "rate of increase slowing"? Or actual rollbacks to prices of 6-12 months ago?

I've seen multiple price reductions in Rockville. Sellers got insanely greedy. One home has dropped from like 750k to 705k to now 675k. Another didn't sell over the weekend and immediately dropped from 600k+ to now upper 500s.

Many price reductions now. Window to cash in on covid stupidity closed a while ago. Peak mania was from Nov/Dec 2020 - about March/April 2021.

It is clearly cooling. ONly those that want to be blind do not see it. Maybe it is not cooling in Denver, but here it definitely is.

Anonymous wrote:The problem with condos is you are not just on the hook for your own property but for everything that is commonly owned matter how poorly it has been maintained before you bought, and it's really hard to get everyone to pay their assessments so you're dealing with certain freeloaders.

You have to join board. I am treasurer and insurance, mgt fees, legal fees, accounting fees, landscaping, gutter, snow, contracts have to be managed as well as have no tolerance for arrears. Also stay up on maint of building.

I joined board and more work than a house. A badly run condo is a headache.

My condo common charges are low enough no one complains. But a lot of luck. My building was literally falling down in 2009 from years of neglect and between 2013 - 2018 redid whole place top to bottom. I say luck as in 2021 constructions costs through the roof. It would cost double almost.

The problem with condos is you are not just on the hook for your own property but for everything that is commonly owned matter how poorly it has been maintained before you bought, and it's really hard to get everyone to pay their assessments so you're dealing with certain freeloaders.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

Please share the location as well if you dont mind.

I have not seen any indications of inventory for THs or detached SFHs increasing. In fact, all data suggests that it is down significantly everywhere. The only inventory that is up right now is condos. That inventory is rising significantly.
https://b386363e680359b5cc19-97ec1140354919029c7985d2568f0e82.ssl.cf1.rackcdn.com/ckeditor_assets/attachments/root/Market_in_a_Minute/June2021/275362/NorthernVA_June2021_StatPak.pdf

I'd be okay with a condo if it weren't for the condo fees. I have zero intention of purchasing a condo for a half million dollars and then also being on the hook for $800/mo+ for the rest of my life.

1) Most condo fees are lower than $800/month, and 2) you're already on the hook for repairs and maintenance covered by condo fees, it's just paid via lump sum in the case of homeownership instead of smoothed out over the tenure of your condo ownership. Maybe avoiding ~500/month in condo fees helps stretch your budget and take out a larger mortgage, but then you're house poor when your roof needs to be replaced.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

Please share the location as well if you dont mind.

I have not seen any indications of inventory for THs or detached SFHs increasing. In fact, all data suggests that it is down significantly everywhere. The only inventory that is up right now is condos. That inventory is rising significantly.
https://b386363e680359b5cc19-97ec1140354919029c7985d2568f0e82.ssl.cf1.rackcdn.com/ckeditor_assets/attachments/root/Market_in_a_Minute/June2021/275362/NorthernVA_June2021_StatPak.pdf

I'd be okay with a condo if it weren't for the condo fees. I have zero intention of purchasing a condo for a half million dollars and then also being on the hook for $800/mo+ for the rest of my life.

Anonymous wrote:

Anonymous wrote:Yes, the market is cooling. A house in my neighborhood has been on the market 2 weeks now with a price reduction. It’s not pending or contingent.

How is it priced? That’s probably the key. If it’s priced too competitively from the get go, then this can happen and the house gets stale.

In my non expert opinion it was shockingly high. I think the sellers got greedy and wanted to cash in. I don’t blame them for wanting to make money but it was too high.

Anonymous wrote:Yes, the market is cooling. A house in my neighborhood has been on the market 2 weeks now with a price reduction. It’s not pending or contingent.

How is it priced? That’s probably the key. If it’s priced too competitively from the get go, then this can happen and the house gets stale.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

Please share the location as well if you dont mind.

I have not seen any indications of inventory for THs or detached SFHs increasing. In fact, all data suggests that it is down significantly everywhere. The only inventory that is up right now is condos. That inventory is rising significantly.
https://b386363e680359b5cc19-97ec1140354919029c7985d2568f0e82.ssl.cf1.rackcdn.com/ckeditor_assets/attachments/root/Market_in_a_Minute/June2021/275362/NorthernVA_June2021_StatPak.pdf

I have to say the same -no change. It’s still a crazy seller’s market. I have a home on the market -only one week -and in the pricy range inMclean and an looking at five offers tonight (one is ridiculously low ball so agents are trying to get deals). So still crazy and a seller!s market

When inventory for SFHs is down 50% in PG County and there are less than 300 SFHs for sale in Loudon County, you gotta believe this is still very much a sellers market. Clearly it’s no longer a same day is listing, 20 offer sellers market. But now a 7 day listing, 5 offer market with some contingencies like the PPs experience. That is still a strong sellers market. Listings need to average at least 3 weeks on the market before I would even consider the market neutral.

Yes, the market is cooling. A house in my neighborhood has been on the market 2 weeks now with a price reduction. It’s not pending or contingent.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

Please share the location as well if you dont mind.

I have not seen any indications of inventory for THs or detached SFHs increasing. In fact, all data suggests that it is down significantly everywhere. The only inventory that is up right now is condos. That inventory is rising significantly.
https://b386363e680359b5cc19-97ec1140354919029c7985d2568f0e82.ssl.cf1.rackcdn.com/ckeditor_assets/attachments/root/Market_in_a_Minute/June2021/275362/NorthernVA_June2021_StatPak.pdf

I have to say the same -no change. It’s still a crazy seller’s market. I have a home on the market -only one week -and in the pricy range inMclean and an looking at five offers tonight (one is ridiculously low ball so agents are trying to get deals). So still crazy and a seller!s market

Anonymous wrote:

Anonymous wrote:

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?

Please share the location as well if you dont mind.

I have not seen any indications of inventory for THs or detached SFHs increasing. In fact, all data suggests that it is down significantly everywhere. The only inventory that is up right now is condos. That inventory is rising significantly.
https://b386363e680359b5cc19-97ec1140354919029c7985d2568f0e82.ssl.cf1.rackcdn.com/ckeditor_assets/attachments/root/Market_in_a_Minute/June2021/275362/NorthernVA_June2021_StatPak.pdf

Anonymous wrote:

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?

Please share the location as well if you dont mind.