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Old 10-27-2015, 07:00 AM
 
2,189 posts, read 3,305,704 times
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Quote:
Originally Posted by Curious Discussion View Post
I have seen many Townhouses, OUTSIDE THE BELTWAY, drop three or four times since June and still no sale.
There is no crash. This is the slow selling season but it also could be because these townhouses you're looking at were grossly overpriced to begin with.
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Old 10-27-2015, 07:09 AM
 
1,784 posts, read 3,452,087 times
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Always two factors in play - supply and demand (I know, shocker):

1. Supply dries up
2. Prices go up
3. Demand is reduced
4. Prices go back down

Now, these don't always happen at the same rates/amounts, but you get the idea...
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Old 10-27-2015, 07:17 AM
 
9,865 posts, read 14,045,912 times
Reputation: 21690
Quote:
Originally Posted by Curious Discussion View Post
I have seen many Townhouses, OUTSIDE THE BELTWAY, drop three or four times since June and still no sale.
Why don't you post links to some of these you are referring to. My guess is that they were over priced to begin with.
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Old 10-27-2015, 07:25 AM
 
Location: West Hollywood, CA from Arlington, VA
2,768 posts, read 3,514,478 times
Reputation: 1575
It's also October. Easier to sell a house in the middle of summer.
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Old 10-27-2015, 12:17 PM
 
45 posts, read 70,534 times
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Quote:
Originally Posted by Curious Discussion View Post
I am looking for houses and I am completely shocked how many of the homes we are looking at have made numerous price cuts since June. I asked a couple of realeste agents about this and they said the market peaked in mid June for all areas outside the Capital Beltway and prices have dropped significantly.

Is this a sign the DC area economy is crashing or that they just bid up prices too high in the last 3 years?
No what happened was the people over-priced their homes in the Spring and didn't sell them in the Summer so now they are starting to get around to realistic prices. People are always testing the waters with high prices and then dropping them after it doesn't sell. Prices aren't going down, they do fluctuate seasonally, but on a yoy basis they are going up. A few select localities or associations might be experiencing lower prices but in general they are up across the board.
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Old 10-27-2015, 01:56 PM
 
Location: Oakton, VA
48 posts, read 52,549 times
Reputation: 34
Quote:
Originally Posted by livinfairfax View Post
Are you in the market to buy?

Crash would be something like when the mortgages were linked to the financial markets. That's not the case here. It'll go down a little but probably go back up again by 2017.
If history tells us anything, don't bank on any year ending in a 7 to be stellar for real estate.
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Old 10-27-2015, 01:58 PM
 
Location: Oakton, VA
48 posts, read 52,549 times
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There definitely isn't a crash going on, but prices are normalizing, which makes it a fantastic time to buy!
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Old 10-27-2015, 02:18 PM
 
Location: Oakton, VA
48 posts, read 52,549 times
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Quote:
Originally Posted by Duck-man View Post
found the realtor.
What is your point? It IS a fantastic time to buy...
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Old 10-27-2015, 02:34 PM
 
1,784 posts, read 3,452,087 times
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Quote:
Originally Posted by Duck-man
found the realtor.
Ha!

Quote:
Originally Posted by dating_houses View Post
What is your point? It IS a fantastic time to buy...
The joke is that statement ("It's a fantastic time to buy") is what realtors will tell you - any day, every day, no matter the market.

No one's ever heard a realtor say, "It's not really a good time to buy right now. Come back and see me in a year or two."
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Old 10-27-2015, 02:50 PM
 
Location: Oakton, VA
48 posts, read 52,549 times
Reputation: 34
Quote:
Originally Posted by snowdenscold View Post
Ha!



The joke is that statement ("It's a fantastic time to buy") is what realtors will tell you - any day, every day, no matter the market.

No one's ever heard a realtor say, "It's not really a good time to buy right now. Come back and see me in a year or two."
Fair enough. I try not to be the say-anything-for-a-sale type, so I don't say that all the time. Noted for future reference though.
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