‘Assessment’
courtesy of ‘christaki’
There’s been a lot of chatter today among DC bloggers about Megan McArdle’s post on Atlantic.com about the trouble she’s had in finding a house to purchase in the District.
DCist indicates that there are plenty of great houses for sale in the $1M+ range! With tongue planted firmly in cheek, I think. IMGoph at District Curmudgeon points out that there are plenty of great houses in neighborhoods whose lower desirability is probably over-inflated in the minds of buyers.
I think IMGoph and the commenters at both DCist and Atlantic.com have done a fine job expanding on and challenging McArdle’s points about neighborhood choice and the unusually strong tenant protections in DC, so I will just add my own anecdotal experience to the mix…
I actually giggled a little bit when McArdle complained that the well-priced houses were going under contract, on average, in a week. Because really, they stay on the market THAT LONG? When Tom and I were house-hunting, we were finding that anything on the market longer than 4 days was generally Unsold For A Reason. Houses in good condition in convenient neighborhoods and fair prices usually went under contract immediately after the first open house. You have to see the place and write your offer the same day.
That said, I’d agree with her that a lot of what’s available can’t be sold, but I don’t think it’s because recalcitrant tenants are the widespread problem that McArdle perceives. The market seems to be overrun by short sales, which are far more trouble than they’re worth in any neighborhood.
Tiffany Baxendell Bridge is an Internet enthusiast and an incurable smartass. When not heckling the neighborhood political scene on Twitter, she can be found goofing off with her ukulele, Bollywood dancing, or obsessing about cult TV. She is That Woman With the Baby In the Bar.
Tiffany lives in Brookland with her husband Tom, son Charlie, and two high-maintenance cats. Read why Tiffany loves DC.
Gotta agree with you Tiffany (even though I’m biased as your realtor!). What’s not being said is that there are a lot of people out there who can’t afford to sell because the value of their home has fallen to a point where they can’t afford to pay off the mortgage if they sold unless they brought $ to the settlement table. This translates into less supply than “normal.” The higher demand caused by the tax credits has helped places go under contract quickly. It will be interesting to see what happens to demand once the tax credit deadline expires and whether than translates into homes being on the market longer.