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The Official-ish DC Thread

Ambulance Chaser

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I try to minimize risk--I don't dine indoors at restaurants, for example--but I can't eliminate risk from my life entirely. I go grocery shopping once a week, get my hair cut and my teeth cleaned, and occasionally dine outdoors with friends. I figure that the benefits to my mental health from socializing and taking care of myself are worth the risks to my physical health from the possibility of COVID infection.
 

bry2000

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Question is whether those buying without contingencies and all cash bids are natural retail buyers or investors/corporations. Given low interest rates and access to lots of capital, the higher prices can still make sense (meet return thresholds) to investors/corporations while they would not to retail buyers.
 

lordsuperb

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The market is crazy hot right now. Very low inventory, very low rates, hot stock market, free stimulus money...all contributing to a major seller's market. I read an article recently about a house that received 76 all-cash, no contingency offers within 48 hours of listing, and it ultimately sold at 200% of asking price. That's certainly extreme, but I've also heard a fair number of stories about houses in the $800k - $1 million range getting cash offers of 20% over asking price.

Honestly, I have seriously thought about selling my house and renting for a year or two (before I retire and relocate) just to take advantage of the market.
I use to think the same way but when you start putting down a substantial down payment I want to get some return on that "investment" or at least break even. Especially if I'm doing a bunch of repairs on the place.

My last place, a fixer upper, taught me everything that I need to know about what happens when expensive breaks happen and my peace is disturbed........
 

mak1277

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I use to think the same way but when you start putting down a substantial down payment I want to get some return on that "investment" or at least break even. Especially if I'm doing a bunch of repairs on the place.

My last place, a fixer upper, taught me everything that I need to know about what happens when expensive breaks happen and my peace is disturbed........
It's certainly different if you're buying something that requires a lot of initial maintenance to be livable, I get that. I have zero ability and zero patience for renovations, so I would only buy a house that is turn-key. If a house needs anything, it's off the list.
 

TheSuitBurnsBetter

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One thing I realized after I bought a condo a few years back is that everyone expects me to obsess over its value. Like everything in my neighborhood is viewed through the lens of whether it's going to increase or decrease the value of my home, and I just don't really care? Maybe it's just because my neighborhood happens to be full of people who bought houses for practically nothing in the 80s and now they've appreciated literally 1000%.
 

Joffrey

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awesome... we need to keep covid numbers high...

#stayhome #wearamask
Was this really necessary? If you want to shelter at home, go for it, but I don't really get the snarky lecture at people wanting to gather safely in memory of someone.

I've been on the nova subreddit and heard some insane stories about people buying houses with all contingencies waived, bidding way over asking, coming in with cash offers, etc. Houses in Alexandria and environs are under contract before viewings happen. One place I looked at had 4 offers in place before the agent showed up and was under contract later that day.

I bought a house in November and based on the stories I've heard, I consider myself very lucky to have landed here.
I bought and closed in November and am happy with the timing. I haven't followed DC area prices since but I do know every nice place I looked at last Fall sold within days of listing with minimal to no contingencies. I wound up doing the same (only retaining the financing contingency since I had a lender). I did have an inspector come in to do a "walk and talk" inspection (not a full inspection and no report but will highlight any obvious issues of which there were none). I had an offer on a previous place that fell through because my full inspection caught some serious issues the owner would not fix or compensate me for (leaking, old HVAC that caused some suspected underlying water damage to hardwood floors), so I walked away. They still sold it to someone else at asking. I wound up with a newly renovated place with parking, balcony, rooftop and elevator though I'm paying much more for but I'm satisfied and don't have to do anything renovation wise.
 

dc_slicker

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Was this really necessary? If you want to shelter at home, go for it, but I don't really get the snarky lecture at people wanting to gather safely in memory of someone.
Was this really necessary? To shame me for shaming people?

:)
All good. I feel exactly as you do. I was just being silly and it did not came across the right way.
cheers!
 

TheSuitBurnsBetter

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Suede bomber with a harrington-style collar from the old Britches of Georgetown:
Should I get it?? (Fortunately no one else who posts on this thread is this small so I don't have to worry about any of you vultures).
 

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