Here is a map of houses available for sale in a neighborhood in Silver Spring, MD. Silver Spring is a suburb of Washington, DC. This neighborhood is literally just in the beltway. The beltway ( I-495 ) is visible on the map. It is an area of single family homes. The zipcode is 20910. Inventory is way up from 4 months ago. The competition is fierce. May the best priced house sell.
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That ain't no joke. My wife and I drove around for a couple hours before the Redskins game, and there were so many houses for sale. Some are nice, but all are priced about two times what they are worth IF Silver Spring becomes what the planners want it to be. I give that about a 40% chance of happening, though, so I think most of these houses are worth even less.
ReplyDeleteThose maps are great, David.
ReplyDeleteA big question now is when buyers begin to realize they have more power.
Many buyers are already realizing they have more leverage. The market will continue to shift towards a buyer's market over the coming 6 months.
ReplyDeleteSmart buyers in the bubble markets are wiating for price declines.
Some are nice, but all are priced about two times what they are worth IF Silver Spring becomes what the planners want it to be. I give that about a 40% chance of happening, though
ReplyDeleteI'm curious -- why so dubious about Silver Spring? I was sceptical about the county's endless plans for the central biz district, but I gotta admit, it seems to have taken off more than I ever expected.
Of course, whether Montgomery County really needs a Bethesda clone is another question...