Sold my home

Hi, I lived in 20009 for 10 years, some of it when it was still really rough, before 14th street turned around. My husband and I raised our daughter to the age of 17. I'd do it over again, and after gentrification I sold for a very nice profit. It was a great place to raise a kid. But, you've got to be street smart, and not the type to get despondent when you run into folks on the street who rightfully should be hospitalized or receiving mental health care. You have to absolutely be willing to take a cab when it is late. This sounds so simple, but when it is late and if you're short on funds, you might take short cuts. Don't put yourself in situations to get mugged. Also, spend the money for better security on your home. I had an ADT system with screens on the house which would also set off the alarm if they were cut or removed. It saved me from two attempted robberies -- this is particularly true if you have hidden entrances such as fire escapes near windows or skylights. Despite that, we had one forced entry when we were out, and one item taken from our yard. You can't be afraid of taking proper security measures, but you have to do it. If you don't like thinking like this, then don't live in an emerging urban area. However, if you love the city like I did, then the positives will vastly outweigh these precautions. Finally, after 10 years in Dupont Circle (east), and 18 years in Government contracting, I said enough and moved out to the rural eastern shore! - Tue Aug 19 2008, 15:05

As long as inventories are high in your zip code (greater than 7 months), then expect prices to drop. As inventories decline and approach 6 months, expect prices to stabilize and possibly rise. Inventories drive prices. When inventories get long in duration, you will find sellers who eventually capitulate, and lower their prices simply to move on. Likewise, in such markets, those homes in economic distress will also come down in price. - Mon Aug 11 2008, 06:29

Hi, C - I just sold a home in Dupont Circle in February 2008. Historic Victorian but no parking. The answers below give "average" values for parking in previous markets. As a buyer, in this god-awful market, you can use the lack of parking as a heavy hammer to really knock the price down. That is what buyers did to me!

Fortunately, my property was in mint condition and had plenty of interest. I even had two competing bids - which was like a miracle. But, because of no parking, BOTH offers both started about 20% below my asking price - which goes to show you that TODAY'S BUYER uses the lack of parking as a sledgehammer, since they know sellers have few candidates.

This was a 4BR+ home, and I'd say parking cut out about 30% of my potential market (since that 30% would not consider a home without parking). Therefore, any remaining buyers used lack of parking as a big negotiating factor. After all, I can't do anything about it except lower the price! - Thu May 29 2008, 21:32

Leave it to agents to give you a crappy answer. Find out what the inventory in months is, in the neighborhood of interest. If the inventory for homes in your broad price range is over 6 months, expect prices to drop. And, the bigger the number, the harder the downward correction. Sellers have to drop their prices in order to get the properties sold. This has been a metric used for housing for decades, and housing markets tend to (very slowly) revert to equilibrium between buyers and sellers. Inventories below 6 months typically provide a seller advantage - over 6 months a buyer advantage. Inventories are now average 10.9 months now, I believe, nationally.

I'm not telling you anything not commonly understood in the investment community. It doesn't mean you have to wait though - just lowball by an ungodly amount. Some sellers will eventually come around because they need to move or have to liquidate.. And, save some more money, and use a real estate lawyer for giving offers as well as for reviewing all settlement documents. It's not like sellers won't respond to your inquiry! And, you'll save the commissions. - Wed May 28 2008, 19:26

Well, my home is historic and eclectic in spades, in the heart of Dupont Circle. And, we've moved out already, so we have priced it aggressively - we are motivated sellers! Visit http://WWW.DCBROWNSTONE.COM I know it's over your budget, but we've priced our 3250sf home sweeter than any other comps around us. Best wishes... - Thu Dec 13 2007, 16:52