Posted on 05/15/2012 6:46:28 AM PDT by C19fan
In January, Hillary and Nicholas Fredrick’s plan to relocate from Tennessee to the District seemed to be materializing. On a whirlwind trip here, they looked at 35 houses, made an offer on the one they liked and signed a contract with the sellers.
That deal fell through when the sellers’ financing hit a snag. But when they moved here in March to begin their search anew for a house in the $500,000 to $550,000 price range, they discovered that the market had changed considerably.
(Excerpt) Read more at washingtonpost.com ...
This is just plain disgusting. A vastly over-bloated government fueling a housing war in the DC area while the rest of the country struggles to keep its head above water, their homes right side up, and food on their table.
Just plain disgusting.
I live in Montgomery County Maryland and this article is nonsense. I would like to have multiple offers on my house but the fact is that this area is not booming like the article says.
Northern Virginia has some neighborhoods that are doing well. A lot depends on the school district. But in Maryland it is still difficult to sell your home.
The silver lining here is that this is causing the Marion Barrys of the world to freak out as their typical voter gets priced out of living in the District, raising the prospect of a sudden end to their “Chocolate City”.
This makes me think of the Capital scenes from the Hunger Games.
Sellers financing? I'd like to know the details on that. Normally, it's the buyer's financing that is the problem. Maybe the seller added a contingency to the contract that THEY had to get financing on THEIR next home...but that is way out of the norm.
'Course...the Wash Post could've meant "buyer's financing".
Maybe the sellers were going to carry the note, and that fell through for some reason.
That could be too. Thx.
I look forward to the day the DC suburbs are as prosperous as the democrat/labor Utopias they created around the country, such a Detroit.
Seems like a collection of vultures, leeches and other sundry insecta that preys on incapacitated life.
The scam around here is they raised the property tax as house values fell, but now they're starting to re-assess housing at higher prices. Our house went from $375K down to $350K, but is now valued at almost $400K according to our last re-financing evaluation. Our next official county tax reassessment is next year, and I'm sure I'll have to dispute the value they put on the house.
My first thoughts as I read the opening of the article were, “why would anyone want to move from Tennessee to D.C., for any reason?”
I think of it as Mogadishu on the Potomac.
You’re right about MoCo. Nothing is selling in my beautiful, convenient neighborhood. The houses for sale are flawless, in a great school district, backing to parkland, close to shopping and commuter routes, within walking distance of the charming elementary school. Nobody is buying, partly because nobody can get a mortgage.
Ah yes, how to take advantage of the massive, tax-and-debt-fueled wealth transfer known as Washington, DC.
Maryland Right-Next-Door “Freak State” PING!
Life’s not so good in Sanctuary County, eh? What’s gone in in MoCo is sinful.
Thanks for the ping — useful info.
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