DCist checked out stats from Zip Realty on home buying in the metropolitan area, and while 20002 (probably where most readers of this blog live) wasn't in the top ten (we were 36th over all), we were the second "hottest" zip code in the District. Hotness here being defined by the percentage of asking price paid for homes in that zip code. Here are our stats:
Washington 20002 $393,403 (asking) $389,608 (paid) 99.04% (percentage of asking paid).
14 comments:
i'd be interested to see a poll of where your readers actually live. i've been reading since your first year, but i live way over in 20001.
If we were 36th overall, how many zip codes are there in DC?
9:10 -
Open the spreadsheet. The list includes VA & MD suburbs.
9:10,
I believe there are 275 zip codes in DC. But like I said we were 2nd in DC and 36th in the metro area.
8:54,
people do regularly read it from all over, even other parts of the country. I suspect that most readers probably either live in the area, or work in or own a business over here. Others may have some other physical connection to the area. Still other regular readers are just interested.
So, people in 20002 are far more likely to ask a resonable price for their homes! I guess that makes it "hot" or something. Or just a zipcode with sane residents!
it's noted in the article that some zip codes were excluded that didn't have at least 30 sales in the quarter. also I think there are a couple of zip codes that are just for the government, so you wouldn't really have any home sales there per se.
275 ZIPs seems huge, but I'm thinking that the big gov't buildings have their own/mulitples, etc.
I live in Arlington, zipcode 22209 but I read you everyday.
Most gov't buildings have their own zip codes, I know mine does.
Happiness is getting a very strong offer of 3% above list price. The appraisal fell a little short of that value with the newly revamped, "blinded" appraisal system. End of the day, under contract for 100% of list price after 3 days on the market. Just goes to show that a good product priced appropriately will move...and fast. Way to go 20002!
yay, we're hot!
still some homes for sale this way. hope really cool folks come and buy them all. houses with cool people in them >>> abandoned houses
people in them >>> abandoned houses
One of the stranger things about the "collapse of the housing bubble" is that it's precipitated a huge boom in "gut rehabs" on the surrounding blocks. Lot of these places have been falling apart, but kept off the market, presumably because the owners kept waiting for the prices to go up, up, up.
Well, I guess they're thinking we've seen the peak, so there's a ton of rehab activity. A bit of good local news to offset what's been in some ways a national tragedy.
Now on Giles (or anyone who knows)-
what is this new "blinded" appraisal system you speak of?
Jessica-
With new regs that went into effect earlier this year, the formerly cozy nature of the appraisal system (i.e., lenders and appraisers working in close contact to arrive at a mutually agreeable appraisal value that makes all parties involved happy) has been substantially blinded in an attempt to prevent false-high appraisals going forward - one of the symptoms of the recently burst housing bubble.
Part of this blinded system now has appraisers doing appraisals on neighborhoods/areas they are not at all familiar with. For example, our condo that we just sold at 7th and H was appraised by a gentleman based in Burke, VA and he tried to classify the H Street corridor as a "market in which home values were in serious decline". Um, really? Our buyer had offered $300K (list was $292K). Appraisal was set at $290K so that was the final sale price cause the bank wont write a loan for more than the appraised value. All in all, very happy with our result and we were able to buy a very nice home that we love 10 blocks away on Gales. All works out. But, H Street, a declining market? Still makes me laugh. Bottom line: price your home correctly and it will sell.
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