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Real Estate
Reply to "Capitol Hill State of the Market?"
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[quote=Anonymous]I live on the Hill in a condo and watch the market pretty closely. It's still been slower recently with houses sitting for longer. But I think part of what is happening is that many sellers are like you -- they do not have to sell, they want top dollar, and they are not so inclined to build in that 'interest rate hike discount' that most buyers are looking for at the moment. I also think some sellers will list to test the market, decide it's too soft for their taste, and then take it back of the market. I know a bunch of people who decided to rent out their properties rather than sell now because they are locked in with low rates and can afford to sit on it. However, things do still move, especially if in good condition and inbound for a good elementary, as your house is. I think people are struggling with pricing strategy because until the rate hike, the strategy on the Hill was to price as high as possible and you might just get it, then maybe one small discount and you'd be guaranteed offers. There are just fewer buyers who can afford a house in the 800k-1.5m range right now, because buyers in that range are generally still mortgage borrowers, and mortgages just cost more now. I don't know what the right strategy is. But I do think if you are motivated to move, you'll find a buyer and you will make a profit of the sale. It just might not be *quite* as high as it would have been if you'd sold in 2021.[/quote]
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