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Reply to "Has the market cooled down drastically?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I was just talking with my neighbor today (live in Shaw DC) who is a realtor for one of the biggest agencies in town and he was saying that they've been having numerous meeting to discuss the cooling down of the market... particularly with regard to listings above $1.2 million. We're looking to move into a more family-friendly part of the city and are definitely sensing this trend also.[/quote] That just sounds like ppl are now unwilling to be house poor. [/quote] Selling at above $1.2 million has always been a challenge in this region because relatively few people make the $400k-$500k household salary to be able to comfortably afford something at or above $1.2 million. Rates and downpayment requirements go up at or above $1.2 million. Once an area becomes acceptable to the median buyer in this area that make $150k-$250k, prices enter the $600k-$1.2 million band very quickly - at least in DC proper this is the case. [/quote]
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