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Reply to "Is there going to be panic selling?"
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[quote=Anonymous][quote=Anonymous]Its probably the homes in the $1-$2M range that will be most affected. The buyer pool is going to get squeezed, especially if rates stay where they are. And if sellers need to sell, they might take a 2020 era price (which may still be a tidy profit depending on when they bought). [/quote] I could see this. We bought a SFH recently just under $1M with a ~$750K mortgage. Mortgage is about 1x our annual HHI (but we just started making this recently). We could have afforded a lot more and originally were looking in the mid $1Ms but it felt too risky in this current market until we see what happens. Our $750K mortgage is still a little under $6K PITI/month - absolutely insane. Our neighbors are in $1.2-1.3M houses purchased in 2021/2022 at 2.75% paying less than us a month - their houses are supposedly worth $1.6-1.8M now but we'll see if that holds or if they have to drop to 2020 pricing if they want to sell.[/quote]
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