Reply to Are sellers cutting prices in your area?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yes and some have been removed from the market and relisted as rentals. [/quote]

My DH and I are moving our family into a larger house and listing our current house as a rental.  I think we would be lucky to break even if we sold.  Makes more sense to rent right now. (Luckily we can afford to do this.)[/quote]

+1 It's sometimes better to wait and either rent or even just hold the property until the market bounces back rather than cut $200-300K. The market generally isn't down for long periods in the DC area.

We did the math for a beach property we just took off the market. Our carrying costs are so low that it doesn't make sense to take lower offers. We're looking at renting or even just letting it sit until the market improves.[/quote]

If selling is being driven by job loss or relocation and the home is a primary residence then the calculation will be very different.

The WaPo just published a very bleak article on of the DC economy, which looks better on paper right now because of deferred resignation programs: https://apple.news/AD9Ubpm5hRHikb07Dw5IMCw

[/quote]
I think the market will recover eventually, but it could be up to 10 years. [/quote]

Yes and no. Realistically, no administration will add back all the jobs that are being lost and these layoffs will likely accelerate the use of AI within the government just like in under private sector. Private sector jobs are also being shed at a pretty alarming rate and then on top of this you have lower property tax revenues in DC proper and ballooning unemployment payments across the region. This mix will depress the region and could lead to a weaker job market and housing market for well over a decade. It seems like it’s too early to tell. [/quote]

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