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[quote=Anonymous][quote=Anonymous]Everyone pointing out that the houses that are sitting aren’t “special” are missing the point. That’s the first sign of a slowing market. Certainly there are “special” houses that will sell instantly in any market. Those kinds of houses sold quickly in 2009.  When the market slows, it’s the houses with unfixable flaws that stop selling first, then the price starts dropping on the houses that are fine, but not really distinguishable from many others. The people who will lose money are those who bought in a panic over the last couple of years and paid top dollar for a flawed or not so special house.

There’s nothing wrong with these houses (except for maybe the one with the rent back requirement). But they do look all alike. If I was in the market for a $2m+ house in Bethesda, I’d wait and see who really needs to sell and drops their price. Supply and demand.[/quote]

I'm 10:37, who posted about high interest rates stifling the market in Bethesda. Yes, the market is definitely slowing. Some sellers clearly overpriced their homes because they thought they were in the pandemic bubble, which was crazy here, like in other desirable locations in the region. Those homes are perfectly fine, but the demand just isn't there, due to high interest rates.

I live close to downtown Bethesda and have been looking to upgrade for the last few years, but inventory is always low, and I'm super picky, so no, I'm not going to buy just because I get a relative bargain when the price drops. I'll just keep living in my smaller house for ever, or until something comes along that I really want to plunk down several million for! And I think people don't understand this about buyers in the 2m+ range. They can usually afford to wait, and they're picky.

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