Reply to Are these H St. NE / Capitol Hill houses priced appropriately?

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[quote=Anonymous][quote=Anonymous]I know a number of sellers who chose to pull their houses off the market and rent instead, after seeing how soft the market was. They all had renters within a couple weeks. I'll be curious how this works out down the road -- if they decide to rent longterm or try the market again next year or the year after. If rent covers your mortgage and some extra for maintenance (which it likely will based on rents I've seen), you can carry the market pretty easily. But most people need equity from their home to buy another, especially with rates as high as they are. I wonder what next year is going to look like as some of these owners maybe come back on the market all at once, plus the usual churn. Unless rates come back down to what they were early 2022 (which I don't think will happen), I think prices are going to stay lower for a bit. [/quote]

+1 I'm seeing a lot of sellers on Capitol Hill renting it instead. The problem for buyers is this creates an alternative for sellers and prevents prices from going much lower than currently. Of course, there will be those who have to sell to get the equity but renting sure makes a lot of sense for many of them. It is my understanding that rents are at high points and in most cases should at least cover their costs with the low interest rates they have gotten over the last few years. [/quote]

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