Reply to N. Cleveland Park 10 days on market

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Interesting.  I think this is an indicator of what will happen in the cooling market - houses like this will sit, and then sellers will change their minds and take them off the market, rather than drop the price.

I think sellers are more likely to pull their listings and wait it out than take 20% less than they would have gotten 6 months ago.  Obviously there are people who need to sell and don't have a choice, but many people don't and can just sit tight.[/quote]

Agree. I was contemplating selling our house but with the market cooling and our ridiculously low interest rate of 2.375  which would be replaced by something close to double that, I think I will just continue learning to like our house. I believe many others will come to the same conclusion and that real estate price drop  buyers are hoping for will never happen due to super low inventory.  [/quote]

Maybe. Maybe not. A lot depends on where the overall economy goes. There will be a certain number of people who need to sell over time — divorce, death, job transfer, etc. If a recession hits (we may be there already), people lose jobs or have incomes go down and the “need to sell” number goes up. Even one desperate seller can set the “comp” for the neighborhood (I’ve seen it happen). Like we see here, the people who have the most to lose are people who bought flawed houses at the top of the market. The slower the market, the greater the discount for imperfect houses. [/quote]

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