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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are putting off our purchase for at least six months (could wait up to 2ish years) unless the perfect house comes up at a fair price. We rent now - great home, excellent N Arlington neighborhood, our landlord is not raising our (very below marker) rent and is giving us lots of flexibility in our lease so we can still casually look. But our thinking is “why buy now with both high prices and significantly higher rates?” People I know either found something in the last 18 months or are stepping back, like us. We are looking in close-in VA around $1M.

Has there been much interest in your home? It seems like the market has cooled tremendously in just the last month.[/quote]

1mn sfh in close in VA? You will never find it so sure you can afford to wait.[/quote]

What an odd, and completely false, thing to claim. There are currently 162 matches in my MLS portal that meet my search parameters for a SFH inside the Beltway. Back in February that number hovered around 40-60 most weeks. Inventory is jumping - so thanks, I will hang tight![/quote]

But you are renting in North Arlington. When was the last time we saw a livable sfh under 1mn in north Arlington? Maybe 2017? Price is never going back that far. Take your time keep dreaming.[/quote]

Never say never.  I don’t think prices will go down to 2017 levels but I also wouldn’t bet a whole lot against it.[/quote]

Exactly. So much of the market is influenced by groupthink. On the way up, everyone buys for fear of being priced out and because they feel like they needed more space during covid. On the way down, I could well see everyone feeling like they no longer need more space (prioritizing a better commute instead) and that they want to wait for better economic conditions. The same sort of hysteria that led to increasing prices can, on the flip side, make a lot of people wait on the sidelines and put downward pressure on prices.[/quote]

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