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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I feel like we missed our chance to sell when the market was red hot (I'm not in DC area).  It makes me anxious about trying to sell in a cooler market, and I think we missed our chance to get the highest price for our property, but it doesn't "depress" me.
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The market is still hot[/quote]

For some things, not others. The condo market has definitely stalled if not fallen. We have neighbors who sold condos on our block in 2019 for 700k and even higher for larger, nicer units. Now similar units are sitting for ages and ages and even with price cuts down to the low 600s or even upper 500s, they aren't moving. These are nice condos near public transportation in a neighborhood that usually attracts lots of young professionals -- plenty of bars and restaurants nearby. For reference, we bought for 550k in 2016. It is depressing to think that if we tried to sell now, we might not even recoup closing costs, and that's if we could sell at all. We know people who have decided instead to rent their places out, which is fine if you have enough money to buy something else without accessing equity on your condo, but the vast majority of people don't have that option.

For people who have outgrown their homes and can't sell them, or can't sell them for enough to enable them to buy something bigger, it's really frustrating. We feel like we are failing our kids. And it would be different if it felt like this was a common problem in the area, but it doesn't. As housing prices have skyrockets, we meet fewer families in our economic position and lots of much richer folks who don't have these problems. They are buying 1.5-2m homes as "starters" with family money combined with very large private sector incomes. When we moved her this neighborhood was full of feds, non-profit folks, a smattering of lawyers and consultants but people with student loans and without family money. It's a totally different place. We don't belong here anymore and never will again, but we own a property here and can't afford to sell it or buy something somewhere else in the region. We feel trapped. [/quote]

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