Reply to How is the spring close-in DMV housing market looking like?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Inventory is still low. People with sub 5% mortgages aren't going to panic sell even if they lose their jobs. They'll try to get other jobs and cut back on spending before uprooting their families.

Plus lots of buyers are still in good financial shape. They're not going to stay in an apartment or condo if they have a growing family or they need a better school district.[/quote]

This.  They are stuck because the monthly payment (plus the mortgage interest deduction) net cost is far, far lower vs renting a place even half the size.  As we all know rents are trending upwards and homes still appreciating.  No way they are selling.  This will further deplete inventory and continued sellers market [/quote]

Selling it would cost around 100K for commission, taxes, closing costs, moving, repairs. Then I end up with a place that costs me same per month. this is why I have so many retired neighbors who did not downsize.   [/quote]

You're conveniently leaving out the lump of cash they would pocket from the sale. Sure, it might cost $100K to sell the $1.2M home, but they would be getting their money out. If I was a retiree thinking about downsizing, I'd do it now when I know I can still sell high vs. potentially have the market sour on me a year out. [/quote]

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