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

Forum Index » Real Estate

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote]
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
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.

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

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.

You're conveniently leaving out the[b] lump of cash they would pocket [/b]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]

Lots of them don't relish the thought of moving and honestly don't need the "lump of cash". They don't need to get their money out. Where would they put it? The stock market is not going anywhere right now and the house is a conservative investment. Plus COVID taught us all to enjoy our houses. 
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics