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monzamess

Will the DC / Southern MD market rebound or even flatten out?

monzamess
17 years ago

I'm trying to sell a house. It's been on the market since early March--I know that's not a LONG time. I've had a lot of lookers at first and now they're gone. The house was priced competitively and remains at that price, however, I don't think it's competitive anymore.

I know Zillow isn't the most trusted source but if you even put a little confidence in it, the market's on the way down down down. It claims my house has devalued $25K just since early March and the whole local market is similarly down. Again, take Zillow with a grain of salt, but seeing that one of their factors is actual sales, I can see how people are selling way below asking (when they even get the opportunity) and driving values down.

So, over the next few months, do you think the market here will rebound or at least flatten out somewhat? Before the big bubble, what month in spring did the market tend to pick up--as late as May? Or should the pick-up have already happened?

Also, what's the best strategy--do I need to chase the falling market by gradually lowering the price or should I make a drastic cut and hope I catch a sale? Or do you think I should just hold where I am and hope for the best? Taking the house off the market isn't an option. We can carry it for a little while but it needs to sell before Fall.

Thanks for any advice...

Here is a link that might be useful: House for sale

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