Asked by Ian, 20854 • Tue Feb 24, 2009
I'm one of those potential home buyers who is trying to make sense of the market. The Case-Shiller index for the Washington area seems to indicate that the bottom-finding process is still going on. I've heard from listing agents at open houses that Potomac can't be compared to the DC area. I agree that the relevant price trend is the local one (i.e., 20854), but there does not seem to be a similar statistic. Has anyone published something like that?
I personally would be much more comfortable buying if I knew how price levels have developed for medium-priced properties in the area (900K - 1.3M) for the last 5 years. I think many people are afraid to jump in now, because of the sentiment that they could see their equity vanish with the current economic downturn (apart from other crucial considerations such as job security, asset devaluation, etc.). Knowing where we are in this market could provide potential buyers with a benchmark. Any input is greatly appreciated.
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