Daniela Deane writes about how the real estate market for million dollar plus homes in the Washington, DC area has just about died.
Many buyers and sellers of high-end properties are acting as if a crash is imminent, agents say. Sellers are rushing to put their houses on the market, anxious to take advantage of high prices. At the same time, buyers have become more cautious.
“It’s slowed down so much in the last month that it’s made us hesitant,” said Ann Williams, who is shopping for a trade-up house priced as high as $1.5 million. “We’re leery that the market will correct itself and we’ll be stuck in a hole with a property not worth what we paid for it.”