$100,000 loss before you walk through the door.
Nice article from Washington Post about the bust in northern Virginia. One young couple has already lost $100K (pre-construction price), as copare to what the going rate for their town house. If you have to change jobs or move for any reason, you have to come up with $100,000 plus realtors fees, just to get out of the house. This will be the type of pain that many people will be feeling.
Lost $100,000 before I moved in
Lost $100,000 before I moved in
posted by njdoc at 7:44 PM
2 Comments:
As somebody priced out of the market despite a good job and a decent income, I can't really say I'm crying for these peope. There is no such thing as a townhouse work $800K unless it is on East 64th Street just steps from Central Park.
njpineygal,
The only people who are not priced out of the market are those who are trading up, those on Wall Street who are getting a few million dollar bonuses or those who are taking crazy mortgages.
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