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Is it bad (what are the ramifications?) of raising the asking price of our house at this point.

Depends on if you NEED to sell. If you can take the risk of it taking more time, then up the price. You have had two contracts thrown at you, indicating price could be too low, but then hastily backed out of, indicating it could be priced too high. Not knowing the property, we don't know enough. It is always easier for an agent to sell a lower priced property than a higher price, and the motivation for the small increment in commission is not nearly as high as the increase you will see in cash from raising the price. You will have to be firm if this is what you want to do.

41% cheaper to buy than rent in the DC area: Buyers are motivated.

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