Prices are starting to go down in slower markets. Even just holding steady is good news for buyers as the high inflation makes that price more affordable in the long term. Interest rates might make the decrease irrelevant though if they go higher, as that takes away a lot of buying power.
Note that “home buyers” means people who can afford one, not people who need one.
But, are prices going to go down? Nope.
No joke I’ve been watching the market for about two years. Our house is liveable but not ideal, so we’re saving up and keeping an eye open.
These people are insane. Bought the house 10 years ago, hoping to sell it for double. They’ll sit on the site for 6 months, then I’ll get an email saying they dropped it 5k.
We’re talking bumfuck nowhere, no house, and they want 10k per acre. One property was down the street from a freaking landfill.
Best case scenario for sellers in these oversupplied areas is that the prices stagnate until inflation catches up with an acceptable real value. However, when one large organisation needs to drop prices to move stock to handle loan repayment, the whole market will fall.
Can’t wait for reality to catch up.
But, but muh invisible hand 😭
“Lower prices or draw 25”
They’ve drawn 25 for the last couple decades, yet somehow still won
