Markets are specific to your location, so YMMV in terms of declines. Go to areas where there was a lot of investment purchasing during COVID (parts of Colorado, Lake Tahoe, etc.) and you'll see some significant price cuts.
Go to markets like southeast Florida and you wont see much of a cut yet.
What I keep reminding people is that the housing market doesn't turn on a dime - these things take time to work through the system. The peak in housing during the financial crisis of 2008 came ~Q4 2006 and the market didn't bottom until around Q4 2011.
This underlying fundamentals impacting this current market correction are different for sure, but the shakeout will still take time.
Quote:
Originally Posted by bluecrabby
that's what my best friend's daughter thought... she was about to buy a condo back in late January when the prices were borderline insane... her CPA friend told her to wait for the market to cool down.
the 1-bedroom condo that she almost bought for $470k got sold 2 days later.. another identical condo(same floor, same sqf, in the adjacent corner of the condo she missed out) went on the market last week for $600k... sold the next day for $590k. Who said the housing market was going downhill?  |