Yesterday said:
riverrataggie said:
Good. It was out of control.
I don't think this is a sign that prices will come down. It may even be the opposite since they are not building as many houses to meet the demand. But I am also not an expert and could be totally wrong
My anecdotal observation from someone that has been looking in the market since March...
It seems like things started to slow way down in late May. Started seeing fewer buyers out looking at new showings and in open houses. Houses we were interested in were also seeing far fewer offers.
We just went under contract this weekend on a home with one other offer at a $/sq ft below where things were a few months ago.
The price floor has definitely risen permanently, but I think the market has peaked for now and there are a lot of overpriced homes on the market that will need to come down to move.
There is still a shortage of housing in the area relative to the long term population shift so things will probably stay relatively flat for a couple of years until the economy corrects. Will be some opportunities for those with the financial flexibility to take advantage.
Just my 2 cents.