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Originally Posted by RalliartRsX
A correction I can see. A full on crash?? Not a chance
Spool, all that article is stating is people are being more cognizant in purchasing a home vs going full monty and throwing money away in bidding wars. In addition, the Feds have raised interest rates for the 3rd consecutive quarter. In my eyes, people are being more careful with their money, which is a good sign overall. People are sitting on a lot of money, and have not forgotten about 2008. Being careful with one's money is actually a good thing. Also,
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Yeah I don't think we will see a crash, unless the Feds raise the interest rates through the roof in a very short amount of time which I'm sure they won't do.
I will say this though.. I predict that there are going to be more people selling their houses with interest rates on the rise. Rising interest rates usually mean lower house prices to compensate and I think there are a lot of people who have been waiting for the right time to cash in on their house. If we see a major surplus of houses on the market with hesitant buyers, this may drive prices down.
Quote:
Originally Posted by RalliartRsX
1-50 % is classified as a drop?? Ok, how many houses dropped 1% vs 50%?? Not a very informative article outside of small picture thinking. So yeah, I do not see a crash.
However, I am not an economist lol.
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Vague I know, but the fact that there are price reduction even happening could be an indication that things are slowing down. I remember checking houses in my area earlier this year and never seeing reduced prices lol