Quote:
Originally Posted by connect2source
Problem is inventory has not increased so the market is basically 'stuck'. Owners wont's sell because there are few buyers and buyers won't buy because they anticipate price drops.
As a Realtor in noting that prices for most homes are NOT dropping at all in fact we're seeing very high demand on the few properties that are available especially in the mid-range condo market.
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Prices are always dragged out and sticky coming down. How long did houses fall after 1981? 9 years or something ( inflation adjusted ) to return to that peak? 2 years to fall?
After 1995, prices fell for 5 years and also took 9 years to return to that peak. If we're in another 1981, I'd expect that when the market starts to fall, it will fall quickly. If this is another 1995, it will taper or trickle down.
The US Fed raises rates in December and perhaps again in the spring which will put further price pressure. I think it's a case of who will blink first now. The smart money is already out of the market and sold when the warning signs were there in the summer.
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