Quote:
Originally Posted by Chronamut
Alright fine, but we can definitely have a lowering of the market - there is no reason a house has to cost a million dollars. Yes people somewhere will pay it - but still. I feel it should reflect the average income in the region, should it not? I've never bought a house, so I am admittedly ignorant on this subject. I am just curious.
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Nobody pegs home prices to a certain level. Sellers sell homes for the prices they can get.
Nobody can consciously lower prices. If demand weakens and/or supply increases, housing prices can go down.
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