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The metro areas that had their real estate market pushed up via speculative buyers are collapsing significantly, because they are all out of the market right now.
The supply to demand ratios are 3 times what they were a year ago.
Interest rates are higher so its harder to qualify buyers.
Price to income ratios are off by a factor of 2 times in many areas. Where the average person makes $50K a year you can't have a healthly market if homes are priced at a mean average of $400,000.
The bottom still has a ways to go. I think prices could drop 30% to 40% off their highs very easily in the next couple years.
Without discounting you can't move a property easily now for about 6 months to 1 year's time on the market, in most cases. That impacts sellers ability to buy another property until they get out of that one they're selling. So you get a very challenging cycle that becomes dysfunctional unto itself.
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