LOL are actually up 0.02%, they cant even measure that accurately. the real estate agents are a scam.
prices and volume are falling. inventory is rising.
you look on MLS and they are gaming the MLS system. One day you see a house up for sale at $400,000, a week later, it's relisted at $360,000.
There isnt panic selling in the real estate market........ there wont be. What you are seeing right now is this:
- agents are relisting at lower values
- people think that prices aren't going to go down, so they are pulling their listings, or keeping their prices high, and are going to "ride it" out to the spring. (except that it wont turn around in the spring)
- inventory is going to build, and the market is goign to slow.
- what people don't realize is this:
Those who need to sell right now, due to contractual agreements, cash flow, investmnets, etc, etc, are going to be forced to SELL at a lower value. It's not a PANIC sell, it's that they have TO SELL due to other reasons.
The lower price they sell at will impact the entire market. The housing market works based on what your neighbor sold their home for.
So those that are "waiting for spring" and summer, are going to find out that those people who are selling today at the lower prices (which they are) are going to the market at a lower value.
Prices are falling and that's a fact.
Condos are over priced on average I would say by $30,000, which is almost 10% lol.
Last edited by sirex; 12-13-2012 at 06:36 PM.