3,383,334
I think the prices dropping are actually a side effect of the supply overrunning demand. Picture a city losing its biggest employer. Home prices don't drop before supply has overrun demand. The prices drop as a result of the flood of inventory.
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Kathleen Daniels, Prob...
San Jose, CA
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PropertyMinder (Accele...
San Jose, CA
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Bob "RealMan" Timm
Minot, ND
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Ron and Alexandra Seigel
Carpinteria, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Barbara Todaro
Franklin, MA
4,571,456
My crystal ball has never been a good predictor of the future but as a someone who has decades of life experience I can say we will continue to see change. In real estate and in other ways too.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Peter Testa
Danbury, CT
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Bob "RealMan" Timm
Minot, ND
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Chris Ann Cleland
Gainesville, VA
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Ron and Alexandra Seigel
Carpinteria, CA
-
HOMEiZ.COM Real Estate...
Agoura Hills, CA
5,583,278
until there's an overabundance of homes (supply and demand) prices will not drop.... there's no competition....there's no time to market properly....they sell too quickly and with every sale, the price increases for that style home and vintage....
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Kathleen Daniels, Prob...
San Jose, CA
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Tony and Suzanne Marri...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Joseph Domino 480-390-...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
519,324
There is no mortgage melt down this time. The previous crash was well anticipated based on easy money, too many flippers, fraudulent transactions of all types and unrealistic expectations.
Prices will drop when there are outside forces alleviating the demand, through an economic slowdown, a national or international crisis.
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Thomas J. Nelson, REAL...
La Jolla, CA
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PropertyMinder (Accele...
San Jose, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Bob "RealMan" Timm
Minot, ND
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Chris Ann Cleland
Gainesville, VA
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
1,502,848
I agree with Chris Ann Cleland. It's not a matter of how much further prices go up, it's a matter of various economic conditions. Interest rates, supply, desireability of replacement properties, rents, taxes, cost of living, weather, disasters, laws, employment, stock market, bond market, etc. that lead to it. Any one of these could have a serious impact.
I'm in California, the land of the wacky laws. Did you know we have 3 laws already to force taxes on gasoline to go to roadway repairs as was stated in the bill that got the taxes implement originally? Guess what's on next month's ballot... yup another proposition to put gas taxes towards road repair. Out here, laws and employers leaving are the biggest risk factors.
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Chris Ann Cleland
Gainesville, VA
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Bob "RealMan" Timm
Minot, ND
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PropertyMinder (Accele...
San Jose, CA
1,712,676
I believe it is more about absorption rate as the prime mover on this.
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Steve Penner
Winnipeg, MB
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Carol Williams
Wenatchee, WA
5,772,575
law of supply and demand.
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Thomas J. Nelson, REAL...
La Jolla, CA
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PropertyMinder (Accele...
San Jose, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Bob "RealMan" Timm
Minot, ND
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Chris Ann Cleland
Gainesville, VA
2,684,009
Zero in Tallahassee, in the upper price ranges. We are not in a Seller's market.
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Peter Testa
Danbury, CT
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Bob "RealMan" Timm
Minot, ND
-
HOMEiZ.COM Real Estate...
Agoura Hills, CA
757,885
Wish I was working in those cities! There's no bubble here in the quaint, bucolic suburbs of Connecticut. Still very affordable housing & amazingly, even with our Asshole Governor, the taxes are far better than our neighboring states!
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
7,834,939
There will always be market adjustments. We have a very strong market in the DC suburbs.
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Debe Maxwell, CRS
Charlotte, NC
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
5,104,806
There is no real estate bubble. There is a shortage of inventory that is causing home prices to increase. It's econ 101--less supply, higher prices. Situation is totally different from the past when prices were doing up often due to speculation and there was plenty of inventory.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Chris Ann Cleland
Gainesville, VA
249,105
Prices seem to be dropping slightly. Sellers are still trying to get top dollar for their homes, but the buying market is resisting the elevated prices causing properties to linger on the market for extended periods of time. It's really going to be dependent on buyers not purchasing high priced homes in order for the market to soften.
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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HOMEiZ.COM Real Estate...
Agoura Hills, CA
2,220,323
You have many great answers here HOMEiZ.COM HOMEiZGROUP
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Bob "RealMan" Timm
Minot, ND
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Peter Testa
Danbury, CT
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Anthony Acosta - ALLAT...
Atlanta, GA
6,392,879
When it is time the media will let us know, until then our folks are closely monitoring the market and have seen some parts turning over the last year.
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
5,228,997
We are at a 1.7-month supply here in Charlotte and are desperate for inventory right now. I welcome more inventory, stabalizing prices and a more neutral market...it's best for everyone.
As for the past 'bubble' burst - yes, when there were far more impactful financial issues that were at the core of the issue, the entire country's economy took a dive.
However, I don't view this as a 'bubble,' rather a correction - a much needed correction!
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Peter Testa
Danbury, CT
716,049
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
1,543,225
The law of supply & demand drives our last 10 years, not inflated values nor bogus loans. There's no bubble. And you are asking a very regional question that will yield as many different answers as responders.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Thomas J. Nelson, REAL...
La Jolla, CA
2,390,010
We hit that bubble in Minot ND about 2 years ago HOMEiZ.COM HOMEiZGROUP
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Peter Testa
Danbury, CT
643,875
it is not a matter of how much prices have to drop to determine a Seller or Buyer market, inventory and absorption rate, availability and costs of financing determine whether a Buyer, Seller, neutral market.
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
130,857
... maybe the question should be... "how many months of inventory need to be on the market before the market turns and prices are affected?" ... they tell me in my market... a balanced market has about 5 months of inventory...
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
2,178,433
It's all about absorption rate.
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
1,076,531
$0
Do you see how many buyers are putting offers in on just about any quality property? More available real estate is the answer, people are willing to pay for property at it's current price, so no change is necessary there.
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
2,781,013
Both Stocks (wall street) and Real Estate remain strong and vibrant. Now is a good time for both and adding to this is low interests rates, tax cuts and major changes for the nation all good. Before this cycle resets, it may hold itself. When it does end one cycle to begin another, it may remain similar until an act of God or man changes it. Until then, it is running its course
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Debe Maxwell, CRS
Charlotte, NC
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
3,416,038
I am not sure if prices are the leading cause of a market flip. I think that if rates go to 5 or above, buyers will stop buying, listings will go up and prices will start to sink.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
4,319,419
It is the inventory.
The supply is short and likely to be short for a while, HOMEiZ.COM HOMEiZGROUP.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
5,048,708
I think it's more about inventory...supply and demand. If the demand exceeds supply we will see prices drop. But all sort of things fuel demand.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
3,988,007
Prices don't necessarily have to drop. It is more about supply and demand. We need lots more inventory, much more than the buyer need. We are at 2 month inventory and for it to be a buyers market we need 7 or more months of product.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
3,986,258
Prices do not have to drop to become a buyers market.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
508,218
As others have said, it is all supply and demand. In the lower price points the competition is fierce. I recently showed a home in the low $200k range that had buyers waiting in line in the driveway to view the property. They received 7 offers the first day.
However, if you were to move up to the $1M range you will easily find homes on the market 90+ days. There are just not that many $1M+ buyers.
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PropertyMinder (Accele...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
1,622,432
Well, it is very different this time. But lenders can change all over again with bringing back some loan products. And they already started.
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HOMEiZ.COM Real Estate...
Agoura Hills, CA
3,344,906
Only time will tell ... we must allow life to unfold and make necessary corrections as it does. Change is the one constant in life.
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Debe Maxwell, CRS
Charlotte, NC
3,071,489
4,800,082
I don't think prices have to drop. Supply could increase.
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Bob "RealMan" Timm
Minot, ND
5,215,388
4,434,127
1,598,452
2,071,025
87,920
5,868,372
I think we are far away from the time we will seeing dropping home prices.
3,164,119
it's not just price that creates a buyers market, inventory has the most to do with it. And prices are going up in my market.