Quote:
Originally Posted by AviationGuy
In my neighborhood, prices haven't dropped very much for the good properties, although they are on the market longer because of a higher supply. I'm talking about properties that had been renovated or in especially good condition. Again, the really bad properties are way down, and that's the way it should be.
Our local economy is very strong, people are still moving in to take many vacant jobs, and there is no house panic. We're just adjusting to the way the market really should be. With higher mortgage rates, new buyers are taking more time to buy instead of buying sight unseen. It's a healthier situation.
|
Sounds like a bubble.
"Haven't dropped very much"
Correction: Haven't dropped very much in a short time = significant annualized drop.
Add to that: this will continue year on year.
Anyone who lives in a place where properties have doubled or tripled in value in a matter of a couple of years is literally smoking crack if they think there isn't a local correction coming.
Miami will be at the top of the list. I don't care how much "outside" money is coming. The reality is for many of these places is that the local economy hasn't changed that much and people still make sh*t money. I doesn't matter how many New Yorkers go to Miami in well publicized moves. If the average local is making 50K it doesn't substantiate 3K month rents for a 1 bedroom and 1 million dollar prices for 2br stucco homes.