Housing fell almost 15% down this year in some critical pockets of Bay Area. Expect to fall further within next 6 months?
- Lyft / EngJSBG53Housing prices dropped 15%? Citation please. From where I'm sitting I haven't noticed.
- Citation is Redfin. Don't want to list properties here. But most of Santa Clara county which I am looking at have seen at least 6 houses listing prices drop by ~100k within this year. Probably because they were inflated way too much before, as we all know, as most valley houses have been in recent times.
- Facebook lulz1That’s not a price drop idiot. It means those properties were listed at over inflated prices by greedy owners who were extrapolating the past growth. That 100k reduction was a reversion to mean, not a drop. Prices are actually 2-3% up from last year now even after the drop.Nov 22, 20182
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- Yes. Every news article about price drops and high % increase in inventory is complete fake news. :)
- Pretty much, for every click bait article there is also one with facts as well though. Many of the click bait ones start with a sensational headline but then reveal the data within. Read both, apply logic, and then decide for yourself. It's a sad state for "news" these days.
- I disagree with your premise. Appreciation absolutely slowed in many areas but where did it drop 15%? Most of the peninsula is up 10% this year (per redfin)
- It also depends on when the next IPO happens. If the Uber or Airbnb IPOs happen before the stock market goes tits up, then there will suddenly be a people flush with cash wanting to buy.
- Amazon / ProductQordukaHousing is slowing down globally especially in bigger cities. SF, NYC, London, Hong Kong, Sydney, etc. It was being propped up by wealthy foreign investment from China and Russia.
- It'll just stop increasing in desirable locations, just like Mountain View and Palo Alto house prices did in 2008-2012. If you're in more distressed locations, it'll likely decrease a bit. EPA house prices decreased during the last recession but are up since then and higher than the pre recession peak.
- LinkedIn GreydayzIf it actually goes down I’ll feel sad for people who become underwater. Renting ftw
- Microsoft / EngSenoritaWEFor those who already own, are you thinking about upgrading? It’s hard to give up our 3% interest rate!
- Square / EngSQSmall sample size. Just because properties dropped their prices doesn't mean that values are dropping. People got greedy and were pricing way too high before because everything was selling. Things priced correctly aren't having price drops.