Housing going down down down...
Housing fell almost 15% down this year in some critical pockets of Bay Area. Expect to fall further within next 6 months?
In decent locations like 98033 it barely went down below the normal seasonal slowdown.
Screw this! I’m not buying apples anymore!
World wide draught!
Housing prices drop in the winter then spike in the late spring when people are shopping. Have to compare April/May 2019 prices to last year to see if there’s a decline.
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)
10% up YoY. 15% down of this year.
Both statements (above) stand in conflict. Which is correct?
The rate at which inventory has risen and held there means absolute price declines are around the corner.
Cisco stock is down 10%. So applying relativity, the housing price has dropped only marginally for you.
For those who already own, are you thinking about upgrading? It’s hard to give up our 3% interest rate!
No point upgrading now in a declining market. I guess that's the mentality that changes a market from bull to bear and it's definitely happened in Seattle housing market
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.
There are many articles with charts, bar graphs and stats. But, it’s human nature to only see what they want to see. It’s called confirmation bias.
Will that decrease the rent prices?
Less buyers often means more renters, increasing demand usually doesn't help prices.
Rent bumped average 11%
Housing 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.
That’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.