They are still on their way down!
Played golf last Sunday at a medium size course in MA. Starter was a very talkative white haired man. He has sold his house, and all the furniture is in storage in pods. He has a Brownwood villa rented for the month of august, and he and his wife are determined to buy a house in the villages by the end of the month. Asked him a few questions, and he had some quirky answers, though his wife is the major decider. Didn't quite grasp the MLS sales concept as he wanted to buy a pre-owned home, and he has a "TV" sales rep. . .
Friends of ours in MA sold their $650K house this week near us to a young couple from CA. CA couple did the virtual tour and bought the house without leaving CA. The couple was pre-approved for $700 K mortgage.
The current problem in real estate is that there is not enough supply away from the urban centers. Of course the builders did not have time to create rural /suburbia supply for an urban pandemic. There are anecdotal evidence from national home builders' employees that houses are going like wildfire at the moment. People now want open space for their kids and family..
Urban cities will trend towards lower income and will take another several decades to recover, in the northeast, where the cities are the oldest
sportsguy
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