Quote:
Originally Posted by Babubhat
500k is pocket change for those from the Northeast
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In the Boston suburbs it looks like 7% mortgage rates are finally causing cracks in the housing market. For the last 3+ years there has been zero inventory below $750K in several 2nd tier towns near Boston. I know because I've been looking. Over the last few months a handful or properties have shown up. Followed by price reductions. Typically $10-15K which is pretty laughable for a $700K home. I expect more to come.
My best guess is that we are still at the beginning of whatever this is that we are headed into. So who knows how much larger the crack are going to get.
My guess for the villages market is that price appreciation is over for now. The 2008 housing crash was pretty severe so I'd predict similar price behavior this time in the villages. As in not much price reductions.
But who the hell knows.