Quote:
Originally Posted by justjim
IMHO there are still many overpriced resales. For a homeowner to expect to double their money in five or less years is now totally unrealistic. Those in TV who purchased their home when rates were 3% are not about to trade that for a 6% interest rate. There are still cash buyers who may be waiting for further price drops. In the past, many new homes were purchased by current homeowners. I have not seen a 50k reduction on a new home by the Developer.
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You. are correct. There are many who still believe the market is the same as it was during the "Covid Boom"...
They'll soon figure out it's not and reduce their prices.
And when they do, several people on this thread will go "AHA! Look at how much prices are dropping! The bottom of the market is falling out!"
When, in fact, the prices are simply adjusting to normal, and they'll most like still get a decent profit (unless the bought during the Covid Boom, and they're trying to flip the home for a huge profit . They're screwed)...