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Originally Posted by Normal
The average or sometimes called the mean can be very misleading with so many outliers. The current market is influenced by aggressive price cuts. The price cuts do help more houses move in fewer days.
What I have found very interesting about Florida retirement housing markets are the similarities. Take a look at Sun City by Tampa. It showed slowing signs about 2 months ago and now inventory is climbing through the roof. If what has happened in the past holds true, it will be a blood bath soon for sellers here. It will be a 100% buyers market.
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This is not similar to what has happened in the past. The last time loans were being given to anyone, even those that they knew could not afford them and the prices sky rocketed on homes. Fast forward a couple years they were all in foreclosure, tons of vacant homes hit the market, and the prices tanked. That is not the case here, Prices are high due to inflation, and lack of inventory. There are thousands of buyers out there waiting for rates to come down that will jump in and buy at the current high prices as soon as a rate drop happens, if it ever does. 7% is still a bargain when compared to rates 30 years ago.