When do you think housing prices will drop (or never)?

[Anonymous]

Spin off on the other thread about when mortgage rates will fall.

Feeling really discouraged about missing out on the low rates. I’m not seeing prices drop much either. For people who feel like they really understand this stuff (not me), what are your predictions about when, if ever, we’ll see more significant drops in prices in this area? Or is it better to buy whenever we need a house vs. waiting to see if things get “better”?

Do you think most houses are overpriced right now? (Specifically in Montgomery County)

[Anonymous]

Anonymous wrote:Spin off on the other thread about when mortgage rates will fall.

Feeling really discouraged about missing out on the low rates. I’m not seeing prices drop much either. For people who feel like they really understand this stuff (not me), what are your predictions about when, if ever, we’ll see more significant drops in prices in this area? Or is it better to buy whenever we need a house vs. waiting to see if things get “better”?

Do you think most houses are overpriced right now? (Specifically in Montgomery County)

Drop as compared to what? Compared to 4 months ago? Already happening in some places. Compared to 2 years ago? Maybe never.

[Anonymous]

I think Montgomery County will soften but not drop. Especially closer in there will still be bidding wars. But no one knows what will happen in the spring market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Spin off on the other thread about when mortgage rates will fall.

Feeling really discouraged about missing out on the low rates. I’m not seeing prices drop much either. For people who feel like they really understand this stuff (not me), what are your predictions about when, if ever, we’ll see more significant drops in prices in this area? Or is it better to buy whenever we need a house vs. waiting to see if things get “better”?

Do you think most houses are overpriced right now? (Specifically in Montgomery County)

Drop as compared to what? Compared to 4 months ago? Already happening in some places. Compared to 2 years ago? Maybe never.

I don’t know. Enough that I’m not feeling ripped off by what I’m seeing

[Anonymous]

There should be a correction back to 2020 levels. But I seriously can’t see a crash here unless there are massive layoffs.

[Anonymous]

Anonymous wrote:There should be a correction back to 2020 levels. But I seriously can’t see a crash here unless there are massive layoffs.

Do you know how much prices gone up since 2020? I wasn’t in the area back then.

[Anonymous]

This is OP. Does it make sense to take a wait and see approach rather than jump in now? The market is dead around the holidays anyways but hoping it will pick up in the spring

[Anonymous]

Anonymous wrote:Spin off on the other thread about when mortgage rates will fall.

Feeling really discouraged about missing out on the low rates. I’m not seeing prices drop much either. For people who feel like they really understand this stuff (not me), what are your predictions about when, if ever, we’ll see more significant drops in prices in this area? Or is it better to buy whenever we need a house vs. waiting to see if things get “better”?

Do you think most houses are overpriced right now? (Specifically in Montgomery County)

Too many international investors. We allow anyone to buy here and that screws with the housing market.

[Anonymous]

I’m 2016 I felt like I was getting ripped off. I’m sure you wish today you could get ripped off the way I was getting ripped off then.

[Anonymous]

Anonymous wrote:I think Montgomery County will soften but not drop. Especially closer in there will still be bidding wars. But no one knows what will happen in the spring market.

What defines values "softening"?

[Anonymous]

It depends where you're looking. Neighborhoods won't all fare the same.

[Anonymous]

I think they are already dropping and on a steady decline for the next 18-36 months.

[Anonymous]

Anonymous wrote:This is OP. Does it make sense to take a wait and see approach rather than jump in now? The market is dead around the holidays anyways but hoping it will pick up in the spring

I periodically look at redfin in all the areas I'm familiar with around the DMV, and things are terrible now for buyers. It's not just the prices, but there's absolutely no inventory in many neighborhoods. So yes, I would take a wait-and-see approach. I'm glad I don't need to move. If I were looking to upgrade, there's basically nothing that I'd even want until I got to the level that's twice the value of our current house.

[Anonymous]

I think prices are going down in my MoCo neighborhood a little bit but certainly not enough to make it feel like a good time to buy. At least for $500-$600k townhouses they are selling a bit lower than they did last year. Not dramatically so and of course it is hard to compare without going inside the properties themselves. They would be hard to afford with today's interest rates.

I think it is impossible to time the market so even though it doesn't feel like a good time to buy, it probably won't feel like that any time soon. Unless there is a massive increase in housing supply in the near future you will still have buyers for houses even at high interest rates. If you look at Redfin's summary data on the Montgomery County housing market, the number of days on the market for houses has not gone up on average. Houses are still selling faster than they did in 2019.

Honestly if you see something you want and can afford I would go for it and not try to time the market.

[Anonymous]

Anonymous wrote:I think they are already dropping and on a steady decline for the next 18-36 months.

Yes, in most places.