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Reply to "When do you think housing prices will drop (or never)?"
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[quote=Anonymous][quote=Anonymous]I think prices for “bad” houses in the DMV will go down. I.e., houses that people would not have considered but for the fact that they lost out in bidding wars to 10 houses in a row. So houses that have some flaws that were overlooked in the heat of 2020-2022. But the houses that were in high demand pre pandemic will not drop price. Because the inventory for the “good” houses will remain low and people will have to jump on them (along with 3-4 other bidders v the 8-12 there would have been in 2021) and they will pay for list or slightly over.[/quote] Guess it depends on what you mean by “good” and “bad” houses because high end houses have declined at the fastest pace and supply has risen at the fastest pace. https://www.forbes.com/sites/brendarichardson/2023/01/02/luxury-home-sales-plummet-38-the-biggest-decline-on-record-driven-by-inflation-recession-fears/amp/ Love you DCUMers and your hunches. Just look at the data.[/quote]
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