Reply to Why do expert say: Buckle in for a brutal free-fall in home prices

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Reply to "Why do expert say: Buckle in for a brutal free-fall in home prices - Housing Bubble"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We're looking (not urgent) and inventory is...fine really. Up from last year really. Prices are falling a bit. But they need to fall more to make up for the increase in payments were looking at due to rate increases (almost $1,500 a month on the ~1ms were looking at!).

We're hoping we find something in the spring and are not stressed about it. [/quote]
This assumption doesn’t make sense to me. This implies you have the right to buy a certain size/location whatever of house. People who need to buy will just have to buy less house than before. Rates were artificially low[/quote]

That’s the theory of all the people expecting drastic price drops.  But just because that’s the math doesn’t mean all the people owning houses with low interest rates are gonna lockstep put their house on the market no matter what.  They are ALSO sidelining, waiting for things to settle out.  They don’t have to sell just because buyers want them to.  We aren’t.  Gonna sit on our 2.75% rate and wait until later.

Meanwhile, as PP said, buyers need to do what has always been the case…shop for a house within their means, which may mean not the ideal house for now and trade up later. [/quote]

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