Are prices going down this spring

Prices have gone up. I think the special situation is that when more than one house is for sale on one block it's more difficult to sell b/c so many houses are for sale on that specific block people just have more optionson that block.

if you know someone that can predict what the market is going to do 100% first give them my phone # - cause I am interested in more property - THEN ask them for this weeks lotto #'s!!

After extensive reading, consulting, and my own research (I was a economics major specializing in market forecasting), from my understanding, properties are at their peak right now. Many, many houses are going up for sale right now, because by the end of this year, prices are forecasted to drop. This is the best time for buyers to get the most out of their home.

An indicator that we can all easily see is the mortgage %'s. Once the percent starts going up, sellers know they cannot ask as much as they would like to because it becomes harder to afford. So although the prices are predicted to drop, mortgage rates are also predicted to rise. You can already see it starting actually...

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Posted by nychulo3

After extensive reading, consulting, and my own research (I was a economics major specializing in market forecasting), from my understanding, properties are at their peak right now. Many, many houses are going up for sale right now, because by the end of this year, prices are forecasted to drop. This is the best time for buyers to get the most out of their home.

An indicator that we can all easily see is the mortgage %'s. Once the percent starts going up, sellers know they cannot ask as much as they would like to because it becomes harder to afford. So although the prices are predicted to drop, mortgage rates are also predicted to rise. You can already see it starting actually...

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which essentially means, nothing will really change. prices are out of reach now for many but interest rate are favorable. when prices drop (IMO it would be much), interest rates will rise = many young people will not be able to afford the high montly payments.

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Posted by Jmg11

if you know someone that can predict what the market is going to do 100% first give them my phone # - cause I am interested in more property - THEN ask them for this weeks lotto #'s!!

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I was thinking of a way to say this - i think you did it perfectly

I haven't seen any signs of prices dropping (and valuing homes is what I do all day). On average, they're still 20% higher than this time last year.

I think they're increasing at a slower rate, but they're still increasing. It's leveling off somewhat, but I'd be very surprised to see prices DROP, particularly in the Spring/Summer months.

Now, asking prices may be lowered from the original price (because they were overpriced to begin with) and houses may be staying on the market longer but they're not selling for less than they did last year, or last month.

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Posted by LisaT

I haven't seen any signs of prices dropping (and valuing homes is what I do all day). On average, they're still 20% higher than this time last year.

I think they're increasing at a slower rate, but they're still increasing. It's leveling off somewhat, but I'd be very surprised to see prices DROP, particularly in the Spring/Summer months.

Now, asking prices may be lowered from the original price (because they were overpriced to begin with) and houses may be staying on the market longer but they're not selling for less than they did last year, or last month.

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I'm a RE Agent and I can tell you that you hit the nail right on the head. I could not have said this any better.

For the last 200+ years, RE in New York has been going up.