Having been a realtor/broker associate for almost 20 yrs now, I can say that the market does fluctuate and levels out usually after some crisis...local or national. House prices are so over inflated right now in my area, I'm glad mine is almost paid off and I don't need to buy one! It's like the housing market is constipated because no one will move and when someone does, people jump all over the house and pay too much because they are desperate. Very frustrating for us realtors as we had heard of price wars but never dealt with them until the last couple of years.
the other dilemma is that retired people can't downsize. The cheapest duplex is nearly $400,000 and it's not even a downsize. Their houses are worth less than $200,000 generally. Sometimes, I'm glad to get the fluctuation to bring things back down to reality for the average American. |
