Quote:
Originally Posted by RickFLM4
Well, demand is lower but there is not a rapid increase in supply relative to housing needed for the population. So the imbalance is closing but it’s not because the there is an abundant supply. For prices to drop significantly, demand needs to further decline or at least not increase, while supply significantly increases due to crisis. So while I agree there may not be a rush to buy right now, waiting for and expecting a 30% (or whatever %) drop in prices also isn’t logical unless you expect a huge downturn in the economy in the near term.
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i agree with you... i dont see a 30% drop... not in FL at least... maybe another 10% but again this is pending 2 things-
1) we never know what dumb move the govt will do next.... decrease rates too fast? flood the market w money again?
2) recession... i would say right now with all that is going on... its going to be near impossible to have this soft landing, people are no longer making ends meet and corp earnings are getting hit finally
i don't think anyone can predict anything right now because we've never been in a scenario like this... the one thing i can predict, is people better get used to homes sitting for months again and offers well below asking