Quote:
Originally Posted by pocketkangaroo
Housing has been overpriced for years. In some areas, it will go down a little. Housing isn't a national thing though, it's entirely regional. While the Northeast may be hurt, the Southwest may increase. I'm in Chicago, and my area will continue to increase no matter what.
The housing economy overreached a bit, gave out loans to people who couldn't afford homes. It's fixing itself now. Might be bumpy for people on interest-only loans or looking to flip houses, but for most of us, it's just a good opportunity to start buying (especially when they lower rates).
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You hit the nail on the head.
For my area, with Pfizer cutting a lot of jobs, and not a lot of growth. The real estate market FAR overreached it's limits years ago. It's time that they adjust back to true market value for this area. This is mainly a college town now, although we still have a decent amount of medical around. There has been a mass exodus that coincides with the housing glut when they pulled R&D out of here.
I'm hoping to capitalize once some of these things balance themselves out. I am cash positive, and that's good to have. But it's a buyer's market, and I think it will be even more so a bit later this year as things correct themselves.
Regional is definitely true as the high demand areas will level off, or continue to grow while Midwest, among other places adjust.