FALLing house prices

[Sugarphreak]

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[Speed_69]

I sure hope so. I'm looking to buy a place in about 2 or 3 months so this is the news I want to hear.

[jdmakkord]

My folks low balled a builder on a spec home and they accepted. 40k discount on a sub 600k home. End of the year and builders don't want to carry over inventory, at least in this case.

[Sugarphreak]

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[lilmira]

Isn't it always slower closer to year end?

[ExtraSlow]

Will be interesting to see if this is just a seasonal thing like most years, or an actual structural weakening of the market.

[Sugarphreak]

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[msommers]

The sudden sense of urgency from ~Oct -> mid-summer did not seem sustainable. People were expecting a bidding war anytime a place went on the market! Things are probably cooling to a more realistic market than the trajectory it was initially heading in.

[benyl]

Sugarphreak fear mongering again.

[Sugarphreak]

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[Chandler_Racing]

I'm not seeing it...

From a seasonality perspective sure the market cools off but 10-15% is

[RedDawn]

Originally posted by benyl
Sugarphreak fear mongering again.

Yup.

Comparing the current month to the past year's month isn't very relevant either, since it doesn't account for the gains that have occurred in the year between. For example, 8% increase on 400,000 is a lot easier than 8% on 500,000. Yet, the overall increase between the two is still 100,000.

I'm involved in two large projects and the sales on both of them are actually picking up.

[spikerS]

I am seeing it in coventry. the houses here are taking longer to sell, but are still selling, and it is not uncommon to see price reduction signs. Houses here were selling inside of 2 weeks, but now they are staying up for closer to 4

[benyl]

Normal seasonal slowdown.

[r3ccOs]

oil is down 22% in one quarter...

Companies are cutting capital and want to lean expense...

we'll see how that translates into the housing market soon

[BigMass]

I see people dropping prices, but only because their original price is stupid to begin with. If someone bought a place one year ago for 400, list it for 500 but sold it for 450. Sure that's a 50k price drop, but it's still a crazy price year over year.

[EK69]

Originally posted by BigMass
I see people dropping prices, but only because their original price is stupid to begin with. If someone bought a place one year ago for 400, list it for 500 but sold it for 450. Sure that's a 50k price drop, but it's still a crazy price year over year.

This is true. I looked at the mls website and ppl are listing their houses at crazy prices! I'm looking at doing a new build if possible if I buy a place next year instead of a few year old house now cuz it seems like it's about the same price even though you do end up paying gst.

[googe]

Originally posted by Sugarphreak
^^ to be fair, I am an equal force for boom and bust drama... and I am usually right

-Sugarphreak - April 2011

only if you don't count all the times you're wrong, which is most of them

[Sugarphreak]

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[CapnCrunch]

Originally posted by lilmira
Isn't it always slower closer to year end?

This is usually the slow time of year for real estate. Kids are in school, nobody wants to move.