deadzone, we don’t have any group waiting to buy houses at current prices. Sure, some people here rent, like one of my neighbors, because they think prices are too high. They can afford to buy, but won’t at today’s prices. I know nobody else in that situation, outside of piggington.
People are leaving at the rate of 44K – 50K/year, and maybe a lot more. What if the current exodus is 70K/year? I’ll start a survey on another thread about this.
Nationally, the home builders are saying overbuilding has caused the high inventory and falling prices, and it can take 2 years or more to absorb the houses.
Even if no new homes are built, it can take 2 years for today’s housing stock to be sold.
Anybody who thinks that lowering prices will draw in buyers and prop up prices doesn’t understand the real estate market at all.
I am flabbergasted by people who make a living in real estate, who have no clue about how pricing works, how real estate cycles play out, and who think prices will keep climbing.
