[quote=profhoff]BTW, if townhomes are going to hit low 400s, then what will happen to all the condos that are now in the mid to upper 400s?
[/quote]
Like explaining gravity. Condos go down, the townhouses go down and the SFHs will go down. Something extraordinary has to occur to make this turn around. At best, it’ll just stay flat for a while.
Sure, the people that bought before peak and didn’t take a HELOC just won’t sell. But sometimes life happens and you have to sell for whatever reasons: divorce, job transfer, investments gone south, business slowing as a result of economic downturn, kids moving out, etc.
Edit – take it from someone who’s been there. I had no intention of selling and kept thinking I’d be there forever.
