Thanks, SDR, I think you put it very well. The topic of this thread is whether the new conforming rates will increase activity in the NCC area, which currently has a lot of housing stock in the 700K-1M price range. I think the answer is clearly “yes”. Activity ground to a halt over the past few months, with most buyers (as many as they may be) waiting for the new limits, so a pick-up in activity is almost guaranteed to happen.
Whether that will mean lower or higher prices, or how that will compare with adjacent areas, etc is really besides the point. Like many here, I believe prices will continue to soften in NCC, but, again, this is besides the point.
PS: “Why should “getting rid of” a house be an issue? Maybe because it isn’t priced right?” Yes, many sellers have difficulty pricing right and selling, I think everyone here knows that, right? Even though they may have ample equity, some people insist on getting a certain price and end up not selling at all. It happens quite often.
