I happen to be shopping for a house too. The interest rates dipped again last 10 days, on a 7 year arm you may get something about 2.5-ish on a jumbo, this keeps fueling the market, there are multiple bids on properties I am looking at. I see no evidence of any price drops, here or there I see a house with a 5% drop due to initially delusional sellers with visions of grandeur, but other than that things are selling at list or in 20 to 30% of cases with 2 to 5% higher than the list (due to bidding wars). Also, I can tell you that the whole process with the bank felt much easier than last time (we bought our first home in 2002 after the .com crash)
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144042: Cortez Hill and Little Italy are losing value in some cases because there isn't enough parking, there aren't enough decent schools, parks, or playgrounds for kids, noisy businesses that stay open late, like bars, are too close to newer complexes, and the homeless piss on the sidewalks in front of million dollar condos.
Yes, it will get worse next year. The dwelling you hoped to call home you thought you could afford today, you cannot afford anymore come next year. It's just grazy.
Price drop next year. That is when people run out of unemployment. Probably July 2016. Will have higher interest rates which will raise monthly payment too.
I am buying right now, the per sq ft prices are slightly up acros the board? Where are you seeing price drops, please advise
list prices keep dropping downtown, little italy, cortez hill. maybe the market is running out of greater fools.
Agreed. I am looking right now and the market is noticeably getting weaker!