A “Shift” in the Housing Market Could Cause More Price Drops

Episode #463

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The housing market correction is about to get worse. Before, the Northeast and Midwest markets were insulated from the sizable price drops happening in places like Texas and Florida, but not anymore. The correction is spreading, and the once “safe” markets are creeping closer and closer to price cuts, concessions, and desperate sellers becoming the norm.

The question is: does this snowball into a full-blown housing crash, or is the housing market strong enough to keep us in “correction” territory? Dave is back, and this time, he’s going deep on what’s next for the housing market.

Things are changing, and not in the way sellers would want. Demand is starting to fall as buyers get boxed out of the market and high mortgage rates make homes more unaffordable. Sellers once stuck to their prices or took properties off the market to wait, but now they're offering sizable concessions and price cuts. The supply-demand equilibrium has shifted, and deals are about to get even sweeter.

So, if you’re buying today when prices very well could continue to slide, how much of a discount should you go for, and at what point do prices start to bottom?