this post was submitted on 05 May 2024
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A number of rich migrants have helped keep the high prices high. Sellers are most likely gambling that, if they hold out and don’t appear desperate, the buyers will meet them where they are. As long as they can stay solvent longer than the buyer can stay unhoused, they win.
I’ve seen a lot of this arrogance in the car market, too - I walked away last week and they seemed to think I was playing hard to get. The market is soft, but they act like it’s not.
sentiment does not change over night, going to need the market to do its thing however it does seem like some locations for housing aint budging while others like southern US are in decline.