Its a vicious cycle right now. Most people have to sell the hosue they live in to buy another house. If there is no equity in their current house due to depressed prices they cannot make the move. One or two foreclosures in a neighborhood will ruin the comps for 6-12 mos.
Its all bad right now. Well unless you are my brother in law with a mini mansion in Fairfax County, VA which is one of the hot spots.
I’m in process of selling a house just north of Greensboro, NC. Sales are actually going fairly well since last year. Resale values have recovered to almost where they should have been without the crash. We never had bubble prices here but there was about a 30% decline at the bottom, probably 2011, and at that time it would have taken a year or more to sell at that depressed price. Now it’s more normal, three or four months for a decent, maintained house that is not in a bad area. I’m going to take it and run, lol. There are better places to be at lower cost in my current circumstances.
Fairfax County, VA which is one of the hot spots.”
Suburbs of Houston are also hot spots. Lots of new subdivisions springing up all around us and they are selling like hotcakes. Because of state law they can’t raise tax rates so the local taxing authorities continue to increase current home values. Mine has gone up 15% in the last two years. About to break the bank.
“Its all bad right now. Well unless you are my brother in law with a mini mansion in Fairfax County, VA which is one of the hot spots”
Five years ago, we bought a house in Fairfax County for $375,000 - overpriced for the house, but OK for Fairfax. The value dropped to $350,000 the next year, but is now assessed at $410,000, with few improvements. The housing market here is crazy and will stay crazy as long as the government continues to expand at the rate it has been.