[Brian Griffin]

As long as people hate doing stuff like mowing lawns, cooking, washing dishes, etc., themselves, work will be available, but not absurd hourly rates.

Asking $1,200,000 for a house that sold for $47,000 in 1972 is absurd.

Cut the price and it will sell.

Asking $600,000 for a house in Mosquitoville, Florida is absurd.

Cut the price and it will sell.

[roadcat]

Asking $1,200,000 for a house that sold for $47,000 in 1972 is absurd.
Cut the price and it will sell.

There's another factor in play, other than overcharging for a house. High interest rates.

Corporations that were buying homes in order to rent them out, have stopped buying homes. Let's say they have to pay 5 percent on the loan but can only make 3 to 4 percent in rents - that's a losing business model, paying out more than what they earn monthly.

Same situation for people trying to buy a home, interest rates for loans jack up the monthly mortgage payments beyond what they can pay from meager earnings. Unless you have cash to pay over 50 percent down, you're going to wait for prices to come way down. And home prices are falling nationwide after interest rate hikes.

[Governor Dinwiddie]

Exactly. A house is only worth what someone is willing to pay for it today. A house that has been listed at $500,000 for 5 years is, by public consensus, not worth $500,000.

[madison10]

The problem is selling it at a lower price does not help to purchase another house that has an over inflated price tag