[listenallyall]

Redfin, and everyone involved in selling houses, has an incentive to NOT portray the current housing market as one in free-fall, but one that is relatively stable, perhaps down a few percent, but no more. (I'm not claiming it is in free fall, but a $400k estimate in Feb to $310 today would imply that, while $320 then, $310 now does not)

What is the difference between the (displayed) past peak estimate and the current estimate?

[jesuscript]

These people are ruthless. Housing prices are not halted, they are quietly adding value to the sale price, but just not reflecting it due to interest rates. When the rates drop, it won’t tick up from the current price. It will rocket up because they are still adding value for lost time. I mean to say, just because something is sitting at 700k today, it won’t tick up from that number when rates drop. It will tick up from 900k or something like that because they didn’t count this past year as a lost year. They are an impossible industry.

I honestly hope this recession lasts awhile because that’s when the sellers will feel the burn of multi year mortgages and compromise. We really can’t be off to the races in 2024, it would be too soon.

If you can weather the monthly payment on these high interest rates, then now is probably your best chance at buying something because they will be the lowest ticket prices you’ll get. Even a hint of rate drops will send these blood suckers into a price inflation frenzy.