Just read this article and found it interesting. Up front, it states:
The U.S. housing market -- particularly in cutthroat areas like Seattle, Silicon Valley and Austin, Texas -- appears to be headed for the broadest slowdown in years. Buyers are getting squeezed by rising mortgage rates and by prices climbing about twice as fast as incomes, and there’s only so far they can stretch.
“This could be the very beginning of a turning point,” said Robert Shiller, a Nobel Prize-winning economist who is famed for warning of the dot-com and housing bubbles, in an interview. He stressed that he isn’t ready to make that call yet.
I'm a fairly new investor in Philadelphia/South Jersey with two properties and one under contract. I'm curious if people out there are getting this feeling, and where you're located. It's never easy to know when we're at the peak of a housing cycle. But I'm curious if there are any desirable markets that are becoming more affordable. Maybe now is the time to buy a bit harder, because things always seem to go back up eventually.
Residential Real Estate Broker · College Station, TX · Member since 2013 · 1k+ posts · 969 votes
8y
@David Simon. I don't see anything that says slowdown at this point of time. I think we are experiencing a "Plateau" in time where prices have increased to the point current Buyers are beginning to "Balk" at the new increased prices - wishing they had bought several months ago at a lower price point.
This plateau typically lasts for a few months until Buyers adjust to the new norm. As a RE Agent in Austin for 27 Years, the market typically had a slow period in the summer months. No experience with the other markets, but from my perspective on Austin, sales have slowed due to lack of available and affordable inventory (whatever affordable means).
Residential Real Estate Broker · College Station, TX · Member since 2013 · 1k+ posts · 969 votes
8y
@David Simon. I don't see anything that says slowdown at this point of time. I think we are experiencing a "Plateau" in time where prices have increased to the point current Buyers are beginning to "Balk" at the new increased prices - wishing they had bought several months ago at a lower price point.
This plateau typically lasts for a few months until Buyers adjust to the new norm. As a RE Agent in Austin for 27 Years, the market typically had a slow period in the summer months. No experience with the other markets, but from my perspective on Austin, sales have slowed due to lack of available and affordable inventory (whatever affordable means).
Ridgewood, NJ · Member since 2017 · 27 posts · 11 votes
8y
I am a Realtor in Bergen County (Northern NJ). Demand for $1M+ homes has softened, but "starter" homes (i.e. $400K-$900K) are still moving very quickly, especially if they're updated. Even when they're not updated, they sell very quickly when they're priced correctly. Emphasis on the last 2 words -- priced correctly. Even with inventory being as low as it is, buyers recognize when a home is overpriced for what it offers.