Whether you long to buy your first home or you own one and have considered selling, here's what falling prices could mean for you.
Some would-be home buyers are rooting for a full-on housing market crash because prices have zoomed so far past the point of affordability. Please"crash faster so I might be able to own my own place one day," a Twitter user pleaded. Another user tweeted,"Let's hope there's a housing market crash so people have the chance of starting a family and owning their home."
Some forecasters expect home prices to drop nationally by a few percentage points over the next year or two and to fall significantly in a few metro areas. But little consensus exists on which cities will have the biggest declines.If prices fall, buyers may stallLet's say you want to buy a home and prices are dropping in your city. You'll be tempted to wait.
And if you wait for prices to fall but they never do, you may discover the hard way that the"house that you found a year ago that you really loved, that you could afford but you passed up on, is more expensive next year," Kushi says. The first is inflated home values. Kushi calls home prices"downward sticky," meaning that sellers are reluctant to accept reductions unless they're desperate to sell."If you don’t have to sell, you just sit tight, right?" she says.
Homeowners' obstinacy affects would-be home buyers in a fundamental way: When owners keep their homes off the market, they reduce the number that are available to buy. A limited supply could restrain a drop in prices as buyers compete for meager offerings.
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