Due to a unique situation I was in this spring, I was in the market for a home in my new state of NC, specifically the Raleigh-Cary area. The price increase around April bordered on the obscene, with year over year increases of 30-50%. On top of that, nearly ever home I viewed was being bought at a minimum 10% over ask. It was obvious to me this was a bubble and rates were on the increase, thanks to Bareshelves Biden. I tempered my purchase and bought a smaller home in an ideal community. The kids are out of the house and I no longer need nor desire to have a very large home, so this will do for now.
Taking a gander at the re market tonight made me double check I had the correct filters on my Zillow app. Lo and behold over 1,200 homes in my area are now offering price cuts.
HOUSING MARKET IN PRICE COLLAPSE MODE — HERE ARE CITIES WITH MOST PRICE CUTS $NAIL pic.twitter.com/znpcorsUi6
— The_Real_Fly (@The_Real_Fly) July 20, 2022
It’s over. The price collapse is underway and the first bullet goes to the 4 home speculatooor who leveraged up to flip or rent overpriced homes because muhhhhhhh
rental income.
We are now seeing a nationwide price collapse, which if this continues through the end of summer might blossom my next March into a full blown crisis.
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An escalating re market will benefit the downsizer.
In 2009 when the housing collapse was underway, Raleigh merely paused. We didnt have declines. Im sure you are well aware of how this area is unique. I suspect we will see another pause. But all of those folks moving here from Texas, CA, and NJ have to live somewhere.