Quote:
Originally Posted by ASAP
The supply issue is no more... I read a metric on that. The supply issue was 100% true when demand was soaring... but high interest rates destroyed demand and there is 0 issue with supply any longer... homes are sitting and available left and right... maybe not what you want but they are there.
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Well, demand is lower but there is not a rapid increase in supply relative to housing needed for the population. So the imbalance is closing but it’s not because the there is an abundant supply. For prices to drop significantly, demand needs to further decline or at least not increase, while supply significantly increases due to crisis. So while I agree there may not be a rush to buy right now, waiting for and expecting a 30% (or whatever %) drop in prices also isn’t logical unless you expect a huge downturn in the economy in the near term.