Harvard Studies talks about "cooling home sales" (for sale, real estate)

[VickiR]

I read this in one of my Realtor magazines:

"Cooling home sales nationwide won't last long because continuing strong household growth will fuel more housing demand. Harvard University's Joint Center for Housing Studies says. Over the next 10 years, there will be at least 2 million more new households than were formed over the past decade. Don't expect prices to plnge as a result of the current slowdown. Markets are seeing NEITHER big employment drops nor overbuilding in housing supply - two conditions that precipitated price falls in the past."

Vicki

[RedNC]

Originally Posted by VickiR

I read this in one of my Realtor magazines:

"Cooling home sales nationwide won't last long because continuing strong household growth will fuel more housing demand. Harvard University's Joint Center for Housing Studies says. Over the next 10 years, there will be at least 2 million more new households than were formed over the past decade. Don't expect prices to plnge as a result of the current slowdown. Markets are seeing NEITHER big employment drops nor overbuilding in housing supply - two conditions that precipitated price falls in the past."

Vicki

That’s funny, I heard that there was a real estate apocalypse coming, or maybe that’s just in CA.

[luke]

ABC Nighline reported that housing prices dipped slightly in NYC and in some CA locations. Other than than housing prices are continuing to rise at a rate of 5% annually.
My question is; Why are there so many houses for sale in NC and where are those people going?
luke

[Weis02]

Originally Posted by luke

ABC Nighline reported that housing prices dipped slightly in NYC and in some CA locations. Other than than housing prices are continuing to rise at a rate of 5% annually.
My question is; Why are there so many houses for sale in NC and where are those people going?
luke

From what I have learned because I had the exact same question, some are trading up to new or bigger houses, some relocating due to jobs (yes people do leave NC - I posted this in another thread-banks tend to move their people alot) and others (Carolina natives) moving out of the area due to schools and some due to us transients...

Again there are a lot of house for sale here on LI too - not everyone is going to Li, I also think the markets are generally slower now in the summer so you see more sitting longer )From the real estate listings I get-this is what I see

[Grass Is Greener]

Originally Posted by RedNC

That’s funny, I heard that there was a real estate apocalypse coming, or maybe that’s just in CA.

There is a market adjustment well underway right now. CA and other highly overpriced markets will have a more severe adjustment. I've seen properties coming down in price from $569K to $499K. CA is a little more difficult to track because houses are usually listed with a price range, instead of one price. No apocalypse though IMO.

[Weis02]

I think the market will continue its correction in the overpriced areas (NY, CA, ? FL) for the next yr and then they will stabilize and you will only see modest increases (2-3% yr)

[shannon94]

Originally Posted by Weis02

From what I have learned because I had the exact same question, some are trading up to new or bigger houses, some relocating due to jobs (yes people do leave NC - I posted this in another thread-banks tend to move their people alot) and others (Carolina natives) moving out of the area due to schools and some due to us transients...

Again there are a lot of house for sale here on LI too - not everyone is going to Li, I also think the markets are generally slower now in the summer so you see more sitting longer )From the real estate listings I get-this is what I see

Summer is peak time for real estate. Kids are out of school etc. It should be moving faster in the summer , not "sitting".

[shannon94]

Originally Posted by RedNC

That’s funny, I heard that there was a real estate apocalypse coming, or maybe that’s just in CA.

Yeah...just Califonria red!!

[Weis02]

Originally Posted by shannon94

Summer is peak time for real estate. Kids are out of school etc. It should be moving faster in the summer , not "sitting".

Not here on LI, people generally want to sell their houses here in the spring (2-3 mo time to close) so they move in the summer and kids ready to start school. If I sold my house now it would not close until oct/nov, in NC where the time I think is almost 30 days is different, depends where you are

[Mvn2nc]

Originally Posted by shannon94

Yeah...just Califonria red!!

Our Calif. home was sold for appx. 50k less than it could have just 3-6 months prior to us listing it. Over inflated yes!! But to know i could have had 50k more well what can i say!!!!
We got out at a good time ( closed escrow in May) because i often thought it's only going to go down even more. We double our investment ( remodeled the heck out of it though) in 5 short years so who would have thought anyway.