VB metro seeing large increase in Real Estate price reductions (sales, mortgage broker)

[UHgrad]

More good news for those of us waiting for HR house prices to get back to sustainable levels.

News Room - Trulia.com - Press Releases

[Randomdude]

Although that is decent news, Im looking at the second chart there. Amongst all those 50 US cities, Va Beach has one of the lowest average reduction percentages, so what this article is saying is that, there are a whole lot of people knocking off money, but most of them arent knocking off that much.

Id have to see VB real estate fall about 35-50% to even consider buying.

[UHgrad]

Originally Posted by Randomdude

Although that is decent news, Im looking at the second chart there. Amongst all those 50 US cities, Va Beach has one of the lowest average reduction percentages, so what this article is saying is that, there are a whole lot of people knocking off money, but most of them arent knocking off that much.

Id have to see VB real estate fall about 35-50% to even consider buying.

I would kind of disagree with that statement considering the fact that 39 of the 50 locales are between 6% and 10%, I think 8% - 9% is pretty average on that chart with a few outliers in the teens. If I was more bored I would plug it into a spreadsheet and analyze it but that would be a little too much effort.

Regardless, the price trend is downward and appears to be gaining momentum. I think 35% - 50% may be wishful thinking, median sales price for the area is currently back around $230k and according to the daily press article i posted a while back, standard lending practices would dictate that median home price should be around 200k given incomes for the region. I would say that another 10%- 20% is probably more realistic unless interest rates rise (which they will eventually, but probably not soon).

Then again, what do I know? I am a scientist not a real estate agent or mortgage broker. LOL

[TNKY]

Originally Posted by Randomdude

Id have to see VB real estate fall about 35-50% to even consider buying.

I'd be able to move back!!! Many people are predicting this may indeed happen, but I'll believe it when I see it. And if I see it, I will be back home.