Anyone else seeing prices start to fall?

[North Beach Person]

To the original question prices here are starting to drop BUT only those from one listing broker who always prices her houses 25% or more above what would be expected.

There was a house here several years ago she listed at $750K when every other agent told the owner $350K was more likely. That house was on the market for a year with successive price drops from her but never down to $350K.

The owner took it off the market for six months and relisted it with another agent at $350K. It was under contract in four days.

[Lockdev]

Originally Posted by Avondalist

There are a number of reasons house prices are so high.

4) Owing to unprecedented retirement savings, many seniors are choosing to age in place because they can afford to.

5) Older homeowners afraid of covid exposure are "sheltering in place" and not moving.

I live in an established neighborhood where many of the residents are seniors.

I'm seeing #4 & #5 a lot here.

Most are in their late 60s-80s and living in 3000-4000sq ft homes. Some of them live alone.

A few have left recently, and I'm sure will move on to retirement communities when this covid thing finally is over, or at least until we have it under control.