Is the housing market slowing down in North America?How about the city you currently live?

Question

I heard that in FL, the market is down about 20% this year so far? How's your city? are you going to sell to prevent loss?

Answer 1

All but the fastest growing and/or wealthiest housing markets are experiencing a slowing real estate market. New housing has been overbuilt and inventories of new homes are high. People have stretched their budgets to the limit to get themselves into bigger and bigger homes. Interest rates have been rising which prices more and more buyers out of the market. Speculators have artificially driven up the prices of homes in many markets.

And now we seem to be at the day of reckoning. If you live in a market where values are plummeting fast, and you intend to move within the next year or two, it may be prudent to sell now. If you intend to stay in the area for an extended period of time, and the house fits your needs, you will probably be better off keeping your present home. In the worst case scenario, it may take many years for your home to appreciate to the value it now has, but rest assured that it eventually will.

Good luck with your real estate endeavors.

Answer 2

I live in Charlotte County, FL. We are experiencing a major slowdown. This is happening in other areas of the country where the market was hot, hot, hot and prices went up, up,up. Many people overextended themselves by using ARMs, betting that interest rates would stay low. Now that interest rates are rising, there is an inevitable slowdown.

That said, I have never sold to prevent loss. I buy the house I want to live in. I make improvements even if the market is falling and my neighbors all think I am nuts. Housing markets run in cycles. Prices will eventually go back up (unless you are living in a depressed area that depended on a single industry that has closed down).

Answer 3

I live in Palm Bay, FL...halfway down the east coast.

It's a heavily wooded residential area, INLAND from the water, surrounded by cow farms, swampland, and wilderness, with NO major shopping nearby. Malabar Rd., the main east/west road, turns to a DIRT road 3 miles after the town center, then dead-ends.

In the past 3 years housing prices have QUADRUPLED. Even if the market slows down, houses are STILL ridiculously expensive for what little is here, and the low income pocketbooks of the locals.

Answer 4

I live near the St.Lawrence River in New York State and the housing market has not slowing down in this area.

Answer 5

The housing market is directly reflective of the economy, yes. On the other hand I think it will really slow down when a lot of people find out what condoms are really for.

Answer 6

The market here in southern California has just about stopped. Lots of stuff still coming up on the market. But no one is buying. I think they are waiting for pricing to go down. (out here, GOOD LUCK)

Answer 7

Yes its a bad market. I've had my home on the market for 4 months..not a nibble. I also work for a realestate company..realtors are saying this is the worst market in 25 years..Minneapolis

Answer 8

Selling is a slowing market may cause you to lose value (IE dropping price to hurry sale.) But holding on to a property, in most cases (historically) doesn't cause that result. Real Estate ALWAYS moves in cycles, with an overall upward trend.

Answer 9

One of the cities that is booming is San Antonio, Texas. Houses are very reasonable here compared to other big cities and it seems everyone and their mother is moving here, especially from California and colder Northern states.

Answer 10

Our city has slowed down dramatically - but I don't think there will be any loss, it just isn't growing as quickly as it used - Eastern Shore of Maryland.