I just had to share this article because it states over and over . . . What goes up must come down and vice versa.
This is precisely what I have been saying for umpteen years!
Those "hot areas" that went up too high too fast, will make bigger corrections than those that went up modestly.
As of right now, we have only seen an average drop of $10,000 in Southern California which really is not a big deal in the scheme of things.
In fact, we have to assume that those sellers and their agents most likely listed the property higher than the last comparable property that closed which is why the price is correcting.
Click below to see the video and read the article regarding the future of the real estate.
Read Article Here:
Source:
Realtor.com