Comments on: Punny Poll #7: Are We in For a Housing Crash?

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By: Stephen

Stephen — Thu, 23 Dec 2010 00:10:54 +0000

The problem we are facing in Australia is that there is heaps more demand than housing. This then increases prices especially suburbs surrounding the cities and force people to borrow way to much for something the need.

By: Mike

Mike — Wed, 12 Jul 2006 21:25:16 +0000

My vote depends on the area in question. In the DC area, there has already been a correction, and we’re in for more, but DC is different than the rest of the country (mostly) in that the government supports so many jobs and salaries are increasing all the time (if you have a relevant college degree, that is).
There has definitely been a change in 2 areas of housing (as I expected). 1) new homes (the 3500+ single family homes with almost no land) and 2) condos. Prices are dropping for both because they were both inflated. Existing “starter homes” will be stable though (I hope, since I live in one of those).
In areas where job growth didn’t nearly keep up with home prices, there will be a major correction. For example, Las Vegas and Miami.
No matter where you are, though, it will be at least an even market if not a buyer’s market. Don’t expect to receive multiple bids in the first week on the market unless your home is highly desirable (ie, the White House).