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Temporarily, yes either go down or increase more slowly
San Francisco and New York never go on sale. Plus there’s so much capital on the sidelines looking for deals.
Chicago???
Yes home prices in major cities who have been experiencing significant growth will begin to trend in the opposite direction. Most people’s down payment or net worth is tied up in public equities. And regardless of interest rates, the amount of money available for a down payment will fall across the world. Once this trigger comes into effect, demand on more expensive properties will dampen and collectively become a buyers market, thus pushing prices downward.
Depends on location. I would think tech centers (areas where people are easily able to work from home) will be minimally affected, ie Raleigh / Seattle/ San Francisco/ Austin
Trying to sell my place in Chicago now and i think I’m screwed. Even my agent is surprised by how long it’s taking.
Depends on where in Chicago. Suburbs have been slow through out this winter.
Two residential clients pulled out of deals before contract signing because they were afraid of the effect of the virus. Westchester NY
A lot of planned down payments taking a hit in the market now. Biggest impact will probably be mid price homes is my guess
I’d say luxury homes will be impacted even more. Their prices are more correlated w stock market
You ever see the show Walking Dead? 🤔