Drop Point

Do people really think that the average price of a home will only drop a percentage point or two?

It seems crazy to think that we can have double digit increases for the last 4-5 years and just drop a 1-2%. What's wrong with this picture?

My interpetation is what the Media is truly saying is the averages across the board bec believe me REAL ESTATE prices are based first on location, location, location as well as how up-to-date is the construction and features, curb appeal and move-in condition. Basically you can't expect prices for homes and locations in DEMAND to drop, in the sense the if it's really, really like a dream home come true or sought after location, most likely finding hungry prospective buyers is not a problem but rather trying to negotiate a price that both parties will agree. Same principle applies to luxury and reliable automobiles like LEXUS and TOYOTA, ACURA and HONDAs one can only negotiate the price so low based on x dollars above invoice whereas say FORD and HYUNDAIS are a different story. LOCATION based on commuting distances from the key job centers and more superior schools where all the college graduates raise their kids can make a huge difference as opposed to selling a MANSION in the middle of nowhere that has less demand and a limited pool of buyers more keyed to the retirees and those self employed working from home.

Hopefully I answered your question and maybe gave you additional insight and analysis! Best of Luck!

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