I did see a Sold sign recently on a house about a mile from where I am, and another Sold sign on a condo about 1.5 miles in the other direction. But when I walked by the condo yesterday, the Sold sign was gone, but the RE agency sign was still up.
Media makes it sound like folks are snappin' up homes, but I don't think that's accurate for most areas.
In my area, things are ok. this is because it is so densly populated that there is orignally not enough housing even before the bubble burst. but yes, price is way too "crazy" as compare to wages. I mean it was $200k for a house only 10 years ago, but now it is %600K average. I don't see how that can continue. income is not increasing to afford $500-600k houses. The young folks are the ones suffered the most. I remember seeing houses at $70k when I am young in the neighborhood. it is just ridiculous.
If it's for investment, I won't. But, I won't sell my own house, either.
Once I simulated according to the price change & all the costs accompanied.
You will get the conclusion not to sell it if it's your one and only house.
Only if drastic price change in short period time will justify that.
If not, i.e., 30% drop in 3 ~ 5 yrs. period time, all the hustle and bustles do no good to me.
I also think housing is overpriced in some areas. And when interest rates rise, prices will drop. There is a lot of empty inventory that hasn't been put on the market, and I noticed a For Lease sign on a RE agency sign in front of a house the other day. I suppose it almost makes sense for banks to lease out properties that will decrease in price when the interest rates move higher, because they will make more $ by financing at a higher rate.