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IndicationOver t1_j61dc9o wrote

Reply to comment by Kolzig33189 in CT lost thousands of people to other states last year, Census Bureau says by gewehr44

>Housing prices will come down

Yea 5%

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Kolzig33189 t1_j61edxe wrote

No, I think over the course of this year there will be a pretty significant lowering of prices. Maybe 10-15%. Certainly not in high demand places like the “ct panhandle” where rich New Yorkers flock to, but the seemingly never ending rising interest will begin to have an effect. It actually already has as evaluations are starting to go down in the high single digits in large areas of the state, but like my other comment said, there were a lot of people waiting on a dip and they are now pouncing so competition is still fairly high. But theres a lot less people who can afford a 350k house in the suburbs with 6% interest than a 2.5% interest and that will decrease competition among buyers this year.

Also, it’s winter right now so inventory is low. Historically, late fall and winter are the worst time to sell houses (often because middle of school year is bad time to uproot kids) and most people wait until late spring and summer to list.

Plus, if the doomers happen to be right and there is a recession this calendar year, housing prices will likely tank.

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Fdizzle_ t1_j61noe2 wrote

Housing already prices seem down 10-20% from the high. Tanking may not happen as it did in 2008 recession as housing values is what fueled that recession. Most people aren’t underwater on their mortgages and won’t be able to find anything with the prices at 7% interest when they were getting them for 3. As you were saying payments are higher with higher by about 80%. So buying another house becomes less attractive cause home owners can’t get the house they have for the same payment. So volume may stay low. Price I think will slowly ease.

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johnsonutah t1_j63qmxx wrote

With a 10-15% drop, wouldn’t home prices still be well above pre pandemic levels?

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yudkib t1_j63u87j wrote

There are a lot of articles saying on aggregate income level / job availability / housing prices that Hartford and New Haven are two of the best cities in the entire country for affordability. Predicting another 5-10% increase for 2023. In my opinion, it’s very unlikely housing prices will see a significant retreat up here until build costs go down and interest rates lower. Right now retirees aren’t moving south because they can’t get a bigger house for less money or a lower monthly with a higher fixed income. One or two of those might be true right now, but in 2019 it was all 4. Until people start leaving, limited inventory and historically “high” prices are here to stay.

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IndicationOver t1_j65s5bf wrote

I don't agree with a lot of what you wrote but no point in debating your feelings either.

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