Location location location ... most significant factor is population movement, or it is here anyway, we're the California of the g.w.n.
Interest rates clearly effect real estate markets, but even here ours lags the rest - in 1980 rates had climbed quite high, twelve per cent or so, backeast housing had peaked and was well on its way to crashing, while ours was still getting bid up well into spring 1981 .... partly this is the case because ours was coming from very low prices, as per usual ... but there was quite a lag, only the real peak of rates above twenty per cent killed it ...... killed it dead overnight, i had a deal fall through days before the close, when the banker backed out of it ... kept the deposit i'd taken for effectively giving the purchaser a ninety-day option on it [won't do that again, lol] .... but that was an extreme case, usually what happens here is we go along for a few years on a price plateau, a little soft maybe but nowhere near a crash, then at some point prices will catch up dramatically .... this is on a particular sort of item i follow, but it applies overall, i think |
