Quote:
Originally Posted by BMW F22
It’s only a matter of time before it drops. In NYC rent and cost per sq ft have dropped 20-40%! Many homes have been on the market for months, some even over a year. I can see the same happening in SF as people have moved out slowly in the last few years due to cost. Exodus from big cities (because wfh) to suburbs will decrease price in cities while increasing in the burbs. I’m bidding my time. Hoping for a 20-30% drop before I bite.
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Biding your time for the NY burbs, or for NYC? Because according to you it's already time to bite in NYC.
I live 2-1/2 hours from NYC. Anything remotely decent around here is selling as soon as it's listed, at full asking price. They're not all NYC folk, some are probably Philly people too.
My son is in San Antonio. Much more cheap real estate there than NYC and environs. The same scenario holds there too. He sold his house the first day, at a markup.
I honestly haven't figured it out yet. The mass exodus from NYC, that I get. But not the rest of it. I wonder how much of it has to do with people being stuck at home with time on their hands.