Real Estate Slow Down????

[Great Idea]

The first place to usually look for a slow down is second homes and condo's... definitely a slow down in Portsmouth area and in the lakes region. Condo's in Portsmouth have gone down in price over the last 6 months as much as 20-25 percent and they are still not moving at the mid/higher price points. The high end second home market is also lagging. The mid market stuff will be next if interest rates continue to rise and the inflation kicks in (prolly will due to gas/energy costs impacting EVERYTHING). It is clear to those we study the subject that we are already well into a price slowdown/drop. Even with the listing "games" the average days on the market has risen as much at 40-50 percent. And yes unfortunately the realtors will always tell you the market is strong/brisk to create "urgency" and sales among clients..... I believe by Jan/Feb you will see some significant "discounts" from folks who are overly leveraged on second homes/speculative buys via interest only or variable mortgages.

My humble opinion and 2 cents on the subject..... enjoy the fall colors forum folks!