Source: Yahoo —
If you’ve been squeezed out of the tight housing market over the past couple of years waiting for the opportunity to buy, you might finally get your chance – and some places are already looking more attractive for buyers.
The housing market is beginning to cool and cities that have seen an “influx of affluence,” as Rick Palacios, Jr. calls it, may see prices drop the farthest.
Palacios is the director of research at John Burns Real Estate Consulting, which delivers analysis on the housing market to clients such as builders, realtors and investors.
He’s predicting a significant downturn in the housing market in Boise, Austin, Nashville, Phoenix, Sacramento and other cities where prices climbed during the COVID-19 pandemic as more people moved to them.
“These are some of the markets where we were anticipating the steepest price declines in 2023,” says Palacios.
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