Home Prices to Go Down?

By: Laura Speakman
By: Laura Speakman

Realtors say the demand for homes is steady. It's just that prices have gotten to a point people can't afford them, no matter how bad they want them, which isn't good news for sellers who've been hitting the jackpot the past few months.

"You kind of have to realize what most people did, that this won't happen forever," said Jonathan Ischinger, Rockingham County House Seller.

Jonathan Ischinger is feeling the effects of home prices heading the opposite direction. His home in Lakewood in Rockingham County has been sitting on the market for a few weeks now.

"We've only had one party come through the home in three weeks. I would never have envisioned that it would be this slow," said Ischinger.

Shocking, since just six months ago this area had homes sold the same day they were first listed.

"It's sort have been surreal; I mean you go on vacation for a week and prices have gone up," said Ischinger.

But the tide seems to be changing.

"A family earning the average salary will not qualify and as far as I know this is the first time we've had that situation her where your typical family cannot afford your typical house. A house that is acceptable to them is not in their price range and when that happens they have no other choice," said Karl Waizecker, ERA Kline & May Realtor.

With the number of buyers still being higher than the number of homes available Waizecker says it's still a sellers market. Ischinger wonders when this may change.

"I think it's still early to say that it's over ya know, but um it will be interesting to see what they say in the next couple of months," said Ischinger.

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