House prices in Norway have gone down about 10% since I sold. Adding to this that the Norwegian Krone is down about 10% relative to the Euro, the fall has been a brutal 20%.
What's interesting to note from my own experience was the fact that the bid disappeared completely for a short while, just when I tried to sell the house. There was a flash-crash-like absence of bid. Then there was a return of buyers, followed by the real crash that started several weeks after I sold my house.
The experience was spooky and nerve wrecking. I knew I was dealing with a bubble, and I knew I could not ride it out. I was pressured by the taxman to sell. There was a lot of money at stake.
Luckily for me, I was ahead of the herd by a few weeks.
Back in 2004 when I bought my house, there was a similar absence of bid, and I took the opportunity to get my house on the cheap. However, that quiet period did not precede a crash. The house prices continued up.
It appears that I lucked out in both 2004 and 2017.
It is also clear that a sudden disappearance of bid is no guarantee for a subsequent crash.
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