Cyphire, that was awesome! You spelled it out for all the HACKS here, who THINK they know what they are talking about, but don’t. Without a Buyer, you don’t have a transaction. PERIOD…. And buyers are hesitant with good reason. Market Psychology has changed, and there are very few houses selling compared to the amount of inventory. Once this FINALLY becomes evident to sellers, prices will DROP (And I think dramatically and faster than most believe). I think the numbers coming out now for APRIL (Dataquick)are the first real slap in the face for people serious about selling. It starts to steamroll from here.Inventory will BALLOON even more this summer. Anyone buying now, will be upside down in a matter of months.
As you mentioned, nobody is looking at the MANY houses that AREN’T selling, just the reported prices of the FEW houses that are selling. Median prices may be going up, but VOLUME is DROPPING DRAMATICALLY, in many areas.
Those saying the high end is not, and will not be affected, are unrealistic. High End Buyers are generally more educated than Lower End Buyers, and will be the first to stop purchasing. So what are we left with? The Real Estate Food Chain getting eaten from both the Top and the Bottom.
Thank you for your insight into what is really going on. Unfortunately, many of the regulars on this board just like to hear themselves and each other talk, while they haven’t a clue. Way to cut through all the nonsense and tell it like it is.
