I completely understand the shift of finances with baby boomers, but if we take into consideration a shift if market supply the prices go up regardless. People want a home and especially at 4.5%, so my guess is that nothing controls the market more than banks. If they continue to lag on pushing short sales through and continue to shy away from filing NOD’s we are going to keep playing this game for years to come.
I submitted another offer this week on a home completely overpriced by nearly 10%. Home wouldn’t appraise if it was gold plated. The same floor plan didn’t see any action 6 months ago at that price. There were multiple offers and some bone head came in at full asking all cash. This market isn’t going to do exactly the opposite we think it is. I know exactly what they are trying to do, but the problem is jobs, economic instability and debt play a huge role in the future of controlling inventory and eventually the markets will burst again.
I get irked seeing homes selling for 2005, 2006 prices right now.
