Thanks for the insite GN. I agree that the pool of $1M + home buyers should be shrinking and hopefully running dry soon. However, I’ve noticed that the existing/built inventory has unfortunaltely decreased over the past couple of months. My hope is that it is just buyers who may have been intimidated by recent realtor schemes.
One schemes I have witnessed recently is realtors pulling homes off the MLS and marking them as inactive – leading potential buyers to believe that the home was sold, when in reality the agent is just trying to hide the longevity of the home’s time on the market. These homes then re-appear 2 to 3 weeks later as “NEW” listings. Another scheme that seems to be prevalent in todays market is for the listing agent to have a home on the market for say 120 days or more and then increase the asking price, leading potential buyers to believe that the market is running away from them and they feel compelled to move quickly.
I really hope all this nonsense shakes out soon and we can get back to real values.
