Quote:
Originally Posted by LoneWolf
Supply and demand set values and prices in a free market economy. By definition that means they aren’t overvalued/overpriced.
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I'd say the one thing that ****s it up is the amount of money banks are willing to throw at people, which drives up the number of people looking in a certain price range, which in turn ****s with demand.
Yeah, on a 25 year old $150k home, I bet inflation alone moves the needle well over $200k if not $250+, much less market demand... and as you said, the house is only worth what people are willing to pay for it.
Yet, many people may not be willing to pay $350k until someone who's supposed to know what the hell they're talking about tells them
oh, you can afford way more house than $275! And suddenly they're trying to outbid 5 other people who should also never be looking in that price range.
(unlike Arizona where rich California assholes offer cash way over the asking price, and drive up prices.
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