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33 Comments on "I feel like the market is over inflated right now..."
The market is what it is and it is best to accept the market and move on to purchase a home
Lottie.. it should be something that a buyer asks, but with your explanation it should make sense for them to see that this area is not what they are hearing in the news for the entire country. Real estate is forever local and that is what matters. It is important to be a realtor that knows the particular market and just what the market numbers are.
Laura, we get it, but buyers don't always. I try to get the message out as often as I can. Thanks for the suggest!
Sharon, this timing works for me!
Lloyd, you nailed it!
Amanda, it's only a matter of time
Michael, I hate it when buyers wait too long and lose out in a rapidly rising market.
Richie - LOL! Too often I feel that way myself!
Andrew, you're right about our Bay Area market sizzling. The client who is concerned bought a house about 3 years ago; they're ready for their move-up home but feel beaten up. We put an offer in on one place--we offered more than 8% over asking, were 1 of 11 offers received, and didn't make the top 5! I'll be here for them, and hope I can allay some of their worries. Being a buyer here isn't easy.
Kevin, it sounds like your market is a carbon copy of ours.
Harry and Janis - thanks for sharing your wisdom.
It is amazing to me to think that anyone thinks that this market is over inflated... seriously?
That was a wonderful answer. My clients say that a lot - they feel everything is overpriced. I think it's just a distraction or a throwaway objection.
Every market is different. In my area, we have an abunadance of good middle class housing and so that is not a problem.
The lower inventory in my area is putting some pressure on buyers to be prepared and to make decisions on what they want to purchase. If a property is in good condtion and priced for the market, we are seeing multiple offers.
Lottie:
I agree with you about buying income property. Don't wait buy now. I have been trying to talk my husband into buying more income property. The chart you show is a good picture of the market today.
I know more people who are reluctant to get on the merry go round, and as a matter of fact, they will probably miss out again.
Lottie - great answer ..... short term thinking is not something one should practice when buying a long term investment, especially one that you can live in while your investment grows.
It sure does make a lot of sense. Bottom line...if they are making that house a home and their personal circumstances allow....then it IS time.
Optimism, pessimism, skepticism...all exist in the real estate market. Ask a dozen people and my guess is you will find it all. And occasionally you will even find realism!
Very thoughtful answer Lottie. Since real estate is one of the most major purchases in one's life, it just doesn't make sense to to not do it for the long term.
Cindy, I try to help people think of the cost of a purchase, not just the price. Sometimes you can see the lightbulb light up when they 'get it.'
Melissa, real estate is definitely local; I can understand my buyers' frustration and worry; when every place you investigate gets snapped up in a matter of days, with multiple offers, all over asking, it's hard for them not to be discouraged.
Debbie -- those statements sometimes help people feel better, even when they don't believe them.
Erica, a balanced market is delightful!
Joan, your motivated buyers should have no trouble in finding a good home--if they act decisively.
I still run into folks worried about the "double dip" economy. I just move on. They don't want to see statistics and numbers. As you say, we don't have crystal balls, but we can make informed decisions based on the history and current market scenarios. Those same voices have told me about this year's "End of Days" as well. Guess I don't want to live only looking at the negatives.
Cara, we can try to educate buyers, help them remember why they wish to purchase that next home. Ultimately, finding the courage to act is in their ballpark.