I have to smile when sellers excitedly tell me "I think the market's back!" Ok. But, let's not forget the market dropped at least 20% from its high, in 2006-08, and it's only up 5-8% in this market. And, I wouldn't be just considering the percentage of price increase. I'd be looking at who is buying, how much house they're buying, how much mortgage they'll need, and --- what price range it's in.
We're seeing a lot of movement in the "up to $500k market," and some in the "up to $800k market," but the "$900k-$1,400,000 market" is still shaky, and the "over-$1.5 mil market" is really struggling. More and more we're seeing homes that have been on and off the market for 2-4 years with little hope of selling. Even with the deluge of reports on how little clamor there is for "mega-mansions," sellers don't seem to be getting the message, or think theirs is the home that will prove all the naysayers wrong. As I've been saying, young people/millenials/GenXers don't want a huge home. They'd prefer a 3500-4000 sq. ft. home and a summer home, or more vacations.
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