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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (1875)2/26/2002 10:39:50 AM
From: TradeliteRead Replies (2) of 306849
 
Just saw a few amusing comments about real estate prices on another SI thread. Anyone here who has ever sold real estate for a living might get a chuckle out of them, too.

First one was a comment to the effect that "there is no reason for real estate prices to be so high, because they have been rising at a rate that exceeds the rate of inflation". (Obviously this person hasn't caught onto the realization that when certain goods and services are in relatively scarce supply, their price goes up ....no matter what other prices happen to be doing at the moment.)

The second was that low interest rates are "suckering buyers into buying something and paying above market."

Hmmmmm....and all this time, I thought Buyers ARE the market, and whatever they're agreeing to pay--using their own comparative shopping skills and judgment-- IS the market price. Whatever price one buyer pays for a home becomes the market benchmark price for buyers and sellers to assign and negotiate a value on the next comparable home, and so on and so on.

What should we do with these stupid buyers and sellers?
Tell the sellers to cut their home prices in half as a public service?

Tell the buyers they are far too ignorant to make their own decisions about money and that *we* (whoever that is) know better than they do what a house is worth???

Geeeeeezzzzzz...... <<gg>>
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