I know a young couple, who will soon be relocating to the Orlando, FL area for a career move. They have put bids in already on 5 or 6 homes, at or above asking price, and have not succeeded yet in having their offers accepted. They are having to put in offers on homes they will not see until “closing”. The prices being asked are mostly 150-200% of the most recent past sales price for each property.
Realtors love to say “this is a great time to buy a home”.
The reality today is exactly the opposite. Buying at the peak of a frenzied market is a recipe for disaster.
I understand the fears of inflation, but inflation will not operate in a vacuum. It will crash the economy—so my advice to young people is to wait it out...
Buy low, sell high and you will live long and prosper.