How do we define “overpriced”? Over priced how?
Serious question. I know the housing market has really boosted prices. But, isn’t this the free market at work, in that, prices are at levels at which willing buyers and willing sellers agree? These are prices at which mortgage underwriters and appraisers are agreeing that these properties are worth such prices?
Maybe I’m missing something?
The mass migration of people OUT of the BLM RIOTING/LOOTING & BURNING areas really triggered the housing market to go wonkey.
Cannot blame those smart enough to move
I’m not sure “free market” applies when large investment firms with trillions of dollars in capital are buying up entire neighborhoods trailer parks and apartments. Seemingly for the purpose of keeping housing costs high.
The housing “market” is choked in dozens of ways with an incredible number of local, state and federal regulations that make development of new housing very expensive in some areas and just totally impossible in others.
Then (as another poster noted) add huge corporations speculating on buying existing housing and you have a disaster.
The key ratio to look at over time is median income related to median housing prices.
Another metric is median income related to median mortgage payments for new transactions.
It is the worst it has ever been.