We had lunch with our friend who is a long time realtor here. He said the market is still crazy here. He had 21 offers on one house he had listed. He then said he had seen other fairly similar houses just sitting with no offers because they had been over priced, though the listing price was less than what other houses would finally get. His problem is he can't come up with a decent listing price, and scarily, he said the banks are giving out loans because their appraisers are apprasing with high prices now, they can't figure it out either. Willing buyer etc.
He has never seen this kind of market in his career, and he's been through hot markets before of course. Single family is just red hot, inside the perimeter, outside, far outside, buyers are in a panic mode getting transferred here and HAVING to find a house to get their kids settled. And those who come from CA/NY of course find these prices to be very reasonable. I think we're headed for a collapse, but I don't know when of course, and neither does he. The banks will end up with loans far in excess of market prices.