
Revert to Mean, with Rates High? Market frozen?
I just chose a random home (that I'd like to purchase). Probably not a good example, because the Seller has overpriced it. Of course, Zillow Estimates are silly, but maybe OK for conversation. It's unnerving to buy now, at the first sign of declining prices, and everything just feeling tentative in the world. No one wants to "catch a falling knife". But in this case, a $275k home now priced at $450k, and nothing has been added. Historic home. I'm sure we'll never return to 2020 pre-Covid prices, but it does make you wonder, at almost 7% rates, what happens in the next year? I want to buy, but not to be underwater in a year. A game of chicken.