Question Details

Mike, Home Buyer in Virginia Beach, VA

Why are people willing to pay these ridiculous prices???

Asked by Mike, Virginia Beach, VA Tue Mar 25, 2008

Doesn't anybody understand that you don't have to buy at the price asked. If everyone just said no I won't pay this amount for your shack then the seller will have no choice but to accept a more reasonable offer. Even if it means a longer wait and more wasting on renting. The house is only worth what you are willing to pay it for........ Realtors make money on percentages. The more you pay the more they make. Of coarse they will tell you the house is worth blah blah blah... they have to make a living too.

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Answers

3
Because they don't know any better. Yes we get paid off of percentages Mike but, we are also not allowed to lie or mislead someone into paying more. We can do market valuations of homes but, we are legally bound to do what are clients tell us to do. The same for people selling their homes and asking too much. We can tell them what the market says it is worth but, if they want to list it for more we are bound to do as they wish or walk away from the business. Which is also sometimes not uncommon.
1 vote Thank Flag Link Tue Mar 25, 2008
Mike, markets go up and down. It's not the result of any one agent or any one buyer or seller. It comes down to what people are willing to buy and at what price. It is a free market. Now the market is like the ocean -- there are a lot of forces operating at once and you will get waves. But you can always wait till the wave crashes and pulls out before running out there -- the wave being interest rates and housing prices.

Your real question may be -- is it the right time to buy? I have written a four part blog about that topic which you can reference below.
0 votes Thank Flag Link Sat Sep 25, 2010
in the recent past
people thought there wasn't enough houses
and they bought them as quick as they could make them
now we have too many houses
price drops
pretty simple
the complicated part comes with the financial market
associated with the real estate
and we'll leave that up to the economists to discuss
be patient
virginia beach still overpriced
yes a bunch of shacks
people really love their shacks

anyways

good luck
0 votes Thank Flag Link Tue Mar 25, 2008
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