Here are my thoughts on who’s responsible for these crazy home prices.
Ok, guys, we’re ALL aware that St. George home values are sky-high right now! And I imagine that ten years from now, we might wish they were “this cheap” again!
In the short term, locals hate the prices, and out-of-state Buyers think St. George is a bargain!
But are the rising home prices we’re seeing a result of greedy builders and homeowners, or is something else causing it?
We’ve participated in nearly 1,500 real estate transactions as a team. We were selling before the 2005 boom, through the crash, the foreclosure market, and the incredible ascent of the last five years. Something we learned long ago was this:
Buyers set prices. Home Buyers - not Sellers or Builders - determine “the market.” So you shouldn’t be blaming sellers or builders for rising prices if buyers agree to pay them.
We need to abandon the idea that people are being greedy in this market. Ok, well, some are attempting to be greedy. But hasn’t greed been around since the beginning of time?
Yet that “greed” is allowed, or disallowed, by the Buyers in the marketplace!
The sellers, builders, and developers are all you and me. If you were trying to sell your home right now, you would try to sell for the highest price possible, right?
Buyers set prices and determine value. If they stopped paying those prices, prices would decrease. But, until then, they are what they are.
Nonetheless, the market has changed in the last 90 days. *Sharply*. Reach out to us to get a current pulse on navigating the market and see if the timing is right for you and your family to make a move!
-Jeremy Larkin & The Larkin Group