Buyers and Sellers: Fundamental Changes in Real Estate Views
By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
I think it's safe to say that the real estate market of 2002-2005 was an anomaly. Rather like Halley's Comet, that only shows up once every 76 years, it will be a long time before we see something similar. While this was not the first market to see multiple offers and prices in excess of the asking price I think it was the first that fundamentally changed people's views about real estate.The basic expectations of buyers and sellers appear to have changed rather drastically from a few years ago. Ten years ago you bought a home as a place to live. People bought homes because they didn't want to pay money to a landlord. Your first home was a starter home; something small until you could afford to buy a larger one. You hoped to make some money along the way as an added bonus. It made sens...
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