Who or what decides the real estate market? The market does. A buyer or a seller might think so. Realtors, their clients, marketing gurus, and advertisers think they do, and the senior levels of the government think they do.
“Those who have knowledge don’t predict. Those who predict don’t have knowledge!” Lao Tzu
Pundits and economists profess that supply and demand dictate the real estate market.
Who is the market? What is the market?
The market is somewhere between expectations and reality.
The reality is what a motivated, willing, and capable buyer is willing to pay and what a motivated, willing, and capable seller is willing to sell for.
Not six months ago, not six months from now, but today. Tomorrow, who knows?
That adage ‘Location, Location, Location’ is now ‘Price, Desire, Location.’
Some constraints may inhibit a buyer or a seller, but it is not the market; it is a case of mistaken perceptions!
“Where is the knowledge that is lost in information? Where is the wisdom that is lost in knowledge?” T.S.Eliot
Just a thought!