Housing markets characterized by ‘egotistical’ prices, gun-shy buyers | North Salem NY Homes

his post — the first of what will be a regular series — is based on an email response from real estate agent Mary Giroux to this week’s “Taking Inventory” Facebook post. Every week, Inman News invites readers to share thoughts and insights about the real estate sector. Your input helps Inman News shed light on the latest issues and trends that are redefining the industry.

Today’s housing market is a weird animal.

Consumers traumatized by the housing crisis are treading with caution as they wade into a market that, to many observers, is still brimming with once-in-a-lifetime deals. At the same time, many sellers are seeking to capitalize on the inventory shortage, pricing their homes unreasonably high, in the opinion of some agents.  

The tendency is so strong that some sellers are listing their homes at prices one agent has described as outright “egotistical.” 

Perhaps that isn’t so surprising. People who saw their home values plummet during housing bust are probably more than eager to demand a price that pushes the limits of fair value — and recoup some of the wealth that they lost.    

But the specter of the housing crisis is also sharp in buyers’ minds. Once lured by the promise of a “buyer’s market,” many are now finding themselves locked in bidding wars.