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Imagine a simple housing market where all property values are known with certainty. Even though values are not observable, all current prices would be “correct” (i.e., identical) and all future prices would be perfectly predictable. In such a market, price always equals value.
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Lately we have been seeing bidding wars for real estate. Some have fetched more than 25 percent over the asking price.
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The reality is that the next few months are going to be tough for the national economy, unemployment and the real estate industry. If you attended Dr. Austin Jaffe’s seminar at Monday’s PAR Business Meetings you have probably figured that out.
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Tuesday, Feb. 7, 2012
