Basically I understand that there are not many houses for sale right now, so supply and demand would dictate high prices. However, wouldn’t the high prices attract more people to sell? Is everyone just holding their houses hoping prices go even higher?
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Well, in a very simple example: if you sell your house you are “homeless” in order to have a place to live you are now in the market for a high-priced house. So, just because you sold your house for big bucks, doesn’t mean that you are suddenly rich, you just gotta spend all that money on a new house.
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