Lately, San Francisco-based real estate broker Tracy McLaughlin has gotten used to clients pushing to list their homes above market value. But wanting to list it at double what their real estate broker suggests? That’s a new one—and it’s a sign of a larger trend the Real Estate Rescue author is calling “pandemic greed.”
“There’s always a little bit of lag time between people’s digestion of what they think their home is worth and the news reports [about the market], which in so many ways govern whether people feel confident buying and selling,” McLaughlin says.
And right now, the market looks good—like, best-it’s-been-in-more-than-a-decade good. Low interest rates, coupled with a demand for homes that exceeds supply, has led to list prices steadily climbing, particularly in the suburbs and Midwestern metro areas (the latter’s home prices are up 10 percent year over year, according to CNBC).
“Serial tenants are becoming buyers,” McLaughlin explains, as many city dwellers learn they can work from anywhere—or simply need a fresh start in a new place, preferably with better square footage and a lower cost of living. For potential sellers everywhere, it’s a golden opportunity…as long as they don’t let it get the best of them (and the market as a whole).