Writes Steve Black:

So, I’m in the market to get a new home (I was able to sell my Connecticut home at a profit), and as far as I can tell the only crisis that exists in the housing market is the crisis concerning sellers who are unwilling to sell their homes at reasonable prices. They seem to be holding on desperately to the notion that these homes are worth as much as they paid for them, or they just don’t realize the bubble has burst.

Homes that are selling at truer, more competitive prices are “flying off the shelves”. My wife and I can’t keep up. As soon as a reasonably priced home comes up, it seems we’re too late, that there are already “6 offers, three of which are above asking price”!

The only crisis that exists is the collective idea from the masses that homes aren’t investments, a single share of stock, if you will. No, they believe that the price of their home should always appreciate, to infinity if necessary.

They’re under the notion, most of them, that they don’t want to ‘lose out’. What they don’t realize is that they’re not losing out NOW, they already lost out way back THEN when they purchased the home at an unreasonably, bloated cost.

And, it’s not like local government helps these people to sell with their absurd property taxes. I couldn’t tell you how many homes I haven’t even bothered to look at after seeing property taxes at 8K+! Property taxes are the first thing we look at. If they’re not “reasonable” we don’t even bother looking further at the listing. As a buyer, I’m outraged, but if I were a seller, I’d be even more so.

Thanks for listening. Keep fighting the good fight, and run for political office already, will ya!? Seriously, if not just to get our voices heard.

Great letter, Steve, but please do not wish that awful fate on me!