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Are market prices really THAT crazy? Or is it the competition that's crazy?

Are houses overvalued at market price, or is the crazy part that people are paying well above asking prices?

The reason I ask is because I'm FINALLY in a good financial situation to go house hunting, but I keep hearing/reading how now is a terrible time to buy a home and the prices will depreciate, etc. I'm just afraid of buying a home and it's value going down 10k+ and putting me in a hole, but I've been saving up for years now and feel financially ready.

I'm so torn on what to do because I want to finally move to the next chapter of my life, but I'm not sure if the timing is actually terrible or just overly dramatized.

submitted by /u/PrettyyyyPrettyGood
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source https://www.reddit.com/r/RealEstate/comments/pei9af/are_market_prices_really_that_crazy_or_is_it_the/
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