I've been looking to buy a new house for over two years.  It's ridiculous - almost everything was priced 20-30% above fair value.  It's gotten better this season, but most are still 15-20% above market.  I haven't even bothered to make an offer because there's no way I'm getting the sellers down 15-20%.

The laws of interest rates and economics are not driving this market.  "A new mortgage is going to cost me a lot more money because of the higher interest rate....therefore, I need to raise the price of my house".  Ummm, no, that's not at all how it works.

But I get it.  Just no way I'm taking a guaranteed 20%+ hit when the market inevitably does reset.  If I was downsizing, then the math works.  Unfortunately I'm looking for a much bigger place.

This was pretty good timing for us to sell. I thought we missed the top of the market and was worried prices were going to start dropping but that was definitely not the case. It does suck going from a sub-3% 15 year loan to a 7% farm loan, but this was a once in a lifetime shot to buy (part of) the family farm so I'll gladly take the hit for now. Definitely would not have done this just to move to another part of Cincinnati.