Overpriced means it is priced so high people will not pay. The reality is with a low inventory and high demand levels prices will go higher. High demand justifies higher prices when inventory is low. I don't see demand reducing or inventory levels increasing for a few years interest rate notwithstanding. I would buy now because prices are only going up.
Overpriced in my mind means priced so high people can't realistically pay without being extremely wealthy or committing mortgage fraud, or priced so high that the practical value that could be derived from it as an intrinsically useful asset is significantly smaller than what you have to pay.
Does $600k for a studio, or like $3500/month seem appropriately priced?
Sure some people are willing to spend $9k on a pair of shoes, but they're still overpriced.
Saying something is Overpriced (especially rediculously so) implies that it likely does not add enough value for the cost charged. Therefore, the more true your first statement is, the less likely your second statement is true.
In order to actually be a fair choice, overpriced means "greater than zero", so I suppose what you say is true, but I object to the characterization of something that you have to actively seek out for no reason other than to view it as advertising, because it dilutes the term.
The high pricing is intentional. If no-one is buying then I can just bring the price down, while it is really difficult to move on the other direction if I start with a low value.
That could be one reason why it's priced so high: because they wouldn't be able to make enough to meet demand otherwise. They can price it extremely high to keep demand under control, and negotiate special pricing with a few selected customers that they really care about pleasing.
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