The National Association of Realtors® announced with a big headline on CNN Money all day yesterday that we’re now in a buyer’s market. Yes, the Realtors® want to get the word out because house sales are slumping in many areas of the country. There’s a big reminder to consider the source and the motivation of anything you read. The NAR wants everyone to start believing it’s a buyer’s market so consumers think they’re getting a bargain.
In the mean time, CNN is still reporting on the most overpriced markets. Topping the list are mostly California and Florida communities. New York-North New Jersey doesn’t appear until number 16.
Want to move somewhere where real estate is undervalued? Try El Paso, Memphis, and Little Rock. Within the 100 areas surveyed, there is a strong skew towards the “overpriced” side of the curve. I don’t see how it’s mostly a “buyer’s market” just yet. But the Realtors® can keep up their press; maybe they’ll persuade someone.