They don't believe their house is worth less because the house down the street has been on the market, it has been for sale for a year because the market is bad. Your house is worth what the similar house down the street is selling for....not your perception
Take all the houses that have sold and analyze how long they have averaged to be on the market and you have empirical data
That is what we are talking about
No that's what you are presenting as a rebuttal.
It's incorrect and not responsive.
I used the scenario as an analogy. Not the entire issue.
Don't tell me what people believe. I am living it right here.
If the population believed the economy was improving they would behave based on that belief. Right now people are convinced through their own experiences and those of their friends neighbors and relatives that the economy is NOT doing well. And that is all it takes.
And please, don't lecture me on real estate markets.
You don't know what I know. Leave it at that. I do not give out my resume on discussion boards. My education speaks for itself.
And if you are going to make an argument try to not contradict yourself.
You stated "because the market is bad"..Well duh.....That's precisely the point. If people see the house down the street sitting for sale for 365+ DOM, they compare that to the past when homes were >60 DOM, believe the market is poor and thus the entire economy is poor.
Either way your premise is dismissive of the truth