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I appreciate you taking your time.

I know you and your team talk a lot about the trends in the real estate market.

And my question is, when do you think the obnoxious overbidding on houses will stop?

Wow.

Is that happening in your area in Philly right now?

I mean, I believe so.

But, yeah, I could tell you personal experiences,

but I just feel that I personally put in offers,

and I mean, I'm just getting beat 50,000 more than asking price.

Well, the simplified answer is that that is caused by more buyers than there is inventory.

Anytime basic economics supply demand curve says that anytime there are a large number of people

chasing a few goods, it drives the price up.

Scarcity drives the price up.

The opposite of that would be if there was more houses on the market than there were buyers,

then that would be called a buyer's market.

This is a seller's market.

A buyer's market means that the sellers feel just blessed to have anyone look at their poor little

house because nobody's out looking at houses, and because there's hardly any buyers.

In other words, there's 10 buyers for 100 houses. Right now, there's 100 buyers for 10 houses. You see the

difference? And that's the simplified answer, and that's being caused by several things. But one of the

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