I think it's known as the blow-off top.aphelion said:Something seems fishy about the prices right now. I'd literally just refinanced my place and had it appraised at $150k, and 4 months later I've got someone beating down my door to throw $220k at me plus expenses. That's not rational.
No one knows when the bubble will burst, but it will. Better to miss the last 10% up to the peak than chase the market down once it comes off 20 or 30%.
Of course, if you're happy living in your home, continue to do so and watch the carnage around you.