Are all properties over priced or just the ones you would prefer?
Other question is are the properties actually over priced?
A properties value sits at a price the vendor is prepared to sell for and a purchaser is prepared to pay, you may not be prepared to pay that price but if some is that is the value.
Property in my area similar to the one I live in are sell around $580K but even though the purchace price was $40k I would not sell for $600k. Not that I think it's worth more, it's just that at that price I would not be motivated to sell.
