Reminds be of credit card hacking and award travel, but at least I perceive it to have a bit more risk and am getting a bit of analysis by paralysis. 

The numbers are so big, he can't actually perceive that much wealth. 

Why should the current homeowners growth be stifled due to a perceived unfairness of someone looking for a cheaper house, wouldn't this be unfair to the current homeowner looking to maximize their profit.  

Rarely have I seen a realtor list a Short Sale property well below the perceived value in order to get phone calls to show a property.

High demand and lots of money flowing in raise prices.Low cap rates are indicative of lower perceived risk.. in a uncertain market, lower risk assets are the bell of the ball.How to buy now?

The more expensive markets typically reflect a perceive appreciation (property and rent).  

Pictures make a huge difference in perceived value.

The tricky needle to thread is to not get a bridge or short term loan since refinance to capture the perceived ARV isn't realistic and would set you up for failure.

Dropped out of school in the 6th grade, due to the fact that he was partially deaf, not "slow" as perceived by the school.

I'm exposing my soft underbelly and vulnerability is perceived as "weakness" or even incompetence.