[punkwax]

^It'll be a tough adjustment for many sellers if the market does decline considerably.. I know a guy who recently sold in a fairly undesirable neighbourhood for 1.3 and said yesterday he's happy he did because he feels as though he sold at a very high point.

Now imagine Bob 2 homes away with a similar propertly/dwelling. He's listed for the same amount based on a solid comparable, 1.3M. Bob gets an offer for 900k and doesn't bother with a counter.. I'm not saying it's right, I'm just saying Bob likely isn't going to take the "lowball" because the Jones' just sold for 400k more around a month ago. Even with the recent happenings, Bob probably still wants 1.1M+

Time will tell what happens. RS can speculate all we want, and its entertaining to do so, but we just have to wait and see the end result since we don't have any control whatsoever on the outcome.