[quasi]

Originally Posted by Hehe

IMO the thing now is the GREED is on the buyer side. No matter condo or detached.

A buddy of mine is in this situation... he's looking for a detached in the 1-1.5M range.

When he started looking about a year ago when his long-term LL told him that he's looking to sell the place and the fact that he and his wife were looking to have a kid. At the time, people would sometimes laugh at him on his offers when he wasn't even lowballing (he was offering assessment + or - a few % depending on what he saw). Then his landlord scratched the idea of selling the place, so my buddy decided to take it slow and only buy something he really likes at the price he wants to pay.

It wasn't easy a year back... it's even more difficult today because asking price of new listings are dropping on a weekly basis... and my buddy went from "ok, I pay assessment plus a few % if the house is right" to "ok, I'd pay assessment" to now "if I can't lowball the crap out of the seller at below assessment, I'm not interested. Who knows how far this would go?"

He can easily afford a place at that price, but it's the GREED of being scarce that makes a 180-degree turn on his attitude.

So... buyers are now looking for good deals. If it's not, the transaction doesn't happen. Wait a few more months, if the downward trend doesn't stop... it'd be THE bloodbath; only SWEET deals will have any chance of selling. And it would continue until market condition improves.

This is my situation, I'm looking to move if I find what I feel is the right deal. I don't have to move but if I find the right house at the right price I'll pull the trigger. I've been watching the listing pretty close the last year and it's slowed for sure in the area I'm looking no matter what BS some realtors try and spew.