So is it a simple war of the wills, or a real war of the wallets? From the New York Times:
Along much of the East and West Coasts, home buyers and home sellers are engaged in a stare-down.
Many buyers, having heard that the real estate market is a bubble in danger of popping, are refusing to offer the asking price on a house, convinced that it will soon drop. But many sellers are not blinking either, thinking that offers will improve when the weather does and biding their time until then.
As a result, the housing market is now in a deeply confusing state, with average prices still rising even though homes are taking much longer to sell and the number on the market has soared. Sometime soon — probably in the spring, the peak sales season — one side or the other will have to capitulate, many economists and industry executives predict.
Well, while the weather didn’t improve this weekend, San Francisco open house traffic did. At the same time, increased talk of sellers countering below asking offers they currently have in hand. And as a Realtor® was kind enough to point out, inventories continue to build heading into the spring market.
∙ Hoping for Best in Home Sales, 2 Sides Sit Tight [NYT]
∙ REALTOR© Hoisted Upon His Own Petard [SocketSite]