Existing home sales disappoint, again, despite yesterday’s rosy predictions by the usual “experts”, Wall Street tanks (down 200 and still falling) and the world’s going to hell, generally. Interesting divergence in views between buyers and sellers right now: I have buyers who are being cautious in their bids because they see the approaching storm and we’re meeting sellers who must be listening to the National Association of Realtors and are sticking fast to their price because things are only going to get better.
My guess is that I’ll still have buyers this fall, the sellers will still have their houses and any bids will be still lower than now.
But that’s just my guess. Maybe Obama will be reelected, the Democrats will pass a balanced budget, Italy, Spain, France and Greece will sort out their difficulties and peace and harmony will spread around the world. Maybe.
UPDATE: If you’re keeping score, May single family sales in Greenwich were down 15% from last year, average price down 5.4%, median down 2.9% and inventory up 5.4%, from 700 to 738. In 2007, inventory was 570 and climbed to 612 in 2008.