Reader Tom K. sent along this link to an article suggesting that house prices have come down enough to be fairly valued and are now plunging below that level. Read it and decide for yourself but it does accord with my own thoughts this morning triggered when I saw the sales reports for new vehicles. Honda and Toyota sales are each down around 33%. think what you will about Detroit’s offerings, these two brands offer great value and excellent cars. If they’re not selling, there’s something other than price that’s wrong: in this case, consumer confidence.
Eventually, I hope, people will resume buying cars and at prices that will probably be close to where they are right now (we’ll ignore the $20,000 rebates being offered by Cadillac – we’re talking Honda and Toyota here). It’s possible that the same thing will happen with Greenwich house prices. I have my doubts about that but I think many of our sellers who are clinging steadfast to their prices do believe it.
In which case, this article should give them some cause for cheer.