Although I’m not involved with the deal, I happen to know both the buyer and seller of 2 Old Stone Bridge, reported as under contract yesterday. The seller’s convinced the buyer “stole it” – the buyer’s convinced that the market’s still got a long way to fall but he needed a house, held his nose and went ahead with the deal. I think the buyer will eventually do well with the place (I can report the selling price Monday, when it closes) but regardless, his comments illustrate what’s happening out there which is, unless a buyer really truly needs to buy, now, he won’t, and even then, he insists on paying a price that the seller feels borders on the criminal.
So if you’re a seller, I suggest that you not sell now unless you really truly have to and if you do, prepare to be unhappy with the price you get. Of course, if you, like my buyer/friend, are convinced that the market will continue to plumet, you may want to sell now to avoid the debacle. Your choice.