Many buyers are coming into town with the idea that they will be able to just steal any property on the market.  They assume the economy is bad and people will just be happy to sell their property. While there may be some truth to this, most sellers, especially in the luxury market are not going to give away their properties.

Serious buyers should be looking for good value and buy smart. Your not going to get a condo worth 1.5 million for $900,000.  If you could every Realtor in town would be flipping properties.

Sellers and buyers have to be realistic and realize that the deals that are going through are deals where the buyer is getting good value and the seller is moving on. The point here is that many buyers are missing great opportunities by trying for something they can't get instead of seizing the opportunity to get great value.