I'll wait til they come down...
Homebuyers waiting for more 'price rollbacks'?
On the bus tonight, from the airport I overheard a group of 3 or 4 people talking about real estate. My husband hates it when I strike up conversations with strangers, so tonight I just listened (but I was itching to chime in!). They mentioned Brush Prairie (an area near Vancouver), and I'm nearly positive I know the house they were talking about. It's a psuedo-FSBO and optimistically priced. In the conversation, the speaker that had first mentioned the house said "I'll wait til they come down to 2002 prices and make an offer."
Okay - so here's what I understand from that comment: the buyer thinks the prices are going to continue to fall. He thinks there is a price housing will continue to fall to. He seems unconcerned about change in interest rates (okay, maybe he's paying cash). He is waiting.
What do you think? Are the homes that are selling, selling at 2002 prices? Should a rational seller just go to what ever the home was valued at when the annual appreciation for homes in the area was at 6%? Jeez. I wish marketing pricing was so simple.
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