For every argument there seems to be a counter-argument. There is a very interesting chapter in Freakonomics that discusses why Real Estate agents will sell your home as quickly as possible yet hold out for top dollar when selling their own. The primary reason is that there is little economic advantage for them to do so. Getting an extra 100K on a million dollar home gets them 3000 of potential commission but prolongs the 30000 K they can be paid today for moving the house.
Would it not seem then, that it will be realators who will begin to form a consensus that the time to sell is now and the price to move is low? It whould be these opinions that will ultimately persuade borrowers to drop prices. Would they not then act as a catalyst for price reductions.
With this said, would it not be in a home buyers interest to identify a realator who recognizes this situation so that they can act as an advocate for your offer.
