It seems to me that there are two types of fence sitters right now, those who are willing to put plans aside for another few years and those who are not. This seems to be especially true for the more desireable locations. It seems like it is slowly sinking in for potential buyers that the large percentage chunks that they were hoping for in a relatively quick timeframe will indeed take longer to materialize then they hoped for. They are adjusting accordingly and cementing a mindset that they are going to outlast the sellers who seem to still not get it. This is a good thing.
The other classification of fence sitters has a much shorter time horizon and are either continuing to submit the lowball offers now or will take a shorter break. They will continue to eyeball inidividual listings as they come out and will submit lowball offers. Yet they have not established a longer term strategy of saying okay we are staying off the train for a good two years PERIOD.
The one common theme I think that all have admitted to is that we are not near a bottom.
