I can see why you would think that sounds like a conflict. I should have said, stay in the game instead of keep looking. I do think the prices are going to come down because I think the market is headed down again seriously. People are fearful, many do not trust the government, the stimulus is not working and taxes are going up for those who pay them (next year). Add to the perfect storm the oil spill, fears over Iran and Israel nuking it out and you have a free floating anxiety that contributes to another market down turn which should pull the unhealthy housing market with it. Unless the government starts giving houses away or makes a huge incentive (say 25.K instead of 8.K and not just for first time buyers), then the props will fall and so will real estate. I would prefer to be wrong, but all the signs are there.
So, I would keep watching and have a list ready. There should be some bargains in the market. As for the high end sellers (multi million types), if they sellers do not have to sell, they will pull them off the market and wait them out. If they have to sell, there might even be bargains there. I do not study the high end market as much as some on the panel like you, SDR and flu seems to be very informed on this and most of us like to hear from you professionals.
I do not want this to be political, it is observational. I think people on both sides of the spectrum are fearful and with good reason. With unemployment extensions being cut off, the number of unemployed might appear to have stopped increasing, but it might be even worse than we know. The best measure for me for fear besides everyone stocking up on water, batteries and dry goods is the constant drum beat of buy gold, buy gold, buy gold. This feels like the build up to WW II and anyone who doesn’t feel it is anesthetized.
