“What is stopping them is fear of further declines.”
Yes, and right now I can’t say that I blame them. Nothing in this current market is giving me the impression that we are at a turning point in psychology.
Here is a specific example in Mt Helix which is a pretty decent family area that has recently been pounded. This looks like a very good deal well below recent sales and it is sitting.
Basically, the seller bought the house 20 years ago and will be lucky to break even after commissions. Two lost decades and that is after the government took over the mortgage market and spent trillions buying down mortgage rates to historic lows.
