This morning our office meeting was somewhat subdued. Several of our pending sales (including one that had 8 offers in Cupertino) have fallen through because of buyers who had investment losses or were concerned about company layoffs. Although a normal market has a 15% DFT (deal fell through) rate, the percentages seem much higher now.
Leslie Appleton Young, economist for the California Association of Realtors, recently announced that the state home values will lose 31% this year, and buyers are listening to these statistics, too...however, this percentage is heavily weighted by the low sales prices on bank-owned properties.
Some good advice from Warren Buffett:
"Be greedy when others are fearful, and be fearful when others are greedy."
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