These are the words many of us are hearing in the luxury real estate markets around the country. And while they may be right (they also may be wrong as all markets are hyper-local!), chances are they are making some serious miscalculations.
Here are a few of my thoughts…
1. Asking prices have come down already. This property would have been priced ___% higher 18 months ago.
2. Sellers are more realistic about pricing, AND they are more amenable to negotiation right now: you could negotiate off the price and create an insurance policy for yourself if indeed, pricing does come down. If it does not come down, you may have added additional value.
3. If rates come down, you can always refinance.
5. Right now, you have more choices and less competition. In a tough market, you have to compete against cash bidders, and I know few sellers who won't choose a cash deal over a financed one. In a super-strong seller's market, you usually have multiple bids and pricing that goes over the ask.
