What is this market up to? It seems to me that anyone can find "facts" to back up their opinion. Sellers point to those that say Wall Street (a formidable contributor to our local economy) is expecting "phenomenal bonuses" and that the spring market (usually begining here in mid-January if the winter is mild) will once again bring a flurry of activity. So they hold their prices in wait for the post holiday season when thoughts of sugar plums have faded into fond memories and nesting instincts once again surface. Buyers, converesly, anticipate a precipitous drop in prices with every mention of Fed meetings, unemployment reports, and other indices. Everyone waits and watches each factor. Remember, talk of the "Real Estate Bubble" was just that for seven years - talk. Who knows? The market eventually catches up to whatever theory as it is so often cyclical.
I feel one thing is certain in this uncertainty. It is a great time to be a buyer of real estate here in Greenwich. For the last seven years, sellers had been in the driver's seat, calling all the shots. During that time, I had found myself, more than once, turning to a buyer/client to say that the multi-million dollar property that they were interested in might be gone if they did not act very quickly. I am a pragmatic person but the market was white hot and those were the market conditions to deal with.
Now, they have more inventory to choose from and the possiblity to negotiate a fair price with a seller more willing to listen. It all comes down to motivation. Does the buyer need a home and does the seller want to move on with their plans?