“NY Times article of interest: OK, so it’s NYC, but the buyer sentiments are not unlike those of many Austinites I believe. (Note the negotiated price reductions…)”
He’s dead on. Traffic at my last few open houses at the Sabine has picked up significantly over the past couple of weeks. This makes sense for two important reasons: 1) Mortgage rates are at record lows, and 2) sellers understand the need to negotiate.
From the article “Many of these buyers have never received a fat bonus check, so they don’t miss it now. They did not suffer huge stock market losses, because they didn’t have huge stock market investments. They aren’t mourning the loss of value in their existing co-ops or condos, because they have never owned one….They have jobs and good credit ratings, and they are looking to buy.”
link to article “For The Brave, The Moment Is Now”