Buyers are hanging in there. I can only speak of my amazing clients who are educated about what is going on and are measured about it. For the right property, they will step up with my strategy to win bidding wars and we will do our best to get it done. There will be more properties coming on the market in Massachusetts, I promise. I feel good about that as I am out every day talking to sellers about listing.
As for sellers, pricing at market value (whatever that may be) is still extremely important and we can't lose sight of that. Over the weekend, two lovely houses came on in Wellesley that were clearly overpriced to the real estate community. It turns out, buyers felt the same way, too- neither sold, even with dozens of showings. The sellers were testing the market with a make-me-move price, but it looks like they may be staying put since no one bought it. The public may pay too much in a bidding war as their adrenaline and emotion take over, but if something feels high to them during the showing, the low inventory isn't enough for them to initially pay a premium. Pricing is tricky! I am so happy to help my sellers and buyers navigate. Being thoughtful and deliberate in the process gets the best results.