Sometimes in today's Real Estate market, your only offer is your best offer. Problem is that we don't have a crystal ball to see into the future. Take for example a (fictional) house that in Sept was listed for $325k and had an offer for $310k. Too low for the sellers. Now, in Feb it's getting offers for $285k... So, we'll wait for the market to come back, sellers say...
Now I'm not an expert but the research I can find on the Internet says that since the 1890's real estate has appreciated at roughly 3%-4% per year. There have been decades where appreciation has been 8%-10% and decades where it has had negative growth. So, assume 4% a year. It will take the seller above ~5-6 years to get back to where they were a few months ago.
With another wave of foreclosures looming, a tough job market, fears of higher interest rates and inflation I don't think prices are going to go up soon.
Tough decisions for any seller...
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