Tough market for everyone!

Well it happened to me also. I was about 10 days out from closing on the sale of my home. The buyer calls up and said that she had decided against moving to Phoenix. Needless to say, I was stunned. The selling agent was equally stunned. The bright side was that she was going to try and keep her marriage together and that was why she was staying where she was. That I can handle. What is a home compared with a life and family?

The news continues to be nothing but negative. I keep looking for something good but it is still about the bottom and when things will pick up. The "experts" now say we are at the bottom and things will improve in 2008. This angle makes one believe that the bottom is a long flat level. I do not subscribe to this. I think it is more like a sine wave and things continue down until they start up. You do not know where the bottom is until it is behind you. The bottom, as well as the top are historical things. "In hindsight, I should have sold two years ago at the top of the market." or "I should have waited to sell because I sold right at the bottom."

There is just not as much money out there right now. Credit has tightened, buyers have expanded their zone of contentment and the sidelines are crowded. I continue to hear and see people that believe they are holding out for more money but end up holding out for less. Prices are not going up!