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[quote=Anonymous][quote=Anonymous][quote=Anonymous]1)  Price -- chances are it is overpriced.  Stuff that is priced well sales quickly.[/quote]
People seem to forget that this isn't 2006.  It is overpriced for the current market.   Real estate is a very simple game.  If the price matches what a buyer (any buyer) is willing to pay, it is priced right.  If no one is willing to pay that price (like this), then it is overpriced.  Your home's value has nothing to do with what you paid for it, when you paid for it or what you value it at, it is what a buyer will value it at.  Appraisers and evaluators try to gauge what the current market will value a property at, but don't always get it right.

Additionally, although some people may feel that they can afford such a house, banks have had to tighten up the requirements, especially for jumbo loans.  Banks are frequently unwilling to make jumbo loans without 20% and extreme stability of income so many people who previously qualified for jumbo loans are not qualifying for as large.  That decreases the number of people buying the higher priced home ($1M+).[/quote]

I agree, it's not 2006 and sellers need to be realistic about price.  But, remember, hopefully there will be another "2006" so to speak.  I remember Boston in the early 90's and home prices plummeted.  No one could sell, buyers didn't want to buy.  Our circle of friends mostly waited things out.  Big mistake.  The one guy who had a downpayment (not an easy thing these days) bought at a great price and while the rest of us were still in condos, sold for about an $800k profit when the market rebounded about 5 years later.  I know that things are unstable now in the market, but these things have happened before.  If you think something has long term potential and you can swing the downpayment, it might be just the time to buy.  [/quote]

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