Easily the number one thing is they are concerned that prices will continue to fall so they wait. If they do put in an offer it often has the condition of selling there existing home, which of course is still a big fear. Realtors, you need to find a way to give confidence to your buyers. Ask me about my price guarantee scenario some time.
I get that everyone is saying prices will fall at least 9% (CREA) across Canada, or 11% (Royal Lepage Canada), 0r 15% (Greg Williamson) but most of that has already come out of the market since mid 2008. There is likely not as much to come out.
Maybe 5%.
But what if you wait? How much will that cost? Competition for the best houses, prices going back up rapidly for the best houses (which could negate the 5% you waited for) and mortgage rates going back up which will negate your real cash outlay per month.
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